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Dealertrack To Acquire VINtek

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LAKE SUCCESS, N.Y. (9/25/13)--Dealertrack will acquire VINtek, a provider of automotive collateral management, electronic lien and title and consumer automotive finance processing services, under an agreement announced Monday.
 
Total consideration for the transaction is expected to be roughly $53.4 million in cash, subject to standard purchase price adjustments, said the companies in a press release.
 
The transaction is expected to close in the fourth quarter of this year, subject to customary closing conditions.
 
Philadelphia-based VINtek serves more than 3,000 credit unions, banks and automotive finance companies in the U.S. Services offered by the company include electronic vehicle title, tag and tax processing services, and eSignature/eContracting solutions supporting the online closing of automotive loans.