LAKE SUCCESS, N.Y., Oct. 15, 2012 /PRNewswire/ -- Helping to lead the way in the growing use of electronic lien and title processing across the country, DealerTrack (Nasdaq: TRAK) today announced its ELT Direct offering will be used in South Dakota and Wisconsin this year.
Beginning this month, South Dakota will take their lien and title notification processing online. Lenders doing business in the state will be able to receive electronic notices of titles with liens, instead of paper titles, and release liens electronically, using DealerTrack's ELT Direct solution.
In addition, DealerTrack has been approved to offer its ELT Direct product in Wisconsin. The state plans to begin rolling-out its ELT program in phases and expects to offer a complete ELT system later this year.
DealerTrack's ELT Direct eliminates the receipt, management, and handling of paper titles throughout the term of a loan or lease. Using this comprehensive software solution, lenders can easily automate what was previously an extremely manual, time- and resource-consuming process. As a result, lenders can reduce internal processing costs and fraud, as well as eliminate "lost titles."
"The use of electronic lien and titling is continuing to grow, as more states realize the benefits," said Kathy Kassinos, vice president and general manager, DealerTrack. "As an experienced and proven automotive retail partner, DealerTrack can deliver real value to lenders looking to implement electronic solutions for lien and title management."
Currently, DealerTrack's ELT Direct solution is offered in the following states: Arizona, California, Florida, Georgia, Hawaii (Oahu), Idaho, Louisiana, Massachusetts, Nebraska, New York, Ohio, Pennsylvania, South Carolina, Texas, Virginia, and Washington.
About DealerTrack (www.dealertrack.com) DealerTrack's intuitive and high-value web-based software solutions and services enhance efficiency and profitability for all major segments of the automotive retail industry, including dealers, lenders, OEMs, third-party retailers, agents, and aftermarket providers. In addition to the industry's largest online credit application network, connecting more than 18,000 dealers with more than 1,200 lenders, DealerTrack delivers the industry's most comprehensive solution set for automotive retailers, including Dealer Management System (DMS), Inventory, Sales and F&I, Interactive, and Registration and Titling solutions. For more information visit www.dealertrack.com.
Safe Harbor for Forward-Looking and Cautionary Statements Statements in this press release regarding the benefits of DealerTrack's ELT Direct solution, the growth of electronic lien and titling, 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 adoption by lenders of DealerTrack's ELT Direct solution, the adoption of electronic lien and titling by state DMVs, 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, 2011. 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.