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 750.
"Our achievement of this historic milestone for the DealerTrack network underscores our commitment to helping dealers succeed in this credit-challenged market," said Mark O'Neil, chairman and chief executive officer of DealerTrack. "We believe the large and growing number of lenders on our network continues to provide a critical competitive advantage for our dealer customers by making more finance sources available to help them close sales."
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 its market-leading credit network, DealerTrack is a leading provider of both on-demand dealer management systems (DMS) and inventory management solutions in the United States. DealerTrack subscription and other transaction-based products integrate with the credit application process and provide an end-to-end dealership technology solution.
About DealerTrack (www.dealertrack.com)
DealerTrack's high-value software solutions for the automotive retail industry enhance efficiency and profitability across every department in a dealership. DealerTrack's Dealer Management System (DMS) delivers flexible and cost-efficient functionality to manage dealership data and operations. Its Inventory Management, Sales and F&I, and Compliance solutions help optimize dealership inventory, increase sales and protect against legal risks. DealerTrack operates a leading online automotive credit application network, which includes approximately 19,000 dealers and over 750 financing sources. 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 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, 2008. 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.
