ADP Dealer Services said today it will spin off from parent ADP with the name CDK Global Inc.
The dealer software giant expects to become an independent public company by October. It will be listed on the NASDAQ exchange under the symbol CDK.
Steve Anenen, president of Dealer Services, will be CDK Global’s CEO. Anenen, 61, has a 30-year history with ADP and has been president of Dealer Services since 2004.
CDK will operate as Dealer Services did, offering management software and marketing products to dealerships.
“ADP allowed [Dealer Services] to operate with autonomy,” ADP spokeswoman Michelle Benko said. “We’re the same company, just renamed.”
Dealer Services acquired Cobalt Digital Marketing, the “C” in CDK, in 2010. It creates digital marketing products for ADP’s dealership clients, including dealership websites.
Kerridge Computer Co., the “K” in CDK, was acquired by Dealer Services in 2005. The acquisition of the U.K.-based company was part of Dealer Services’ plan to increase its global presence.
CDK Global will work with more than 26,000 dealer sites, ADP said in a statement today.
CDK Global also rolled out a new logo today. The logo, made to look like a traffic light with the green light illuminated, is a nod to the automotive industry.
“We feel that now is the time to create a bolder identity,” Anenen said in the statement. “The name preserves our heritage and the new look and feel embodies our commitment to be fresh and transformational.”