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Polk Pins Future on Services for Transportation Industry130-Year-Old Company to Sell Consumer Information Solutions Business Units to EquifaxDETROIT, Feb. 10 - Signaling a clear strategic and historic decision to focus on the global expansion of its transportation business, R.L. Polk & Co. has signed an agreement to sell its Consumer Information Solutions (CIS) business units to Equifax for approximately $260 million. Polk's CIS Group is comprised of Direct Marketing, Data Information Services/Polk Verity, City Directory, and the Compusearch and Prospects Unlimited units of Polk Canada. Following the completion of the sale, Polk will be comprised of its current Global Transportation Business (International and United States), the wholly-owned subsidiaries of Geographic Data Technology (GDT) and Carfax, and the automotive-related portions of Polk Canada. "With our Transportation and Direct Marketing business units experiencing great success in recent years, strategically we could have invested in either unit for future growth. But, as a privately-held company based in Detroit that has developed a unique automotive product line, it became evident we should focus our business efforts on the needs of the transportation industry," said Stephen Polk, chairman and CEO of Polk. "This sale of our CIS units is a critical step in our comprehensive refocusing of Polk's business, which includes the sale of our non-automotive assets, continued emphasis on transforming our infrastructure and business processes, and continued investment in our transportation-driven future." Polk's preeminent position in automotive information services, combined with the rapid globalization of the automotive industry, means the transportation services market will now provide Polk with its best opportunities for worldwide expansion. "We will reinvest a portion of the capital we have acquired to accelerate the expansion of our global transportation products and information services, operating in the countries and cities where our customers need us to be," said Art Olsen, Polk's president and COO. "We will continue to aggressively seek internal growth and acquisitions that will create new opportunity for our people and fulfill our vision for the potential of our transportation business." Polk most recently acquired 100 percent of Fairfax, Va.-based Carfax, a privately held firm that provides histories of used cars via the Internet to consumers and dealers looking to avoid purchasing undesirable vehicles. It is also moving ahead with completing the purchase of the remaining assets of T.U.P. -- an automotive marketing data information system based in the United Kingdom of which Polk currently owns 75 percent -- and has recently launched a new business initiative in China. "The Carfax acquisition is a good example of what kind of businesses Polk will be looking for in order to increase our web-enabled product capabilities and our holdings relating to the consumer market," said Jim Hornbuckle, Polk's senior vice president of transportation. "Our China initiative opens a new, growing market that represents untapped potential, while completing the acquisition of T.U.P. solidifies our position as an automotive data expert in Europe." In recent months, Polk has also taken significant steps to expand the information technology capabilities of its U.S. operations. "Our goal is to make Polk not only the preeminent provider of automotive marketing solutions and consultative services, but to deliver our products to our customers utilizing state-of-the-art technological systems and processes," said Olsen. "The faster and more efficient we become at delivering information, the faster Polk's presence in the world market will grow." Polk has served the automotive industry for 78 years and is the longest standing curator of automobile records in the United States. Founded in Detroit in 1870, Polk launched its motor vehicle statistical operations in 1922 when the first car registration reports were published. It now provides multi-dimensional intelligence information solutions to nearly every segment of the motor vehicle industry as an analytical consultant and statistician; as a provider of database-marketing services; as a supplier of vehicle histories; and as a data enabler for geographic information systems. Based in Southfield, Mich., Polk is a privately held global firm, currently operating in Australia, Canada, China, France, Germany, Holland, Spain, the United Kingdom, and the United States. For more information, contact Dan Willis, Polk's director of public relations, at 248-728-7827; by pager at 800-406-8457; or by e-mail at dan_willis@polk.com. www.polk.com
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