DealerTrack Launches New 'Red Flags' Solution, Enhancing Suite of Compliance Tools
09 2월 2008 - 11:00PM
PR Newswire (US)
Also Introduces the Industry's First Free Compliance Information
Website, thecomplianceguide.com, and Updates Free Compliance Guide
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 the launch of DealerTrack RedFlags(TM), a
new solution to help dealers support their identity theft
prevention programs and comply with the Federal Trade Commission's
recently issued "Red Flags Rule." DealerTrack RedFlags(TM) builds
on the functionality of DealerTrack's Exact ID(TM) OFAC and
identity verification product. RedFlags will be offered as part of
DealerTrack's DealWatch(TM) solution, the industry's leading
compliance tool. In addition, DealerTrack is announcing today the
launch of a new website, thecomplianceguide.com, as well as the
availability of the third annual edition of its hard-copy
Compliance Guide. "With our new RedFlags solution and these
groundbreaking free resources for dealers, we have further
strengthened our leadership position in the compliance arena and
clearly offer the industry's most comprehensive suite of compliance
resources and solutions," said Mark O'Neil, chairman and chief
executive officer of DealerTrack. "We are excited to provide
information to assist dealers in the development of their mandatory
'Red Flags' programs, as well as an enhanced solution to automate
as much of the identity verification process as possible. We have
been continuously monitoring the development of the new rules since
they were first proposed in 2005. Our development of DealerTrack
RedFlags was driven in large part by our dialogue with the dealer
community since the introduction of DealWatch and ExactID two years
ago." The new federal rule took effect January 1, 2008, and full
compliance is mandatory by November 1, 2008. The rule requires auto
dealers to develop and implement a written program that will help
them to detect certain "red flags" that may signal identity theft,
and to respond appropriately. DealerTrack RedFlags cross-checks a
customer's information against numerous databases to help make an
assessment as to whether he or she may be using a false identity.
It assigns a score to the customer and gives reasons for the score,
so the dealer can quickly spot potential problems and make informed
decisions. The solution also checks each customer against the watch
list maintained by the federal Office of Foreign Assets Control
(OFAC). DealerTrack RedFlags incorporates the functionality of
ExactID, but goes further by alerting dealers to potential address
discrepancies, Social Security number mismatches, and credit files
with fraud alerts or security freezes, among other enhancements. A
free 60-day trial of DealerTrack RedFlags will be offered to
dealers using the DealerTrack platform to show them how it can
become a key component of their Red Flags program required by the
new FTC rule. Subscribers to DealerTrack's DealWatch will have
unlimited access to RedFlags with no additional transaction fees.
DealWatch, which is fully integrated with the DealerTrack network,
is a comprehensive compliance solution that helps dealers protect
themselves with electronic signature capture, encryption and
storage of sensitive customer documents, and robust reporting of
dealership activity to help prevent mistakes and costly litigation.
DealerTrack's new compliance website, thecomplianceguide.com,
provides an on-line complement to DealerTrack's Compliance Guide,
which was first published two years ago, and has been enhanced and
expanded in the new edition. The site will also include podcasts on
important industry trends, pre-recorded webinars on Red Flags and
other relevant topics and articles from leading compliance experts.
"Our new website, thecomplianceguide.com, is the first and only
comprehensive compliance resource that is free and online for
dealers," O'Neil said. "We are ideally positioned, and fully
committed, to maintaining our leadership role in supporting dealers
as they strive to navigate the increasingly complex web of federal
and state laws and regulatory mandates." The new edition of the
hard-copy Compliance Guide is also now available. The Compliance
Guide is a free booklet designed to educate dealers about
compliance issues and suggested business practices, and covers the
following areas: Consumer Privacy, Data Security & Identity
Theft; Credit Applications and Contracts; Marketing and
Advertising; Aftermarket Selling; Arbitration, and Recordkeeping
& Destruction. It also contains a glossary explaining key
compliance terms. About DealerTrack (http://www.dealertrack.com/)
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, the benefits of our products
and services, 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 aftermarket providers; 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, of
DealerTrack, +1-516-734-3777, ; Stephanie Lowenthal, of RF|Binder
Partners, +1-212-994-7619, , for DealerTrack Web site:
http://www.dealertrack.com/ http://www.thecomplianceguide.com/
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