LAKE SUCCESS, N.Y., March 8, 2007 /PRNewswire-FirstCall via COMTEX News Network/ -- DealerTrack Holdings, Inc. (Nasdaq: TRAK) today announced that it has been awarded United States Patent Number 7,181,427 relating to its online credit application processing product.
DealerTrack has filed an additional patent infringement action against RouteOne LLC and Finance Express LLC in the United States District Court for the Central District of California, to add this newly issued patent to the other two patents it is already asserting against these companies. All three patents involved in the pending litigations concern computer-implemented credit application routing systems and methods of managing credit applications.
"DealerTrack values its intellectual property as an important company asset and intends to vigorously pursue claims for patent infringement against RouteOne and Finance Express," said Mark O'Neil, chairman and chief executive officer of DealerTrack. "We believe this new patent adds both strength and scope to our patent position. We are pleased with the progress to date in defending our intellectual property, and are optimistic that additional patents relating to this technology will be issued in the future."
A "Markman" hearing to review DealerTrack's claim construction regarding the prior two patents is scheduled for June 2007. The full text and images of the newly issued patent, U.S. 7,181,427, are available at www.uspto.gov by searching "issued patents."
About DealerTrack (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, over 325 financing sources, 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, its current patents and the issuance of additional patents, prospects regarding pending patent infringement actions 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; future decisions by the United States Patent Office regarding patent applications by DealerTrack, progress or outcomes of pending litigation regarding the patent infringement actions filed by DealerTrack, DealerTrack's success in expanding its customer base and product and service offerings and integrating acquisitions; the impact of the automotive retail industry on DealerTrack's business; the impact of some vendors of software products for automotive dealers making it more difficult for our customers to use our products and services, and other risks listed in the Company's reports filed with the SEC, including the 2005 Form 10-K. These filings can be found on DealerTrack's website at 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 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.
CONTACT: Raphael Carty DealerTrack (516) 734-3777 Raphael.Carty@dealertrack.com Tom Pratt RF|Binder Partners (212) 994-7563 firstname.lastname@example.org
SOURCE DealerTrack Holdings, Inc.
Raphael Carty, DealerTrack, +1-516-734-3777, Raphael.Carty@dealertrack.com; Tom Pratt, RF|Binder Partners, +1-212-994-7563, email@example.com
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