LAKE SUCCESS, N.Y., Feb. 11 /PRNewswire-FirstCall/ -- DealerTrack Holdings, Inc. today announced the formation of the DealerTrack Compliance Advisory Council, which will assist the company in its efforts to educate dealers about compliance issues and in developing additional products that help dealers better manage their compliance risks.
"Dealers face an ever-increasing challenge in identifying and interpreting the myriad of regulations that impact their business every day," said Mark O'Neil, chairman and chief executive officer of DealerTrack. "By forming our Compliance Advisory Council, we are bringing together experts with a broad range of perspectives and experience in automotive compliance issues, to help support our dealer customers with this critical area."
"Within the dealer community, there is a serious lack of information or misinformation about compliance," said Thomas B. Hudson, partner in Hudson Cook, LLP. "I am pleased to be part of DealerTrack's innovative approach in proactively supporting dealers on complex compliance issues." Mr. Hudson has spoken and been published extensively on the topics of compliance laws and consumer leasing. He is president-elect and a founding member of the American College of Consumer Financial Services Lawyers, and also has served as chairman of the American Bar Association's Subcommittee on Personal Property Finance.
Compliance Advisory Council members will lend their expertise in areas such as new laws and regulations, current dealership practices, activity by state and national associations, relevant new case law, and compliance-related products and services. In addition, council members will periodically review and assist in updating DealerTrack's recently introduced Compliance Guide.
DealerTrack's new Compliance Guide is a free booklet designed to educate dealers about issues related to compliance, and to offer recommended practices that dealers should engage in on every deal. The guide, available in both printed and electronic formats, covers the following areas: Consumer Privacy, Data Security & Identity Theft; Credit Applications and Contracts; Aftermarket Selling; and Recordkeeping & Destruction. It also contains a glossary explaining key compliance terms.
DealerTrack recently introduced two new compliance products: DealWatch(TM), a tracking and reporting solution that enables dealers to securely monitor, store and manage deal documents and information; and ExactID(TM), a tool that enables dealers to verify a customer's identity and check it against the government's OFAC database.
About DealerTrack (http;//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; over 200 financing sources, including the 20 largest independent financing sources in the United States and nine 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 include the expected benefits of DealerTrack's new products for DealerTrack's customers. 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: 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 and new customers; risks associated with DealerTrack's systems and networks, including security breaches and events beyond DealerTrack's control; the impact of the automotive retail industry on DealerTrack's business; the impact of Federal and state legislation on DealerTrack's business; DealerTrack's success in expanding its customer base and product and service offerings as well as in 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 in DealerTrack's Registration Statement on Form S-1 (File No. 333-126944). 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.
CONTACT:
Liz Zale
DealerTrack, Inc.
(516) 734-3758
First Call Analyst:
FCMN Contact: jen.malloy@rfbinder.com
