Reynolds and Reynolds Co. and several dealership groups have reached an agreement in principle to settle a federal class-action antitrust lawsuit against the dealership software and services company.

A Reynolds spokesman confirmed the settlement late Tuesday. The agreement does not include dealership technology company CDK Global Inc., which is also a defendant in the case.

The litigation against Reynolds and CDK alleges the two companies have fixed prices and been in general collusion to reduce competition and control the dealership management system market. Together, the two firms have more than 70 percent of the DMS market.

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