LAKE SUCCESS, N.Y., Nov. 11, 2011 /PRNewswire/ -- Today, DealerTrack (Nasdaq: TRAK) announced that the number of active lenders connected to its DealerTrack credit application network has surpassed 1,111 U.S. lenders.
The DealerTrack credit application network allows dealers to electronically submit credit application data to the industry's most diverse network of banks, independent finance companies, captives, and credit unions. The DealerTrack credit application network, which has grown from five lenders in 2001 to more than 1,111 lenders today, continues to expand and remains the automotive retail market's largest finance network.
"With the overall improvement in the automotive retail industry, the DealerTrack credit application network continues to be the biggest credit network for dealers and lenders," said Mark O'Neil, chairman and chief executive officer, DealerTrack. "The number of lenders that continue to join our credit application network is a bright spot for the automotive retail industry and the economy in general."
As part of this milestone achievement, DealerTrack will be running a promotion for all dealers in the United States, in which dealers can win $1,111. For the promotion, DealerTrack will be asking dealers to refer lenders who aren't already electronically connected to the DealerTrack network. If the referred lender electronically connects to the DealerTrack network before December 31, 2011, the dealer has a chance to win $1,111 cash prizes. Promotion details and rules can be obtained at www.dealertrack.com/1111.
About DealerTrack (www.dealertrack.com)
DealerTrack's intuitive and high-value software solutions and services enhance efficiency and profitability for all major segments of the retail automotive industry, including dealers, lenders, OEMs, agents and aftermarket providers. DealerTrack, whose solution set for dealers is the industry's most comprehensive, operates the largest online credit application network in the United States, connecting over 17,000 dealers with more than 1,100 lenders. DealerTrack's Dealer Management System (DMS) provides dealers with easy-to-use tools and real-time data access to enhance their efficiency. DealerTrack's Inventory offerings provide vehicle inventory management and merchandising solutions to help dealers drive higher in-store and online traffic with state-of-the-art, real-time listings – leading to accelerated used-vehicle turn rates and higher dealer profits. DealerTrack's Sales and F&I solutions allow dealers to streamline the entire sales process as they structure deals from a single integrated platform. Its Compliance offering helps dealers meet legal and regulatory requirements, and protect their assets. DealerTrack also offers additional solutions for the automotive industry, including electronic motor vehicle registration and titling applications, paper title storage, and digital document services. DealerTrack's family of companies also includes data and consulting services provider, Chrome Systems. For more information visit: www.dealertrack.com.
Safe Harbor for Forward-Looking and Cautionary Statements
Statements in this press release regarding the benefits of the DealerTrack credit application network, the continued growth of lenders on that 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 the economic factors affecting the automotive finance market and the availability of credit, DealerTrack's ability to attract additional lenders, and other risks listed in our reports filed with the Securities and Exchange Commission (SEC), including our Annual Report on Form 10-K for the year ending December 31, 2010. These filings can be found on DealerTrack's website at www.dealertrack.com and the SEC's website at www.sec.gov. Forward-looking statements included herein speak only as of the date hereof and DealerTrack disclaims 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.
SOURCE DealerTrack Holdings, Inc.