LAKE SUCCESS, N.Y., June 28, 2012 /PRNewswire/ -- Reaching a new milestone in its history, DealerTrack (Nasdaq: TRAK) today announced the number of active lenders connected to the DealerTrack credit application network has exceeded 1,200 U.S. lenders.
The DealerTrack credit application network allows dealers to electronically submit credit applications to their connected network of banks, independent finance companies, captives, and credit unions. The network has grown from five U.S. lenders in 2001 to more than 1,200 lenders today.
"Our credit application network continues to be the leading platform to support a dealership's sales and F&I workflow," said Robert Granados, vice president and general manager of DealerTrack's Sales and F&I Solutions. "The combination of the recent automotive retail market growth, the strength of our industry partnerships, and recently introduced functionality has allowed us to continue to expand the size and value of our network for dealers and lenders through the first half of the year."
Earlier this year, Mercedes-Benz Financial Services joined the DealerTrack credit application network used by 350 Mercedes-Benz dealers in the U.S. In addition, DealerTrack expanded the reach of its network with the introduction of DealerTrack Mobile, a new mobile application that enables dealers and lenders to securely manage and monitor finance and consumer credit application activities in real-time from their mobile devices.
DealerTrack's intuitive and high-value web-based software solutions and services enhance efficiency and profitability for all major segments of the retail automotive industry, including dealers, lenders, OEMs, third-party retailers, 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 18,000 dealers with more than 1,200 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, accelerate used-vehicle turn rates, and increase 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. 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, 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.