Carfax introduced a new, free service that makes taking care of your car easier – myCarfax.
Car owners can use this new tool to track their service history and reduce the headache of keeping their car well maintained. Users receive automatic service alerts and get critical information about open safety recalls reported for their car.
IHS Inc. has signed a definitive agreement to acquire R.L. Polk & Co., a recognized leader in providing automotive information and analytics solutions.
The $1.4 billion transaction will be funded with 10 percent equity and the remainder with cash on hand, cash from an existing revolver and a new bank term loan. The acquisition is subject to customary closing conditions, including expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.
More than 100 used car dealers, including 11 on Long Island, have sued Carfax, claiming that the provider of heavily advertised vehicle history reports is violating federal antitrust laws by excluding competition.
The suit says that the near absence of competition results in higher prices for dealers, who furnish the reports to car shoppers, and for consumers who purchase the reports on their own, while discouraging sales of what the suit says are more reliable competing reports.
