LAKE SUCCESS, N.Y., March 15, 2011 /PRNewswire/ -- DealerTrack Holdings, Inc. (Nasdaq: TRAK) today announced that the number of active lenders connected to its DealerTrack credit application network has reached 1,000 U.S. lenders.
The DealerTrack credit application network allows dealers to electronically submit credit application data to the industry's largest and most diverse network of banks, independent finance companies, captive finance companies, credit unions and regional banks. The DealerTrack credit application network has grown from five lenders in 2001 to 1,000 lenders today.
"The DealerTrack credit application network has been the foundation upon which we have built DealerTrack. We continue to draw strength from our success in this area as we grow into the only truly open and integrated, end-to-end solution provider for the automotive retailing industry," said Mark O'Neil, chairman and chief executive officer, DealerTrack Holdings, Inc. "As the nation's economic recovery continues, we are seeing more and more lenders of all types join our credit network, and become active in the indirect auto finance market. We believe that the addition of new lenders to our network is an extremely positive sign for dealers, giving them confidence that a broader range of competitive financial resources are available to help them sell more cars."
The credit application network is one component in the DealerTrack Performance Suite of solutions. The integrated DealerTrack Performance Suite is the industry's most complete offering of high-value automotive management solutions and services for dealers, including Dealer Management Systems (DMS), Inventory Management, Sales, F&I, Compliance, and Processing Solutions and Services.
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. The Company, whose solution set for dealers is the industry's most comprehensive, operates the largest online credit application network in the United States, connecting approximately 17,000 dealers with more than 1,000 lenders. DealerTrack's Dealer Management System (DMS) provides dealers with easy-to-use tools and real-time data access to enhance their efficiency, while DealerTrack AAX delivers the inventory management tools and services needed to accelerate used-vehicle turn rate and help increase profits for dealers. The Company's Sales and F&I solutions allow dealers to streamline the entire sales process as they structure deals from a single integrated platform, while also giving dealerships the ability to leverage vehicle registration and titling services through DealerTrack. Its Compliance Solution helps dealers meet legal and regulatory requirements and protect their assets. For lenders, DealerTrack's Processing Solutions offers services including titling, collateral management, and digital document services. DealerTrack's family of companies also includes data and consulting service providers ALG and 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 DealerTrack's solutions, the addition of new lenders to 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 the ability of DealerTrack to continue to sign new lenders and the 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 ended 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.