St. Louis, MO and Lake Success, NY – Enterprise Car Sales, a division of Enterprise Rent-A-Car, and DealerTrack, Inc., a subsidiary of DealerTrack Holdings, Inc. (Nasdaq: TRAK), today announced that Enterprise has agreed to implement DealerTrack’s eMenu and DealTransfer® products in Enterprise’s car sale branches across the United States.
Enterprise Car Sales and DealerTrack recently completed a successful 60-day pilot program in 10 branches, and Enterprise plans to implement both products in approximately 100 branches by the end of 2006, with the balance to be implemented early in 2007.
“DealerTrack’s innovative technology solutions allow us to keep our customers better informed, enabling us to enhance our efficiency. Our ongoing compliance efforts are also supported,” said Neal Schroeder, VP, Car Sales Business Administration, Enterprise Car Sales. “With eMenu, all of our locations are presenting all available products clearly and consistently to all customers, while DealTransfer helps us avoid duplicate data entry, speeding up the sales process and reducing errors.”
eMenu enables business and finance managers to consistently present a dealership’s full array of aftermarket product options in a customer-friendly format, simplifying the decision-making process and boosting customer satisfaction. The Final Menu creates an auditable record of the disclosures made to customers, addressing potential compliance risks.
DealTransfer enables dealerships to transfer customer information from the front-end F&I sales management system (Grapevine in Enterprise’s case) directly into the DealerTrack network.
Brad Davies, Assistant Sales Manager at one of the pilot locations in Pennsauken, NJ, noted, “With eMenu, we definitely improved the customer experience and became more efficient.”
“This agreement is an exciting win for DealerTrack and a key endorsement of our products by Enterprise Car Sales, one of the largest retailers of used vehicles in the United States,” said Mark O’Neil, chairman and chief executive officer of DealerTrack.
About DealerTrack (www.dealertrack.com)
DealerTrack (Nasdaq: TRAK) is a leading provider of on-demand software and data solutions for the U.S. automotive retail industry. Our online credit application processing product automates and accelerates the automotive financing process, while our integrated subscription-based software enables dealers to receive consumer leads, compare financing and leasing options, sell insurance and other aftermarket products, document compliance, and execute financing contracts electronically. Over 22,000 dealers, with more than 85% of all franchised dealers; over 275 financing sources, including nine captives and the 20 largest U.S. independents; and other service and information providers are active in the DealerTrack network.
About Enterprise Rent-A-Car
Enterprise Car Sales is a division of Enterprise Rent-A-Car, the largest rental car company in North America. With headquarters in St. Louis and more than 175locations across the U.S., Enterprise Car Sales offers more than 120 makes and models of high-quality, late-model used vehicles priced below Kelley Blue Book. Every vehicle undergoes a 109-point inspection by an ASE-certified master technician and is backed by a seven-day repurchase policy if a customer should change their mind about the purchase.
Safe Harbor for Forward-Looking and Cautionary Statements
Statements in this press release regarding DealerTrack, the benefits and functions of its eMenu and DealTransfer products, any benefits of Enterprise Car Sales using DealerTrack 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: increased competitive pressure from other industry participants, the inability to execute any element of DealerTrack’s business strategy, including the retention of dealers and financing source customers; selling additional products and services to existing and new customers; DealerTrack’s success in expanding its customer base and product and service offerings and integrating acquisitions; the impact of the automotive retail industry on DealerTrack’s business; the impact of some vendors of software products for automotive dealers making it more difficult for our customers to use our products and services, and other risks listed in the Company's reports filed with the SEC, including the 2005 Form 10-K. 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 the Company 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.
Experts say new IRS rules are sparking a downward trend in refund amounts, threatening the loss of an annual catalyst for used-car sales.