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LAKE SUCCESS, N.Y., Feb 13, 2007 /PRNewswire-FirstCall via COMTEX News Network/ -- DealerTrack Holdings, Inc. (Nasdaq: TRAK), a leading provider of on-demand software, network and data solutions for the automotive retail industry in the United States, today announced that the number of active financing sources connected to the DealerTrack(R) network has reached 325.
"The power of the DealerTrack network continues to grow as we connect more financing sources, dealers, and other providers," said Mark O'Neil, chairman and chief executive officer of DealerTrack. "Providing dealers with the largest network of automotive lenders helps dealers sell more cars and enhances origination potential for the financing sources. More lender choice means greater ability for dealers to choose financing that meets dealer objectives while serving customer needs."
Approximately 89 percent of all franchised automotive dealers in the United States are active in the DealerTrack network. Through DealerTrack, dealers can electronically submit credit applications to the industry's largest and most diverse network of banks, finance companies, captive finance companies, credit unions and regional banks. In addition, DealerTrack offers subscription products to dealers that integrate with the credit application process and provide an end-to-end sales and finance solution. Products and services in the DealerTrack network improve sales performance, assist with inventory management, and help to increase sales and finance profits. DealerTrack's solutions enhance compliance while integrating leads, desking, electronic contracting and menu-selling.
About DealerTrack (http://www.dealertrack.com)
DealerTrack (Nasdaq: TRAK) 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 22,000 dealers, with more than 85% of all franchised dealers; 325 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 DealerTrack, the benefits of our products and services, connecting additional financing sources to 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: increased competitive pressure from other industry participants, the inability to execute any element of DealerTrack's business strategy, including the retention of dealers and financing source customers; selling additional products and services to existing and new customers; success in expanding our customer base and product and service offerings and integrating acquisitions; and other risks listed in our reports filed with the SEC, including our Annual Report on Form 10-K for the year ended December 31, 2005. These filings can be found at http://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 we disclaim 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.
CONTACT:
Greg Slote
DealerTrack
(516) 734-3921
greg.slote@dealertrack.com
Tom Pratt
RF|Binder Partners
(212) 994-7563
tom.pratt@rfbinder.com
SOURCE DealerTrack Holdings, Inc.
Greg Slote of DealerTrack, +1-516-734-3921, greg.slote@dealertrack.com; or Tom Pratt of RF|Binder Partners, +1-212-994-7563, tom.pratt@rfbinder.com
http://www.dealertrack.com
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