What was formerly known as ADP Lightspeed is now operating under a new name with a new company. Though the powersports, marine and RV division of the new company will keep the Lightspeed branding for its products, the division will be known as CDK Global Recreation.
Powersports Business reported that the change comes as the Dealer Services portion of ADP has spun off into a new Delaware corporation now known as CDK Global Inc.
“There’s enough uniqueness to the market, customers and products that the decision was made to spinoff the Dealer Services division,” Greg Smith, VP/general manager of CDK Global Recreation, explained to Powersports Business.
With the Sept. 30 spinoff, CDK Global has its own stock ticker, board and leadership, separating itself from ADP. Though the new company is smaller than it used to be, Smith pointed out that it’s still a significant-sized business with $2 billion in revenue.
“We will be well capitalized. We expect to have good bond ratings. We expect the stock to be received well, and we’ll be funded well enough that we can continue to invest and grow the business,” he said.
As for any change dealers will see, Smith says those will be minimal. Dealers’ bills will likely say CDK Global instead of Lightspeed, and the person answering the phone, though familiar, will probably identify the company as CDK Global Recreation, but little else will change.
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