TRADER Corporation Acquires Collateral Management Solutions from Teranet
TORONTO, June 24, 2024 /CNW/ - TRADER Corporation, the trusted Canadian leader in online media, dealership software, and lender services, announced that it has acquired Collateral Management Solutions (CMS) Inc. from the Teranet group of companies.
This strategic acquisition is intended to enhance the business' financial technology offerings as an expansion of Dealertrack Canada, its leading automotive finance solution.
CMS is the primary provider of lien and registration services, recovery services, and insolvency management solutions to Canadian Lenders.
The collaboration marks a significant milestone for both organizations through the natural synergies between CMS and Dealertrack Canada's portfolios. It also demonstrates the company's objective of delivering increased value to its clients and partners through innovative solutions and service excellence.
"With this unique combination of market-leading assets, we are excited to bring distinctive value to the Canadian automotive lending market. Our collective expertise, breadth of solutions and extensive data insights make this partnership extremely promising not just for us, but also for our clients and partners," said Jill Hadfield, President at Dealertrack Canada. "We look forward to welcoming our new team members to the family."
"We are confident that Dealertrack Canada will continue to build upon the tremendous value Teranet has created in the moveable property segment as a national leader," said Elgin Farewell, CEO at Teranet. "Dealertrack's capabilities, combined with the exceptional CMS talent that leads, operates, and manages this division, will ensure the business continues to provide exceptional value. Teranet will continue to build off our strong history of value creation in the markets that we serve well into the future."
Dealertrack Canada, with its extensive experience and focus on the Canadian market, is committed to serving transitioning customers. Additionally, the company has indicated that Teranet employees currently servicing CMS today will join the Dealertrack Canada team, ensuring no disruption to daily customer operations.
About TRADER Corporation
TRADER Corporation is a trusted Canadian leader in online media, dealership and OEM software, and automotive finance services. The company is comprised of AutoTrader.ca™, AutoSync and Dealertrack. Dealertrack is the #1 Canadian lending platform that offers complete, secure and connected auto financing solutions for lenders and dealers for the automotive, commercial, and recreational industries. While seamlessly connecting car shoppers with lenders, the platform aims to streamline processes and improve efficiencies for its users and subscribers. For more information, please visit www.tradercorporation.com.
About Teranet
Teranet is Canada's leader in the delivery and transformation of statutory registry services, with extensive expertise in land and commercial registries. It also provides insightful property intelligence and data solutions to thousands of customers in the real estate, financial services, government, utilities, and legal markets. Founded in 1991, Teranet operates the Electronic Registration System for the Province of Ontario and the Land Titles and Personal Property registries end-to-end for the Province of Manitoba. Most recently, Teranet expanded its global footprint by acquiring Foster Moore. This acquisition expands its registry solutions to include commercial off-the-shelf registry software that delivers operational cost reductions, enhanced security, and process improvements. Teranet is proud to be recognized as one of Greater Toronto's Top 100 Employers for eight years in a row (2017 – 2024).
SOURCE TRADER Corporation
Media Inquiries: Ciara Dalziel , LABOUR Creative, E: ciara.dalziel [at] labourcreative.ca, T: 416.564.6918
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