ADP Dealer Services announced the new company name for its dealer services’ operation on Tuesday.

Once the spinoff from ADP is completed, the company will be known as CDK Global and will be listed on the NASDAQ exchange under the symbol “CDK.”

CDK Global will be one of the largest technology providers to the automotive industry, with more than 26,000 dealer sites in more than 100 countries and nearly 9,000 employees worldwide.

Executives highlighted the letters of the new name represent three of dealer services’ historically largest businesses and most strategic brands.

The "C" stands for Cobalt Digital Marketing, a provider in the fast-growing digital marketing space. Acquiring Cobalt several years ago represented a whole new dimension of dealer services’ business that the company wasn't fully addressing.

For the critical centerpiece of the name, Dealer Services chose "D" to represent Dealer Services and its 40 years of experience. Executives insisted this is the foundation of the business, which offers integrated management and technology solutions primarily to automotive dealers and manufacturers, and also to heavy truck, motorcycle, RV, marine and heavy equipment clients.

The "K" represents Kerridge Computer Co., which was a U.K.-based company acquired in 2005. The Kerridge acquisition was a strategic decision to greatly expand Dealer Services' geographic footprint and demonstrates its commitment to becoming a global provider.

Steve Anenen, who will serve as CDK Global’s chief executive officer, said, “We have decades of success as ADP Dealer Services, and we wanted that rich legacy to live on. Plus, the additions of Cobalt and Kerridge to our business solidified our position as a global market leader, so we wanted our new company's name to represent the heritage of our strongest assets — assets we are combining into one unified solution to help support the evolution of our industry worldwide.”

Anenen noted the new identity for CDK Global incorporates the universally recognized traffic light with the green light illuminated. He explained this simple, smart and powerful symbol represents a commitment to progress and always moving forward, as well as optimism and opportunity.

While the new name of the company honors CDK Global’s history, the boss added the logo and branding represent an entirely new look and feel for the company.

"We feel that now is the time to create a bolder identity,” Anenen said. “The name preserves our heritage and the new look and feel embodies our commitment to be fresh and transformational. It is a nod to where we came from, and to where we're going.

“We are building a brand and company that will last for generations — one that empowers our associates and conveys our brand promise,” he went on to say. “CDK Global does just that.”

Upon the spinoff’s completion, the new company's website will be CDKGlobal.com.