LAKE SUCCESS, N.Y., Jan. 9 /PRNewswire-FirstCall/ -- DealerTrack Holdings, Inc. today announced that the number of active financing sources connected with the DealerTrack(R) online automotive platform has reached 200.
"We are excited to arrive at this milestone," said Mark O'Neil, chairman and chief executive officer of DealerTrack. "It took about four years to connect our first 100 financing sources, but less than a year to connect the second hundred. Providing dealers with the largest network of automotive lenders helps dealers sell more cars and provides greater origination potential for these finance sources."
Through DealerTrack, automotive dealers can electronically submit credit application data to a diverse network of financing sources, including eight captives, credit unions, and the 20 largest independents. Dealers can monitor application status in real time, and have access to a broad array of reporting tools, as well as the ability to directly integrate data generated in DealerTrack with top dealer management systems.
"We will continue to connect financing sources to the DealerTrack network to facilitate web-based financing and eContracting opportunities for our over 21,000 dealer customers," said O'Neil. "More lender choice means greater ability for dealers to choose financing that meets dealer objectives while serving customer needs."
The DealerTrack integrated end-to-end sales and finance solution facilitates over 4 million transactions per month for its dealer and financing source customers, and increases efficiency and revenue opportunities for these financing sources.
About DealerTrack (http://www.dealertrack.com/)
DealerTrack is a leading provider of on-demand software and data solutions for the automotive retail industry in the United States. DealerTrack utilizes the Internet to link automotive dealers with banks, finance companies, credit unions and other financing sources, and other service and information providers, such as the major credit reporting agencies. DealerTrack has established a network of active relationships with over 21,000 automotive dealers, including over 80% of all franchised dealers; 200 financing sources, including the 20 largest independent financing sources in the United States and eight captive financing sources; and a number of other service and information providers to the automotive retail industry. DealerTrack's credit application processing product enables dealers to automate and accelerate the indirect automotive financing process by increasing the speed of communications between these dealers and their financing sources. DealerTrack's integrated subscription-based software products and services enable automotive dealer customers to receive valuable consumer leads, compare various financing and leasing options and programs, sell insurance and other aftermarket products, document compliance with certain laws and execute financing contracts electronically.
Safe Harbor for Forward-Looking and Cautionary Statements
Certain statements in this press release are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. 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.
The following important factors could affect future results: increased competitive pressure from other industry participants and the inability to execute any element of DealerTrack's business strategy, including selling additional products and services to existing customers, expanding DealerTrack's customer base and product and service offerings, and pursuing acquisitions and strategic alliances. Other factors which could materially affect such forward-looking statements can be found in DealerTrack's filings with the Securities and Exchange Commission, including the risk factors included therein. Investors, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward- looking statements. The forward-looking statements made herein are only made as of the date of this press release and we undertake no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.
