LAKE SUCCESS, N.Y., Feb. 9 /PRNewswire-FirstCall/ -- DealerTrack Holdings, Inc. , a leading provider of on-demand software and data solutions for the U.S. automotive retail industry, today announced that the number of active financing sources connected to the DealerTrack(R) network has reached 500, and the cumulative number of credit applications processed has hit 200 million.
"These are truly historic milestones for DealerTrack," said Mark O'Neil, chairman and chief executive officer of DealerTrack. "We were among the industry pioneers in 2001 when the concept of a multi-lender online credit application system was still relatively new, and while we were certainly optimistic, our dramatic growth since then has exceeded our expectations. Today, many smaller financing sources that want to grow their automotive business are told by dealers that one of the most important steps they can take is to join the DealerTrack network."
"We are very pleased to connect the 500th active financing source to our network," said David Trinder, senior vice president of network solutions at DealerTrack. "Our growth has been tremendous, including the most recent addition of another 25 lenders in less than a month. We expect that the number will continue to grow given our very substantial pipeline of prospective financing sources. The processing of our 200 millionth credit application highlights the large volume of transactions flowing through our network -- and lenders increasingly want their fair share of this business."
Approximately 90 percent of all franchised automotive dealers in the United States are active users of DealerTrack's network. Through DealerTrack, dealers can electronically submit credit applications to the industry's largest and most diverse network of banks, independent finance companies, captive finance companies, credit unions and regional banks. In addition, DealerTrack offers subscription and other transaction-based products to dealers that integrate with the credit application process and provide an end- to-end dealership technology solution.
About DealerTrack
DealerTrack Holdings, Inc. is a leading provider of on- demand software and data solutions for the U.S. automotive retail industry. Our solutions enable dealers to receive consumer leads, submit credit applications, compare financing and leasing options, sell insurance, vehicle accessories and other aftermarket products, document compliance, and execute financing contracts electronically. In addition, the DealerTrack Arkona DMS (dealer management system) is used by dealerships nationwide. Over 22,000 dealers, 500 financing sources, and many other service and information providers are active in the DealerTrack network. For more information, visit http://www.dealertrack.com/.
Safe Harbor for Forward-Looking and Cautionary Statements
Statements in this press release regarding DealerTrack network, its potential future growth, additional lenders connecting to the DealerTrack network in the future, the benefits of the DealerTrack network, 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: increased competitive pressure from other industry participants, the inability to execute any element of DealerTrack's business strategy, including the retention of dealers and lenders; 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, 2006.
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Contacts:
Raphael Carty
DealerTrack
(516) 734-3777
