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.
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