DealerTrack Reports Revenue Gain in Q3
LAKE SUCCESS, N.Y. — DealerTrack Holdings Inc. reported third-quarter revenue of $63.1 million, an increase from $58.8 million in the year-ago period.
Net income for the quarter was $1.2 million, an improvement from the net loss of $215,000 in the third quarter of 2009.
"We are very pleased with our results for the third quarter as revenue for both our transaction and subscription businesses rose," Mark O'Neil, chairman and chief executive officer of DealerTrack.
The company had 921 finance sources and 16,961 dealers on its network at the end of the third quarter.
There were 137,388 lender-to-dealer relationships at the end of the third quarter, a decrease from the previous quarter, but still up from the 120,305 relationships reported in the year-ago period.
The company reported 13.3 million transactions processed in the third quarter, up from the previous quarter’s 12.2 million, but below the year-ago period’s 13.8 million transactions. Transaction revenue reached $27.2 million in the third quarter, up from the $25.5 million reported in the year-ago period.
For its subscription products, DealerTrack reported that average monthly subscription revenue per subscribing dealer rose to $759 in the third quarter, an increase from the $749 in the previous quarter and the $692 in the year-ago period.
The company said revenue for the first nine months of the year was $181.8 million, up from $172.4 million in the year-ago period.
Net loss for the first nine months of the year was $1.4 million, down from the net loss of $3.7 million in the year-ago period.
DealerTrack said it expects revenue for the year to be between $240 million and $246.0 million, with net income to be between $1.5 million and $3.8 million.
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