DealerTrack Holdings has signed an agreement to acquire triVIN Holdings, a leading provider of automobile title management services to lenders and vehicle registration services to automobile dealers.
The acquisition, expected to close in the first quarter of 2011, is expected to significantly expand the breadth of DealerTrack's transaction business, and to further strengthen DealerTrack's relationships with lenders and automobile dealers.
FDI Collateral Management (FDI), one of triVIN's two primary businesses, provides electronic and paper-based lien and title solutions that allow lenders to outsource the management of vehicle and titles held as collateral for loans. This business is an excellent complement to DealerTrack's existing electronic contracting and paper processing services, and will create a comprehensive suite of outsourced solutions for lenders.
FDI provides services to some of the nation's largest banks and captive automotive finance companies, many of which are existing customers of DealerTrack.
General Systems Solutions (GSS), which is triVIN's other primary business, provides vehicle registration solutions that allow automobile dealers, fleet companies and other third-parties to electronically register vehicles with DMVs in 12 states, and provides paper-based solutions that allow its customers to obtain vehicle registrations in all 50 states.
Through mytitlesupport.com and RegUSA, triVIN helps make on-line title and electronic vehicle registration transactions easier and more efficient for consumers, dealers and lenders.
triVIN and its businesses will be key building blocks for DealerTrack to continue to build its leadership position in providing a comprehensive set of purchase and financing solutions for the retail automobile market, both in store and online.
