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TORONTO, Ontario — DealerTrack Canada reported earlier this week that it has purchased Trade Tracker — which provides Canadian dealers with systematic online process for appraising vehicles — for $1.2 million (CAD).

Trade Tracker's online approval tool is used by roughly 300 Canadian dealers and is designed to help them more efficiently and accurately review, appraise and track used units acquired through retail trades.

It can help dealers prevent errors and also offers sales representatives and dealer managers follow-up and management reporting tools.

Officials emphasized that Trade Tracker complies with Ontario's new Motor Vehicle Dealers Act regulations, as it includes the question about vehicle history that dealers must ask and document.

"We are very pleased to have completed this transaction with Trade Tracker. The company's brand, its product and especially its people are all very highly regarded by dealers," stated Michael Collins, general manager of DealerTrack Canada. "Trade Tracker is an easy-to-use, economical solution that can bring greater accountability and accuracy to any dealer's vehicle appraisal process.

"The acquisition of Trade Tracker is strategic for DealerTrack Canada as it adds an important and complementary product to our total inventory management offering," he continued.

"DealerTrack remains committed to helping dealers in many facets of their operations," Collins added. "By creating an easy work flow as well as comprehensive records of trade inventory and appraisals through Trade Tracker, we can further deliver on our vision of increasing the efficiency and profitability of our dealer customers."