Wednesday, Aug. 01, 2007, 08:00 PM UPDATED 11:59 AMBy Nick Zulovich
LAKE SUCCESS, N.Y. — DealerTrack announced Wednesday that it has purchased AutoStyleMart, which is a provider of on-demand software solutions that offers dealers the ability to procure, manage and sell vehicle accessories.
Executives said the new company acquisition was designed to help dealers drive profits in a challenging marketplace.
AutoStyleMart is a privately held company based in Waltham, Mass., with 16 employees, officials reported.
"We are pleased to announce this expansion of DealerTrack's capabilities into the vehicle accessories arena," said Mark O'Neil, chairman and chief executive officer of DealerTrack. "Automotive accessories represent a $34 billion business that has grown every year for the past five years, yet few dealers currently participate in this market.
"In today's challenging auto retailing environment, we believe that selling more accessories can add attractive incremental profit for many dealers," he continued. "AutoStyleMart helps dealers set up an accessory center or grow and existing accessory business with its broad parts catalog, procurement solution, powerful visualization technology, and robust customer-selling interface."
O'Neil also noted that the company provides training program to assist dealers in implementation and process.
"AutoStyleMart has been an industry leader in providing the technology and tools to support dealers' sales of aftermarket accessories," explained Amit Maheshwari, founder and president of AutoStyleMart. "We are very pleased to join the DealerTrack team and look forward to delivering innovative and exciting accessory solutions to the market together."
O'Neil added, "This acquisition is consistent with our strategy of acquiring smaller companies that have developed outstanding technology in a complementary market sector.
"Integrating and enhancing AutoStyleMart's technology within the DealerTrack family will allow us to provide another tool for dealers to maximize their profits while better serving their customers," he concluded.