In their latest press release, DealerTrack announced a milestone in the number of active finance sources connected to their indirect finance network.
DealerTrack announces a record number of financing sources
In an effort to keep our dealer network updated on the latest industry news, Auto Credit Express would like to pass this information along to our dealers:
LAKE SUCCESS, N.Y., Jul 21, 2008 (PrimeNewswire via COMTEX News Network) -- 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 700.
"We are very pleased to reach this milestone of 700 connected financing sources -- significantly more than anyone else in the industry," said Mark O'Neil, chairman and chief executive officer of DealerTrack. "In today's economic environment, dealers are eager to increase the number of financing sources with whom they have relationships. DealerTrack puts the greatest number of financing sources at their fingertips."
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 this market-leading network, DealerTrack offers subscription and other transaction-based products to dealers that integrate with the credit application process and provide an end-to-end dealership technology solution.
"We continue to see a strong pipeline of financing sources interested in joining the DealerTrack credit application network," added David Trinder, senior vice president of network solutions at DealerTrack. "This demonstrates that financing sources recognize the competitive advantage which DealerTrack provides."