DealerTrack Achieves Key Milestone of 200 Active Financing Sources in Its Network
10 1월 2006 - 7:35AM
PR Newswire (US)
LAKE SUCCESS, N.Y., Jan. 9 /PRNewswire-FirstCall/ -- DealerTrack
Holdings, Inc. (NASDAQ:TRAK) today announced that the number of
active financing sources connected with the DealerTrack(R) online
automotive platform has reached 200. "We are excited to arrive at
this milestone," said Mark O'Neil, chairman and chief executive
officer of DealerTrack. "It took about four years to connect our
first 100 financing sources, but less than a year to connect the
second hundred. Providing dealers with the largest network of
automotive lenders helps dealers sell more cars and provides
greater origination potential for these finance sources." Through
DealerTrack, automotive dealers can electronically submit credit
application data to a diverse network of financing sources,
including eight captives, credit unions, and the 20 largest
independents. Dealers can monitor application status in real time,
and have access to a broad array of reporting tools, as well as the
ability to directly integrate data generated in DealerTrack with
top dealer management systems. "We will continue to connect
financing sources to the DealerTrack network to facilitate
web-based financing and eContracting opportunities for our over
21,000 dealer customers," said O'Neil. "More lender choice means
greater ability for dealers to choose financing that meets dealer
objectives while serving customer needs." The DealerTrack
integrated end-to-end sales and finance solution facilitates over 4
million transactions per month for its dealer and financing source
customers, and increases efficiency and revenue opportunities for
these financing sources. About DealerTrack
(http://www.dealertrack.com/) DealerTrack is a leading provider of
on-demand software and data solutions for the automotive retail
industry in the United States. DealerTrack utilizes the Internet to
link automotive dealers with banks, finance companies, credit
unions and other financing sources, and other service and
information providers, such as the major credit reporting agencies.
DealerTrack has established a network of active relationships with
over 21,000 automotive dealers, including over 80% of all
franchised dealers; 200 financing sources, including the 20 largest
independent financing sources in the United States and eight
captive financing sources; and a number of other service and
information providers to the automotive retail industry.
DealerTrack's credit application processing product enables dealers
to automate and accelerate the indirect automotive financing
process by increasing the speed of communications between these
dealers and their financing sources. DealerTrack's integrated
subscription-based software products and services enable automotive
dealer customers to receive valuable consumer leads, compare
various financing and leasing options and programs, sell insurance
and other aftermarket products, document compliance with certain
laws and execute financing contracts electronically. Safe Harbor
for Forward-Looking and Cautionary Statements Certain statements in
this press release are "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934. 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. The following important factors could
affect future results: increased competitive pressure from other
industry participants and the inability to execute any element of
DealerTrack's business strategy, including selling additional
products and services to existing customers, expanding
DealerTrack's customer base and product and service offerings, and
pursuing acquisitions and strategic alliances. Other factors which
could materially affect such forward-looking statements can be
found in DealerTrack's filings with the Securities and Exchange
Commission, including the risk factors included therein. Investors,
potential investors and other readers are urged to consider these
factors carefully in evaluating the forward-looking statements and
are cautioned not to place undue reliance on such forward- looking
statements. The forward-looking statements made herein are only
made as of the date of this press release and we undertake no
obligation to publicly update such forward-looking statements to
reflect subsequent events or circumstances. DATASOURCE: DealerTrack
Holdings, Inc. CONTACT: Liz Zale of DealerTrack, Inc.,
+1-516-734-3758, ; or Jen Malloy of RF|Binder Partners,
+1-212-994-7542, Web site: http://www.dealertrack.com/
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