LAKE SUCCESS, N.Y., Feb. 9 /PRNewswire-FirstCall/ -- DealerTrack, Inc., a subsidiary of DealerTrack Holdings, Inc. , a leading provider of on-demand software and data solutions for the U.S. automotive retail industry, today announced several enhancements to its InventoryPro inventory management solution for auto dealers.
Carfax-subscribing dealers using DealerTrack's InventoryPro and BookOut solutions will have integrated, "one-click" access to Carfax Vehicle History Reports. Dealers rely on Carfax Reports to make more informed decisions about specific used vehicles they consider buying or selling. Using VIN-based information from more than 20,000 sources, Carfax Reports may highlight Carfax 1-Owner cars, vehicle usage and service records, title information and other events such as accidents or flood damage.
"We are very pleased to begin providing integrated access to Carfax Vehicle History Reports," said Mark O'Neil, chairman and chief executive officer of DealerTrack. "We believe our summary report format will be particularly valuable and unique in the industry, allowing dealers to see at a glance how many owners a car has had. Typically, single-owner vehicles sell significantly faster and at a premium to cars that have had multiple owners, which can help dealers improve their inventory turns and profitability."
"Carfax 1-Owner cars are the most sought-after vehicles on the market today," said Larry Gamache, communications director at Carfax. "Studies show that used car shoppers will pay up to 15 percent more for a car Carfax identifies as having only one owner. This unique enhancement to DealerTrack's solutions helps our customers ensure they stock the right vehicles in their inventory and make more money on each sale."
DealerTrack also is launching an inventory exchange that provides dealers with real-time, online access to inventory and auction data from Manheim auctions. The integration of this functionality into InventoryPro allows dealers to better manage their inventory needs from a single, central location, and enabling them to be more prepared at auctions, with detailed listings of vehicles they want to purchase.
In addition, DealerTrack is upgrading the InventoryPro user interface to provide a new "dashboard" view with an inventory performance summary and the capability to quickly drill down into various aspects of inventory performance. InventoryPro helps dealers turn their inventory faster and improve profitability by recommending specific vehicles to buy or sell, based on an analysis of each dealer's sales history. InventoryPro also provides dealers with tools to appraise and book out their inventory, enabling them to identify and quantify positive and negative equity in inventory, as well as inventory age by type and value of units.
O'Neil concluded, "With these enhancements, we believe that InventoryPro provides exceptional functionality and integrated online connectivity. It is an economical solution with analytical tools driven by cold, hard facts to help dealers leverage their valuable knowledge and instincts about their local markets."
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/.
About Carfax (http://www.carfax.com/)
Millions of used car buyers and sellers each year rely on Carfax, the most trusted provider of vehicle history information. Using the unique 17-character vehicle identification number (VIN) found on vehicle dashboards and title documents, Carfax instantly generates a detailed Vehicle History Report on any used car or light truck. Carfax Vehicle History Reports(TM) provide valuable information that helps used car buyers and sellers make better decisions. Free Carfax Vehicle History Reports are instantly available with vehicles listed in nearly every online marketplace by Carfax-subscribing dealers. For more information, ask your dealer or visit http://www.carfax.com/.
Safe Harbor for Forward-Looking and Cautionary Statements
Statements in this press release regarding enhancements to DealerTrack's InventoryPro product, their benefits to dealers, 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 financing source 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, 2006. 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.
TRAK-G
Contacts:
Raphael Carty
DealerTrack
(516) 734-3777
