The First American Corporation Sells Fastrac Systems to Ithaka Holdings, Inc.
August 9, 2002
SANTA ANA, Calif., /PRNewswire-FirstCall/ -- The First American Corporation (NYSE: FAF) a diversified provider of business information and related products and services has completed a transaction in which its subsidiary, First American Fastrac Systems, Inc., was sold to Ithaka Holdings, Inc.
Fastrac Systems is one of the leading providers of insurance tracking and title storage and administration in the automotive finance industry. Fastrac Systems became a subsidiary of First American in 1999 as part of First American's acquisition of National Information Group.
"Fastrac Systems provides a valuable solution to the portfolio servicing needs of auto financing providers but is not core to First American's strategy to focus on the credit and financing origination side of the automotive transaction," said Parker S. Kennedy, president of The First American Corporation. "First American is still very committed to our stated objective of being involved in every transaction that flows through the finance and insurance office of automobile retailers.
"This arrangement provides a market-knowledgeable solution for Fastrac Systems' customers, partners and associates while enabling First American to continue to focus on our objectives in the automotive marketplace."
The acquiring entity, Ithaka Holdings, Inc., is an investment group comprised of industry veterans and former First American employees, including David L. Ames, Rigmor E. Schneider, George R. Jump and George Stevens. Ithaka Holdings will market insurance tracking and title administration services under the name Fastrac 24/7 Corp.
"We are pleased to have acquired Fastrac Systems and plan to continue its long history of providing high quality portfolio services to the automotive financing marketplace," said David L. Ames, chairman and CEO of Ithaka Holdings, Inc. "Our goal is to help our clients improve efficiencies and profitability via our insurance tracking and title administration services. We also plan to offer additional products and services in the very near future that will further help our clients protect their interests."
Source: The First American Corporation