On July 1, 2011, leading Dallas auto dealership services company eCarList, LLC, closed the sale of substantially all of its business and assets to a subsidiary of DealerTrack Holdings, Inc. (NASDAQ: TRAK), for an initial payment of approximately $35 million in cash and a promissory note, with up to another $10 million payable if certain earnings goals of the combined companies are met. Steve Lawson of the Dallas office represented eCarList in the transaction from the negotiation of the letter of intent through the negotiation and signing of the definitive Asset Purchase Agreement (May 24, 2011) and closing.
eCarList offers dealers a full line of online tools, including inventory management, pricing analytics, customer relations management, and website design and maintenance. In DealerTrack's press release announcing the completion of the transaction, its CEO Mark F. O'Neil stated: "The acquisition of eCarList will improve upon our industry-leading inventory management solution to the automotive retail market. * * * The combination of [DealerTrack's] analytical and vehicle performance reporting tools along with eCarList's innovative merchandising solutions will help dealerships more effectively market vehicles and improve the profitability of their new and used vehicle sales."