DealerTrack plans acquisitions with $125M credit line
Before the a car buyer picks up the vehicle, a dealer can grind the deal on software. Credit: iStock
DealerTrack Holdings Inc., the Lake Success-based car dealership software company, has acquired a new four-year, $125 million revolving secured line of credit.
It will use the credit for future acquisitions and general corporate purposes.
"We expect this [credit] facility to help promote our growth initiatives as it is primarily intended for acquisitions," Eric D. Jacobs, chief financial and administrative officer of DealerTrack, said in a news release.
The line of credit, extended by a syndicate of seven banks led by J.P. Morgan, may be expanded for another $100 million, the company said. It matures in April 2015.
Sarra Sounds Off Ep 36: Champs crowned in lax and flag football On the latest episode of "Sarra Sounds Off," Gregg talks with Michael Sicoli and Tess Ferguson about county champs crowned in boys and girls lacrosse, and Jared Valuzzi reports on the Long Island flag football championship.
Sarra Sounds Off Ep 36: Champs crowned in lax and flag football On the latest episode of "Sarra Sounds Off," Gregg talks with Michael Sicoli and Tess Ferguson about county champs crowned in boys and girls lacrosse, and Jared Valuzzi reports on the Long Island flag football championship.
