Cox Automotive To Buy Dealertrack In $4 Bln All-cash Deal

Digital marketing company Cox Automotive said Monday it has agreed to buy Dealertrack Technologies Inc. in an all-cash deal valued at $4 billion. Dealertrack makes software for automotive retailers. The deal is subject to a minimum tender of a majority of outstanding Dealertrack shares and is expected to close in the third quarter, Cox said in a statement. "Integrating our platforms will be a big step forward in our shared vision of providing open, cost-effective and efficient solutions for dealers, lenders, manufacturers and consumers," Cox President Sandy Schwartz said in a statement. Dealertrack shares were halted in premarket trade, but are down 10% in the year so far, while the S&P 500 has gained 1.7%.