Science & Technology
Science and Technology
Science and Technology
Tue, January 27, 2009Mon, January 26, 2009Sun, January 25, 2009Sat, January 24, 2009Fri, January 23, 2009Thu, January 22, 2009Wed, January 21, 2009DealerTrack Connects 730th Financing Source to Its Industry-Leading Network
Published in Science and Technology on Friday, January 23rd 2009 at 4:12 GMT, Last Modified on 2009-01-23 04:13:53 by Market Wire
LAKE SUCCESS, N.Y.--([ BUSINESS WIRE ])--DealerTrack, Inc., a subsidiary of 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® network has reached 730.
Mark O'Neil, chairman and chief executive officer of DealerTrack, said, "In today's challenging environment, dealers clearly see the benefit of fostering strong relationships with a diversified portfolio of lenders, from national and regional banks to finance companies and credit unions. For dealers focused on expanding those relationships, DealerTrack provides free online access to significantly more financing sources than anyone else in the marketplace."
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 to this market-leading network, 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.
"Our ability to continue growing the DealerTrack network in the current environment is a powerful testament to its value proposition," said Rick Von Pusch, senior vice president of sales, marketing and international at DealerTrack. "While some lenders have exited the auto market, others are taking their place, and financing sources increasingly perceive joining our network as a competitive advantage in building their automotive business."
About DealerTrack ([ 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 DMS (dealer management system) is used by dealerships nationwide. Over 20,000 dealers, 730 financing sources, and many other service and information providers are active in the DealerTrack network. For more information, visit [ www.dealertrack.com ].
Safe Harbor for Forward-Looking and Cautionary Statements
Statements in this press release regarding additional financing sources joining the DealerTrack network, the benefits to dealers 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 Holdings, Inc. 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: success in expanding our customer base and product and service offerings; connecting additional financing sources to the DealerTrack network 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, 2007. These filings can be found at [ www.dealertrack.com ] and the SEC's website at [ 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.
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