Dealertrack Credit Application Network Now Connects More Than 1,500 Lenders
Dealertrack Technologies (Nasdaq:TRAK) today announced that the number of active lenders connected to the Dealertrack Credit Application Network has surpassed 1,500 lenders.
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 the industry’s most 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.
“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, F&I Solutions, Dealertrack.
Lenders, like American Finance Company, a Baton Rouge, Louisiana-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, Automotive Finance Company 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, every penny of which was generated through Dealertrack.
1,500 Lenders – Thousands of Success Stories
“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. The Dealertrack network has given dealers a powerful and effective tool for processing loans easily and efficiently.”
Dealertrack is sharing both dealer and lender success stories with the Dealertrack Credit Application Network. Visit www.dealertrack.com to read stories, submit your own or recommend a lender who goes above and beyond to serve their dealer clients and consumers.
Dealflow Advantage: Driving Profits and Value for Dealers and Lenders
The Dealertrack Dealflow Advantage underscores Dealertrack’s commitment to workflow efficiencies that help drive profits and value through every step of customer interactions and transactions for dealerships. 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.
About Dealertrack Technologies (www.dealertrack.com)
Dealertrack Technologies, headquartered in Lake Success, New York, delivers integrated web-based tools, services and technologies that drive efficiencies and profitability for automotive retailers, including dealers, lenders, OEMs, third-party retailers, agents and aftermarket providers. Currently, Dealertrack hosts more than 60 million unique visitors per month on 20,000 dealer websites, and operates the industry’s largest online credit application network, connecting more than 20,000 dealers with more than 1,500 lenders. Dealertrack’s market-leading suite of integrated solutions include Dealer Management Systems (DMS), Inventory, Sales and F&I, Digital Marketing, Registration and Titling, CRM, Fixed Operations and Independent Dealer solutions.
Safe Harbor for Forward-Looking and Cautionary Statements
Statements in this press release regarding the benefits of Dealertrack solutions, any conclusions or statements based thereon 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 Technologies 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 the performance and acceptance of the Dealertrack solutions 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 ending December 31, 2013 and our Quarterly Reports on Form 10-Q. These filings can be found on Dealertrack Technologies’ website at www.dealertrack.com and the SEC’s website www.sec.gov. Forward-looking statements included herein speak only as of the date hereof and Dealertrack Technologies 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.
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