DealerTrack Launches Independent Network
03 3월 2008 - 11:00PM
PR Newswire (US)
New Platform to Connect Independent Dealers and Lenders LAKE
SUCCESS, N.Y., March 3 /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 the DealerTrack Independent
Network(TM), a new web-based platform connecting independent
(non-franchised) dealers and financing sources. The platform will
include robust risk-mitigation capabilities enabling dealers to
provide additional financing options to their customers. "The
DealerTrack Independent Network is a natural extension of our
market- leading solution for submitting credit application data,"
said Mark O'Neil, chairman and chief executive officer of
DealerTrack. "By providing a comprehensive package of
risk-mitigation capabilities, we believe our new Independent
Network will enable many more lenders and independent dealers to be
comfortable doing business with each other." Over 90% of U.S.-based
franchised dealerships and several thousand of the largest
independent auto dealers are active DealerTrack users connected
with multiple lenders. However, the majority of the nation's
estimated 42,800 independent dealers, which sold over 13 million
used vehicles in 2007, have some level of difficulty developing
relationships with financing sources. Among other high value
features, the DealerTrack Independent Network will include ongoing
dealer monitoring, as well as vehicle title processing and title
insurance. DealerTrack has formed alliances with VINtek, Inc. and
Vehicle Title Agency, LLC, respectively, to offer these services.
Richard McLeer, senior vice president, strategy and development,
DealerTrack, said, "The inability of many independent dealerships
to offer financing options to their customers limits their
potential revenue opportunities and puts them at risk for losing
deals. By partnering with VINtek and Vehicle Title Agency, LLC, we
are minimizing the risks lenders sometimes face, benefiting
lenders, dealers and consumers alike." The first five financing
sources that have agreed to connect to the DealerTrack Independent
Network are ACC Consumer Finance, AmeriCredit Financial Services,
Fireside Bank, Turner Acceptance Corporation and Universal Special
Auto Finance. O'Neil concluded, "We believe the Independent Network
is a key strategic solution for DealerTrack. It has the potential
to leverage our existing credit application network not only in
connecting more dealers and lenders, but also by creating new
growth opportunities for DealerTrack. Subscription and transaction
products such as the DealerTrack Arkona DMS, our InventoryPro
inventory management solution, the DealerTrack Aftermarket Network,
online used car valuation tools and our compliance solutions can
help independent dealers better manage their business." 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 and related industries. The
company's solutions enable dealers to receive consumer leads,
submit credit applications and receive responses, compare financing
and leasing options, sell insurance, 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, including more than 90% of all franchised dealers;
over 500 financing sources; and other service and information
providers are active in the DealerTrack network. About VINtek, Inc.
(http://www.vintek.com/) Founded in 1990, Philadelphia-based VINtek
provides automotive collateral management services and business
process outsourcing for banks, credit unions and other auto finance
institutions using paper or electronic titles. A provider of
Electronic Lien Transform (ELT) technology, VINtek helps lenders
increase efficiency, decrease costs associated with account
management and reduce errors and exceptions on titles and liens
through automation. For more information, visit
http://www.vintek.com/. About Vehicle Title Agency, LLC
(http://www.autotitleguard.com/) Vehicle Title Agency, LLC is a
joint venture between The First American Corporation (NYSE:FAF), a
FORTUNE 500(R) company that traces its history to 1889, and
Experian Automotive, the automotive industry's premier information
and vehicle history data supplier. By combining the strengths and
expertise of these two companies, Vehicle Title Agency, LLC
maximizes its efficiencies to deliver TitleGuard Vehicle Title
Insurance to the used car buying and selling public. TitleGuard is
the first and only product that insures used car buyers, sellers
and lenders against the actual losses that can result from
unreported DMV title defects for up to 100 percent of the vehicle's
fair market retail value, or $50,000. To learn more about Vehicle
Title's TitleGuard, visit http://www.autotitleguard.com/. Safe
Harbor for Forward-Looking and Cautionary Statements Statements in
this press release regarding DealerTrack, the benefits of the
DealerTrack Independent Network, the potential to leverage the
DealerTrack Independent Network to create new growth opportunities
and sell additional subscription products, 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
number of financing sources and dealers that participate in the
DealerTrack Independent Network, the technical functionality of the
DealerTrack Independent Network, and 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, 2007. These filings can be found on DealerTrack's
website 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 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. 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 Holdings, Inc.,
+1-516-734-3777, ; or Stephanie Lowenthal of RF|Binder Partners,
+1-212-994-7619, Web site: http://www.dealertrack.com/
http://www.vintek.com/ http://www.autotitleguard.com/
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