Business wire
Vitu Signs Agreement to Acquire Dealertrack Registration and Titling Businesses from Cox Automotive
Krystal Patout, Pierpont on behalf of Vitu
kpatout@piercom.com
Phone: (713) 627-2223
Vitu, a leading innovator in Vehicle-to-Government (V2Gov) technology, today announced it has entered into a definitive agreement to acquire the Dealertrack registration and titling businesses from Cox Automotive. The registration and titling businesses include RTS (Registration and Titling Solutions), RegUSA (Nationwide Title and Registration), Accelerated Title, and CMS (Collateral Management Services). This sale does not impact any other Cox Automotive Dealertrack solutions or services.
“The Vitu vision is to drive the digital future of titling and registration,” said Don Armstrong, co-founder and CEO at Vitu. “By bringing together the expertise, experience, and strengths of the Dealertrack and Vitu teams, we will enhance our ability to better serve dealers, lenders and governments today and pave the way for the digital titling and registration ecosystem of tomorrow.”
The Dealertrack registration and titling businesses offer comprehensive services through the Collateral Management Services (CMS) and Registration and Titling Solutions (RTS) platforms. CMS provides business outsourcing and a self-management platform for vehicle title administration, including Accelerated (expedited) Title services, which connect dealer and lender networks to expedite title releases during vehicle trade-in and loan payoff. RTS offers registration and titling services for both in-state and out-of-state vehicle sales and inquiries.
“As we looked at ways to strategically accelerate our growth, it was clear to all parties that the Dealertrack CMS and RTS business lines and team members would benefit from being a part of the dedicated focus and long-term vision at Vitu. Independently, we’ve delivered value to customers through straightforward software, visionary solutions, and exceptional service. This acquisition enhances our strengths, broadens our offerings, and deepens our industry impact,” added Armstrong. “These products and the team behind them have the track record and expertise that will fit perfectly into the Vitu family and flourish as part of our team.”
Terms of the agreement are not being disclosed. The transaction is subject to customary closing conditions.
About Vitu
Providing cutting-edge services to the motor vehicle industry, the Vitu Platform manages in-state EVR (Electronic Vehicle Registration), out-of-state title and reg across all 50 states with Vitu Interstate and digitally processed E-Titling with NTX, making it easier than ever to secure vehicle titles from anywhere in the nation. Vitu redefines the standard for digital vehicle transactions with one single platform and unmatched support. Vitu operates throughout the United States.
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