DealerTrack Revolutionized Online Automotive Credit 10 Years Ago and
Remains the Largest Credit Platform for Both Dealers and Lenders
DealerTrack Holdings, Inc. (Nasdaq: TRAK) today announced that the number of active lenders connected to its DealerTrack credit application network has reached 1,000 U.S. lenders.
The DealerTrack credit application network allows dealers to electronically submit credit application data to the industry’s largest and most diverse network of banks, independent finance companies, captive finance companies, credit unions and regional banks. The DealerTrack credit application network has grown from five lenders in 2001 to 1,000 lenders today.
“The DealerTrack credit application network has been the foundation upon which we have built DealerTrack. We continue to draw strength from our success in this area as we grow into the only truly open and integrated, end-to-end solution provider for the automotive retailing industry,” said Mark O’Neil, chairman and chief executive officer, DealerTrack Holdings, Inc. “As the nation’s economic recovery continues, we are seeing more and more lenders of all types join our credit network, and become active in the indirect auto finance market. We believe that the addition of new lenders to our network is an extremely positive sign for dealers, giving them confidence that a broader range of competitive financial resources are available to help them sell more cars.”
The credit application network is one component in the DealerTrack Performance Suite of solutions. The integrated DealerTrack Performance Suite is the industry’s most complete offering of high-value automotive management solutions and services for dealers, including Dealer Management Systems (DMS), Inventory Management, Sales, F&I, Compliance, and Processing Solutions and Services.
About DealerTrack (www.dealertrack.com)
DealerTrack's intuitive and high-value software solutions and services enhance efficiency and profitability for all major segments of the retail automotive industry, including dealers, lenders, OEMs, agents and aftermarket providers. The Company, whose solution set for dealers is the industry's most comprehensive, operates the largest online credit application network in the United States, connecting approximately 17,000 dealers with more than 1,000 lenders. DealerTrack’s Dealer Management System (DMS) provides dealers with easy-to-use tools and real-time data access to enhance their efficiency, while DealerTrack AAX delivers the inventory management tools and services needed to accelerate used-vehicle turn rate and help increase profits for dealers. The Company’s Sales and F&I solutions allow dealers to streamline the entire sales process as they structure deals from a single integrated platform, while also giving dealerships the ability to leverage vehicle registration and titling services through DealerTrack. Its Compliance Solution helps dealers meet legal and regulatory requirements and protect their assets. For lenders, DealerTrack’s Processing Solutions offers services including titling, collateral management, and digital document services. DealerTrack's family of companies also includes data and consulting service providers ALG and Chrome Systems. For more information, visit www.dealertrack.com.
March 15, 2011