Three Premier Dealer Groups Rolling Out DealerTrack eContracting(TM)
03 2월 2007 - 2:51PM
PR Newswire (US)
LAKE SUCCESS, N.Y., Feb. 2 /PRNewswire-FirstCall/ -- DealerTrack,
Inc., a subsidiary of DealerTrack Holdings, Inc. (NASDAQ:TRAK),
today announced that three of the nation's premier auto retailing
groups -- Sonic Automotive (NYSE:SAH), privately-held V.T. Inc. and
the Suburban Collection -- are implementing the DealerTrack
eContracting(TM) solution across their U.S. dealership networks.
Alan Lehmann, DealerTrack's Vice President of Finance Solutions,
said, "We are very pleased to announce that these three premier
dealer groups are implementing our eContracting solution. Since the
product's launch in 2002, over 210,000 eContracts have been funded,
and 20 financing sources are now participating on our platform.
eContracting is clearly building momentum in the marketplace as
some of the industry's biggest players begin moving aggressively to
capture the benefits of improved cash flow through faster funding,
reduced document shipping costs, improved compliance and increased
customer satisfaction." David Plummer, Senior Vice President,
Corporate Controller for Sonic Automotive, said, "First and
foremost, we are always interested in improving cash flow.
DealerTrack's eContracting is helping us fund deals as quickly as
the day of delivery to the customer. There are also significant
benefits for our customers -- with eContracting, we can move them
through the contracting process easier and faster, and they really
love that. We also see benefits from the standpoint of Gramm Leach
Bliley Act compliance." Greg Oltman, Director of Finance for V.T.
Inc., which provides consulting services to the Van Tuyl auto
dealerships, said, "Several of our first stores to adopt
eContracting have had great success, so we've begun a national
roll- out. One store reduced their contract compliance issues by
about 30%, and had no returned contracts at all in a recent month
-- compared with their 9% return rate for paper contracts. As we
implement DealerTrack's eContracting solution nationwide, the
message to our lenders is clear -- if you want more deals, get on
eContracting, because that's where our business is heading." Gary
Allgeier, Director of Finance for Suburban Collection, said, "We
and our eContracting finance partners have been enjoying the
benefits of eContracting now for about 2 years. When we talk with
new financing sources about becoming a Preferred Lender,
eContracting is now a key differentiator. If a lender is on
eContracting, it tells us that they are aligning their strategies
and priorities with ours; that is a meaningful indication that they
are a progressive lender. When the results are so positive --
increased cash flow, reduced contracts in transit, and better CSI
due to reduced errors -- why wouldn't a lender or dealer want those
benefits?" DealerTrack's eContracting solution, which is integrated
with the DealerTrack online credit application network, enables
dealers to pre- populate, complete and submit retail installment
sales contracts electronically to financing sources. In the
traditional paper-intensive process, overnight mailing,
cross-checking, re-contracting (if necessary), and finally funding
a retail contract can take a week or more. The use of eContracting
results in faster, more accurate completion of contracts and
funding for the dealer as soon as the same day. About DealerTrack
(http://www.dealertrack.com/) DealerTrack (NASDAQ:TRAK) is a
leading provider of on-demand software and data solutions for the
U.S. automotive retail industry. The company's online credit
application processing product automates and accelerates the
automotive financing process, while its integrated
subscription-based software enables dealers to receive consumer
leads, compare financing and leasing options, sell insurance and
other aftermarket products, document compliance, and execute
financing contracts electronically. Over 22,000 dealers, with more
than 85% of all franchised dealers; over 300 financing sources,
including nine captives and the 20 largest U.S. independents; and
other service and information providers are active in the
DealerTrack network. Safe Harbor for Forward-Looking and Cautionary
Statements Statements in this press release regarding DealerTrack,
the implementation and benefits of the DealerTrack eContracting
solution, the number of active dealers and connected financing
sources participating in eContracting, 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:
increased competitive pressure from other industry participants,
the inability to execute any element of DealerTrack's business
strategy, including the retention of eContracting dealers and
financing source customers; selling additional products and
services to existing and new customers; success in expanding our
customer base and product and service offerings and integrating
acquisitions; and other risks listed in our reports filed with the
SEC, including our Annual Report on Form 10-K for the year ended
December 31, 2005. These filings can be found at
http://www.dealertrack.com/ and the SEC's website at
http://www.sec.gov/. Forward- looking statements included herein
speak only as of the date hereof and we disclaim 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. Greg Slote DealerTrack (516) 734-3921 Tom
Pratt RF|Binder Partners (212) 994-7563 DATASOURCE: DealerTrack
Holdings, Inc. CONTACT: Greg Slote of DealerTrack, +1-516-734-3921,
; or Tom Pratt of RF|Binder Partners, +1-212-994-7563, , for
DealerTrack Holdings, Inc. Web site: http://www.dealertrack.com/
http://www.sec.gov/
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