CDK - CDK STOCK NEWS

Dealer Pay has joined the CDK Global Partner Program, expanding its reach in the automotive payment processing sector. This partnership allows Dealer Pay to provide modern point-of-sale solutions that enhance payment acceptance for auto and truck dealerships. CEO Julie Douglas highlights the goal of improving dealer productivity and customer experiences through integrated payment options. The connection with CDK Global's ecosystem will streamline operations and support seamless transactions, aligning with Dealer Pay's mission to enhance dealership efficiencies.

CDK Global has announced a significant integration of its MyDealer portal with ARI Network Services, allowing dealerships to access a comprehensive online catalog for heavy equipment OEM and shortline parts. This industry-first integration enables customers to conduct 24/7 transactions seamlessly, enhancing convenience. Since its launch in 2020, MyDealer has facilitated nearly $70M in parts transactions, showcasing its effectiveness. Key features include invoice management, service requests, and equipment tracking, all integrated with the IntelliDealer DMS, streamlining operations for heavy equipment dealers.

GMS has joined the CDK Global Partner Program, enhancing its windshield repair and replacement management software offerings. With over 13 million windshields replaced annually, GMS aims to optimize dealership operations by streamlining glass sourcing and insurance billing directly within the CDK Repair Order system. This integration promises significant productivity gains for technicians, thanks to real-time data access through the NAGS database. CDK Global, generating approximately $2 billion in revenue, supports over 15,000 retail locations and offers over 995 applications through its partner ecosystem.

CDK Global's recent survey highlights that 81% of Gen Z car buyers prefer to thoroughly understand their options, contrasting with older generations who favor quick purchases. The survey, involving over 1,100 respondents, revealed Gen Z's net promoter score of 32, significantly lower than Millennials' 49 and Baby Boomers' 53. Key frustrations include waiting for salespeople and unexpected fees, impacting their dealership recommendations. Notably, 39% of Gen Z reported purchasing luxury brands, indicating a shift in market preferences and the need for dealerships to streamline the car-buying process.

CDK Global, Inc. (NASDAQ: CDK) announced a regular quarterly cash dividend of $0.15 per share, payable on June 29, 2022. Shareholders of record as of June 20, 2022 will receive this dividend. With revenues of approximately $2 billion, CDK provides leading retail technology and software as a service (SaaS) solutions, serving over 15,000 retail locations in North America. The company is focused on enhancing operational efficiency and profitability for dealerships and manufacturers.

CDK Global, Inc. (Nasdaq: CDK) has extended the expiration date of its tender offers for its outstanding Senior Notes, moving it from May 27, 2022, to July 5, 2022. The offers involve the 4.500% Senior Notes due 2024, 4.875% Senior Notes due 2027, and 5.250% Senior Notes due 2029. As of May 26, 2022, significant participation has been noted, with 97.9% of the 2029 Notes tendered. This extension aligns with CDK's ongoing merger strategy involving Brookfield Asset Management. The proposed amendments may eliminate certain covenants related to the Notes.

CDK Global, Inc. (Nasdaq: CDK) has extended the expiration date of its tender offers for outstanding senior notes from May 20, 2022, to May 27, 2022. As of May 17, 2022, approximately 82.5% of 2024 Notes, 81.3% of 2027 Notes, and 97.9% of 2029 Notes have been tendered. The tender offers relate to an acquisition by Central Parent LLC, affiliated with Brookfield Asset Management. If completed, the proposed amendments will eliminate certain restrictive covenants associated with the notes. No other terms of the offers have changed, and previously tendered notes cannot be withdrawn.

UVeye's vehicle-inspection technology is now integrated with CDK Drive, enhancing dealership operations across the United States. This integration allows for automated repair order creation through high-speed scans of vehicles, promising time savings and improved customer service for over 15,000 dealerships. UVeye aims to expand its services to more automotive retail systems. The company has raised over $90 million since its inception in 2016 and boasts an impressive investor group, including Volvo and Hyundai.

CDK Global announced early results of its tender offer for 4.500% Senior Notes due 2024, with a current interest rate of 5.000%. As of May 6, 2022, holders of 82.5% of the $500 million principal amount validly tendered their notes. The company has received consents for proposed amendments to the indenture, eliminating certain restrictive covenants. The tender offer is set to expire on May 20, 2022. This process aligns with an acquisition plan by Central Parent LLC, which is expected to be finalized in Q3 2022, contingent upon financing and other conditions.