LAKE SUCCESS, N.Y. — The number of active lenders connected to the Dealertrack Credit Application Network has surpassed 1,500 lenders, the company announced Wednesday.
The Dealertrack Credit Application Network, part of Dealertrack's Dealflow Advantage, has grown from five lenders in 2001 to more than 1,500 lenders today. The Dealertrack network allows dealers to electronically submit application data to a diverse network of captives, banks, credit unions and independent finance companies.
With Dealertrack's Dealflow Advantage and compliance leadership, dealers and lenders are seeing greater efficiencies in financing and selling vehicles through advanced automated processing, officials said. Dealers can leverage the Dealflow Advantage through a number of sales and F&I tools and solutions, including digital retailing, credit application processing, F&I product aftermarket selling, electronic contracting, compliance and registration and titling, to create a seamless and efficient customer experience and workflow.
"Today's credit markets continue to be vibrant, and dealers are maintaining a healthy mix of prime, subprime and full spectrum lending options to help customers get financed with ease, while creating operational efficiencies through electronically processing automotive loan applications," said Michael Collins, senior vice president of F&I solutions for Dealertrack.
Lenders, like American Finance Company, a Baton Rouge, La.-based finance company, are just one of many automotive finance organizations that have realized efficiencies using the Dealertrack network. In September 2012, American Finance Company was established to serve subprime customers in their market, enrolling in Dealertrack for submitting and tracking credit applications and contracts. Today, the finance source decisions deals in less than two minutes, helping them conduct indirect automotive lending like many large lending companies. To date, they have booked $7 million in loans, which have all been generated through Dealertrack.
"With this milestone of 1,500 lenders comes thousands of stories, like American Finance Company's, of how automated automotive loan processing has changed and improved business lending organizations over the years," Collins added. "We'd like to acknowledge the achievement of this milestone by celebrating the lenders that helped make the largest credit application network possible."
Dealertrack is sharing both dealer and lender success stories with the Dealertrack Credit Application Network on its website.