MELVILLE, N.Y., September 6, 2001 - Automobile dealers nationwide can now submit lease and loan applications electronically - and obtain extremely fast responses - to Arcadia Financial Ltd. via the DealerTrackSM online auto finance system.Arcadia has joined the growing list of lenders participating in DealerTrack,which automates the entire automobile dealer-lender process from financing to daily information sharing.
Arcadia is a leading source for sub-prime automotive financing. Additional lender participants in DealerTrack are Chase Manhattan Bank, AmeriCredit, Subaru Motors Finance and Wells Fargo, and dealers can submit applications to and receive extremely fast responses from these institutions electronically and at no cost. "More than 7,000 dealerships nationwide already utilize DealerTrack to manage their auto loan and lease portfolios," said Mark O'Neil, president and chief executive officer, DealerTrack. "DealerTrack is free of charge to auto dealers. That, combined with our extremely fast turnaround time and great service, is helping auto dealers to embrace the concept of conducting business electronically. Lenders are quickly coming on board as they recognize that DealerTrack can both help them reduce costs and increase their volume of booked loans."Arcadia is a leader in its target markets and will help DealerTrack to continue to build momentum across the marketplace," O'Neil said.
DealerTrack allows auto dealers to submit a consumer's credit application online to multiple financing institutions. Dealers can also access real-time application and contract status information from each lender participating on the DealerTrack platform, regardless of whether their application was sent electronically or by fax. For more information about DealerTrack, auto dealers may contact Rick Pinto, National Sales Manager, (631) 486-1655, or firstname.lastname@example.org; lenders may contact Rich McLeer, National Lender Relationship Manager, (631) 486-1649, or email email@example.com.
Arcadia Financial Ltd. is a leader in near- and non-prime customer financing. Arcadia provides auto financing for franchised and independent auto dealers in 46 states and services approximately $4.75 billion with over 450,000 customers.
DealerTrack (www.dealertrack.com) is a leading independent web-based auto finance enabler for automotive dealers. The Company provides an impartial end-to-end loan and lease transaction channel that improves efficiencies and profitability for lender and dealer users by automating credit processes, speeding lending communications and improving transaction efficiency through the use of the Internet. More than 7,000 dealerships nationwide, both individual stores and large dealer groups currently use the DealerTrack system. Formed by a lender consortium, DealerTrack is owned by J.P. Morgan Chase & Co., AmeriCredit Corp. and Wells Fargo & Company.