TODAY'S PAPER
Overcast 41° Good Evening
Overcast 41° Good Evening
Business

Dealertrack Technologies reports record sales

Dealertrack Technologies Inc., one of the region's largest

Dealertrack Technologies Inc., one of the region's largest software makers, reported its best-ever first-quarter sales Friday as it continues to build on a series of recent acquisitions. Photo Credit: Newsday

Dealertrack Technologies Inc., one of the region's largest software makers, reported its best-ever first-quarter sales Friday as it continues to build on a series of recent acquisitions.

The Lake Success company, which makes programs for auto dealers, said sales rose to $252.8 million during the three months that ended in March, up 59 percent from the same period last year. It was the 21st straight quarter of increased sales for the company.

The record revenue "reflects continuing market demand for our broad suite of software and services, which are driving innovation through integration across nearly every aspect of auto retailing," chairman and chief executive Mark F. O'Neil said.

Despite the jump in sales, Dealertrack reported a $22.7 million loss for the first quarter, or 42 cents per share.

That's largely because the company continues to absorb expenses from recent acquisitions, including a $190.3 million deal in January to buy incadea plc, a German software company, and a $1 billion merger last year with Dealer.com, a Burlington, Vermont, website designer and marketing business.

The company also increased its full-year sales forecast Friday, saying it expected revenue between $1.085 billion and $1.105 billion in 2015.

Dealertrack shares closed at $42.86 Friday, up 6.5 percent.

The company sells software that auto dealers use to submit credit applications, process motor vehicle registrations and perform a variety of other functions.

More news

Sorry to interrupt...

Your first 5 are free

Access to Newsday is free for Optimum customers.

Please enjoy 5 complimentary views to articles, photos, and videos during the next 30 days.

LOGIN SUBSCRIBE