LAKE SUCCESS, N.Y., Feb. 3 /PRNewswire-FirstCall/ -- DealerTrack, Inc., a subsidiary of DealerTrack Holdings, Inc. , today announced the introduction of InventoryPro, a new inventory management solution for auto dealers.
InventoryPro will empower dealers, leveraging their valuable knowledge and expertise with analytical tools that manage inventory turnover through the use of dealers' specific sales history, as well as market data. Resulting recommendations enable dealers to take control of their inventory and stock more of the vehicles that turn faster and generate higher gross profits, while quickly disposing of those that are less profitable. Additionally, InventoryPro will provide dealers with a broad range of tools to appraise and book out their inventory, integrating values from Manheim Market Report(TM) (MMR), N.A.D.A.(R), Black Book(R) and Kelley Blue Book(R).
Mark O'Neil, DealerTrack's chairman and CEO, said, "With the continued market pressure on for new vehicle sales, we believe dealers are placing a growing premium on maximizing the profitability of their used vehicle operations. Systematic inventory management, based on industry data as well as the dealerships' own sales and profitability records, should increase inventory turns and deliver dealers much needed improvement in profitability."
With the launch of InventoryPro, DealerTrack begins the introduction of its comprehensive inventory solution. Throughout the year a series of products and services are expected to be deployed to further enhance dealers' inventory needs, including:
-- Integration with Chrome's ADS (Automotive Description Service) which
will give dealers the ability to deliver more accurate and
comprehensive vehicle descriptions than the VIN decoder products
currently on the market.
-- An inventory exchange that will provide dealers with a single point of
access to inventory on a real-time basis from various auctions,
including Manheim and a variety of ATC-Onlane hosted wholesale auction
websites (including ATC Open).
-- Inventory Management and Analytical tools through InventoryPro.
-- ALG pricing and market data as well as content from Chrome.
All of these capabilities will be provided as part of the DealerTrack suite of products, allowing dealers to leverage a single platform delivering unparalleled value.
"We are pleased to partner with DealerTrack to provide the Manheim Market Report to dealerships across the country," said Lynn Morgan, Vice President of Manheim Consulting. "InventoryPro is another opportunity for our organizations to broaden the services provided to dealers to help them gain more control over their inventory costs."
DealerTrack's main objective is to provide dealers a way to manage all of their inventory needs in one place and create a marketplace for dealers to buy and sell inventory in a real-time environment.
InventoryPro will be easy to use and features enhanced functionality, including best-in-class vehicle appraisal capabilities. InventoryPro will also be integrated with other DealerTrack sales and F&I solutions, enabling dealers to take a vehicle from inventory to structuring, financing and funding a deal -- in one seamless, paperless process.
InventoryPro replaces DealerTrack's DealerWire(R) solution, which was acquired last year and will be phased out as subscribers are transitioned to the new product at no additional charge
About DealerTrack (http://www.dealertrack.com/)
DealerTrack is a leading provider of on-demand software and data solutions for the U.S. automotive retail industry. The company's online credit application processing product automates and accelerates the automotive financing process, while its integrated subscription-based software enables dealers to receive consumer leads, compare financing and leasing options, sell insurance and other aftermarket products, document compliance, and execute financing contracts electronically. Over 22,000 dealers, with more than 85% of all franchised dealers; over 300 financing sources, including nine captives and the 20 largest U.S. independents; and other service and information providers are active in the DealerTrack network.
Safe Harbor for Forward-Looking and Cautionary Statements
Statements in this press release regarding DealerTrack, the features and benefits of InventoryPro, future inventory solution products and services, 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 Holdings, Inc. 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, the inability to execute any element of DealerTrack's business strategy, including the retention of dealers and aftermarket provider customers; selling additional products and services to existing and new customers; success in expanding our customer base and product and service offerings and integrating acquisitions; and other risks listed in our reports filed with the SEC, including our Annual Report on Form 10-K for the year ended December 31, 2005. These filings can be found at http://www.dealertrack.com/ and the SEC's website at http://www.sec.gov/. Forward-looking statements included herein speak only as of the date hereof and we disclaim 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.
CONTACT:
Greg Slote
DealerTrack
(516) 734-3921
