DealerTrack Connects 500th Financing Source to its Industry-Leading Network
09 2월 2008 - 10:59PM
PR Newswire (US)
Number of Credit Applications Processed Reaches 200 Million LAKE
SUCCESS, N.Y., Feb. 9 /PRNewswire-FirstCall/ -- DealerTrack
Holdings, Inc. (NASDAQ:TRAK), a leading provider of on-demand
software and data solutions for the U.S. automotive retail
industry, today announced that the number of active financing
sources connected to the DealerTrack(R) network has reached 500,
and the cumulative number of credit applications processed has hit
200 million. "These are truly historic milestones for DealerTrack,"
said Mark O'Neil, chairman and chief executive officer of
DealerTrack. "We were among the industry pioneers in 2001 when the
concept of a multi-lender online credit application system was
still relatively new, and while we were certainly optimistic, our
dramatic growth since then has exceeded our expectations. Today,
many smaller financing sources that want to grow their automotive
business are told by dealers that one of the most important steps
they can take is to join the DealerTrack network." "We are very
pleased to connect the 500th active financing source to our
network," said David Trinder, senior vice president of network
solutions at DealerTrack. "Our growth has been tremendous,
including the most recent addition of another 25 lenders in less
than a month. We expect that the number will continue to grow given
our very substantial pipeline of prospective financing sources. The
processing of our 200 millionth credit application highlights the
large volume of transactions flowing through our network -- and
lenders increasingly want their fair share of this business."
Approximately 90 percent of all franchised automotive dealers in
the United States are active users of DealerTrack's network.
Through DealerTrack, dealers can electronically submit credit
applications to the industry's largest and most diverse network of
banks, independent finance companies, captive finance companies,
credit unions and regional banks. In addition, DealerTrack offers
subscription and other transaction-based products to dealers that
integrate with the credit application process and provide an end-
to-end dealership technology solution. About DealerTrack
DealerTrack Holdings, Inc. (NASDAQ:TRAK) is a leading provider of
on- demand software and data solutions for the U.S. automotive
retail industry. Our solutions enable dealers to receive consumer
leads, submit credit applications, compare financing and leasing
options, sell insurance, vehicle accessories and other aftermarket
products, document compliance, and execute financing contracts
electronically. In addition, the DealerTrack Arkona DMS (dealer
management system) is used by dealerships nationwide. Over 22,000
dealers, 500 financing sources, and many other service and
information providers are active in the DealerTrack network. For
more information, visit http://www.dealertrack.com/. Safe Harbor
for Forward-Looking and Cautionary Statements Statements in this
press release regarding DealerTrack network, its potential future
growth, additional lenders connecting to the DealerTrack network in
the future, the benefits of 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:
increased competitive pressure from other industry participants,
the inability to execute any element of DealerTrack's business
strategy, including the retention of dealers and lenders; 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, 2006. TRAK-G Contacts: Raphael
Carty DealerTrack (516) 734-3777 Stephanie Lowenthal RF|Binder
Partners (212) 994-7619 DATASOURCE: DealerTrack Holdings, Inc.
CONTACT: Raphael Carty, DealerTrack, +1-516-734-3777, ; Stephanie
Lowenthal, RF|Binder Partners, +1-212-994-7619, , for DealerTrack
Holdings, Inc. Web site: http://www.dealertrack.com/
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