Offers Innovative Commitment to Discontinue Subscriptions for Stores That Are Closed, Sold, or Lose Floorplanning
Lake Success, NY, April 13, 2009 - DealerTrack Holdings, Inc. (Nasdaq: TRAK), a leading provider of on-demand software and data solutions for the U.S. automotive retail industry, today announced the launch of the DealerTrack Assurance Commitment, which provides that dealers and dealer groups will not be responsible for future monthly subscription fees on any new subscriptions for DealerTrack solutions used by stores that are subsequently closed, sold, or lose their floorplanning.
"This initiative will make it easier for us to move forward together with the important business of ensuring that dealers have the technology they need - across every department in their dealership - to enhance their efficiency and profitability," said Mark O'Neil, chairman and chief executive officer of DealerTrack. "As an industry leader and trusted partner to over 19,000 dealerships, DealerTrack recognizes the financial pressures auto retailers are facing today. With our unique Assurance Commitment, we are taking off the table some of the key uncertainties dealers wrestle with in signing contracts for subscription products."
Dealers can now rest assured that with new subscriptions for any DealerTrack solution, future monthly fees will be forgiven for any stores they later cease to operate, or that lose their floorplanning. In addition, dealers with current subscription contracts can elect to enter into new contracts incorporating the Assurance Commitment. For complete details, please visit www.dealertrack.com/assurance.
About DealerTrack (www.dealertrack.com)
DealerTrack Holdings, Inc. (Nasdaq: TRAK) is a leading provider of on-demand software and data solutions for the U.S. automotive industry. Our solutions enable dealers to receive and submit credit applications, compare financing and leasing options, sell insurance, purchase vehicle accessories, analyze inventory, document compliance, and execute financing contracts electronically. In addition, the DealerTrack Arkona dealer management system (DMS) is used by dealerships nationwide. Over 19,000 dealers, 730 financing sources, and many other service and information providers are active in the DealerTrack network. For more information, visit www.dealertrack.com.
Safe Harbor for Forward-Looking and Cautionary Statements
Statements in this press release regarding the benefits of DealerTrack's Assurance Commitment and all other statements in this release other than the recitation of historical facts are forward-looking statements (as defined in the Private Securities Litigation Reform Act of 1995). These statements involve a number of risks, uncertainties and other factors that could cause actual results, performance or achievements of DealerTrack to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements.
Factors that might cause such a difference include the adoption by dealers of DealerTrack's solutions and other risks listed in our reports filed with the Securities and Exchange Commission (SEC), including our Annual Report on Form 10-K for the year ended December 31, 2008. These filings can be found on DealerTrack's website at www.dealertrack.com and the SEC's website at www.sec.gov. Forward-looking statements included herein speak only as of the date hereof and DealerTrack disclaims any obligation to revise or update such statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events or circumstances.