DealerTrack Announces Proposed Public Offering of Common Stock
LAKE SUCCESS, N.Y. — DealerTrack Holdings announced it has filed a registration statement with the Securities and Exchange Commission relating to the proposed public offering of 9 million shares of its common stock. DealerTrack is offering 2.75 million shares and selling stockholders are offering 6.25 million shares.
The selling stockholders have granted the underwriters the option to purchase an additional 1.35 million shares of DealerTrack's common stock to cover any over-allotments, executives said.
DealerTrack said it will use the proceeds for general corporate purposes. Moreover, executives said the company will not receive any proceeds from the sale of common stock by the selling stockholders.
Lehman Brothers is the sole book-runner of the proposed offering, according to executives. William Blair & Co. and Deutsche Bank Securities will serve as co-lead managers. Additionally, Cowen and Co., Wachovia Securities, JMP Securities and Thomas Weisel Partners will serve as co-managers.