LAKE SUCCESS, N.Y., April 28 /PRNewswire-FirstCall/ -- DealerTrack Holdings, Inc. (Nasdaq: TRAK - News) today announced that the number of active financing sources connected to the DealerTrack® on-demand network has reached 225, up from 201 financing sources at the end of 2005.
"We are very pleased to reach this milestone," said Mark O'Neil, chairman and chief executive officer of DealerTrack. "As we continue to add more financing sources, the breadth of the DealerTrack network is increasingly beneficial for our 21,000 dealer customers," O'Neil continued. "Providing dealers with more efficient access to their financing sources helps them sell more cars and can increase their profitability per deal."
Over 80 percent of all franchised automotive dealers in the United States are active in the DealerTrack network. Dealers use DealerTrack to electronically submit credit applications to the industry's largest online network of automotive financing sources, including nine captives, the 20 largest independents, and credit unions and regional banks. In addition, DealerTrack offers subscription products that provide an end-to-end sales and finance solution spanning the vehicle sales process. Products and services in the DealerTrack network support lead acquisition and desking, eContracting and the consistent presentation of aftermarket services and products, and provide identity verification and document storage solutions for improved compliance.
About DealerTrack (http://www.dealertrack.com)
DealerTrack (Nasdaq: TRAK - News) is a leading provider of on-demand software and data solutions for the U.S. automotive retail industry. The company's online credit application processing product automates and accelerates the automotive financing process, while its integrated subscription-based software enables dealers to receive consumer leads, compare financing and leasing options, sell insurance and other aftermarket products, document compliance, and execute financing contracts electronically. Over 21,000 dealers, with more than 80% of all franchised dealers; 225 financing sources, including nine captives and the 20 largest U.S. independents; and other service and information providers are active in the DealerTrack network.
Safe Harbor for Forward-Looking and Cautionary Statements
Statements in this press release regarding the benefits of the network, the development of DealerTrack's products, the demand for DealerTrack's products 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: the inability to execute any element of DealerTrack's business strategy, including selling additional products and services to existing and new customers; DealerTrack's success in expanding its customer base and product and service offerings; DealerTrack's ability to add or retain financing sources within its network; and other risks listed in the Company's reports filed with the SEC, including DealerTrack's 2005 Form 10-K. These filings can be found on DealerTrack's website at http://www.dealertrack.com and the SEC's website at http://www.sec.gov. Forward-looking statements included herein speak only as of the date hereof and the Company 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.
RF Binder Partners
Source: DealerTrack Holdings, Inc.