LAKE SUCCESS, N.Y - 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(R) network has reached 850.
"Our achievement of this milestone underscores DealerTrack's commitment to helping dealers succeed in the face of a continued challenging credit environment," said Mark O'Neil, chairman and chief executive officer of DealerTrack. "As credit unions have increased their share of the auto finance market to 30% or more, it's important to note that these types of lenders now account for the lion's share of new additions to the DealerTrack network. At the same time, our recent additions also include one of the largest captive finance companies, GMAC Financial Services. We believe that providing dealers with free online access to significantly more lenders than anyone else in the marketplace gives dealers a competitive advantage by enabling them to broaden their financing relationships and close more vehicle sales."
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. The integrated DealerTrack Performance Suite is the industry's most complete offering of high-value automotive management software, including Dealer Management Systems (DMS), Inventory Management, Sales, F&I and Compliance solutions.
DealerTrack's intuitive and high-value software solutions enhance efficiency and profitability for all major segments of the automotive retail industry, including dealers, lenders, OEMs, agents and aftermarket providers. Our solution set for dealers is the industry's most comprehensive. DealerTrack operates the industry's largest online credit application network, connecting approximately 17,000 dealers with over 850 lenders. Our Dealer Management System (DMS) provides dealers with easy-to-use tools with real-time data access that will streamline any automotive business. With DealerTrack AAX, dealers get the inventory management tools and services needed to accelerate turns and increase profit. Our Sales and F&I solution enables dealers to streamline the entire sales process, quickly structuring all types of deals from a single integrated platform. DealerTrack's Compliance solution helps dealers meet legal and regulatory requirements and protect their hard-earned assets. DealerTrack's family of companies also includes data and consulting services providers ALG (Automotive Lease Guide) and Chrome Systems.
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 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 Securities and Exchange Commission (SEC), including our Annual Report on Form 10-K for the year ended December 31, 2009. These filings can be found on DealerTrack's website 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 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.
