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Lake Success, N.Y., April 3, 2012 - To help dealers more effectively demonstrate their compliance with state and federal regulations, DealerTrack has included a unique program - Audit Protect - into its industry-leading sales and F&I compliance solution.
The program, which delivers a combination of online system functionality and offline call support, is available exclusively to DealerTrack Compliance subscribers at no extra charge.
With Audit Protect, a DealerTrack user can generate real-time electronic audit reports, which may be necessary should a dealership be audited or sued. The reports include historical compliance-related sales and F&I activity transacted on dealertrack.com for as long as the dealership has been subscribed to DealerTrack Compliance. Through an easy-to-use and intuitive interface, dealers can also access, within seconds, specific documents within their DealerTrack electronic deal jackets that they may need to prove compliance.
Dealers can also take advantage of one-on-one call support from the DealerTrack Compliance Services Team. If a dealership is audited or they simply need documentation for tracking purposes, a DealerTrack Compliance specialist can assist them with their reporting needs.
The DealerTrack Compliance solution, which is the most comprehensive suite of compliance tools available in the automotive retail market, helps protect a dealership throughout the sales and F&I process, including credit reports, credit application submissions, menu presentations, and document storage and retrieval, as well as compliance with the Red Flags Rule, the Risk-Based Pricing Rule and Dodd-Frank requirements.
"2012 will be a year of compliance enforcement in the automotive retail industry, and dealers need to be prepared for audits. We've already seen increased dealership enforcement activity this year," says Randy Henrick, associate general counsel at DealerTrack, and expert on automotive retail compliance. "Government agencies, such as the Federal Trade Commission, Department of Justice, Consumer Financial Protection Bureau and State Attorney Generals, are taking a hard look at auto dealer financing practices across the board this year."
Henrick will be hosting a free compliance webinar, Compliance Best Practices: 2012 - The Year of Enforcement, on April 19th, to discuss potential enforcement associated with Red Flags and other regulations. To register for the webinar, visit
https://www1.gotomeeting.com/register/413091640
About DealerTrack (www.dealertrack.com)
DealerTrack's intuitive and high-value software solutions and services enhance efficiency and profitability for all major segments of the retail automotive industry, including dealers, lenders, OEMs, agents and aftermarket providers. DealerTrack, whose solution set for dealers is the industry's most comprehensive, operates the largest online credit application network in the United States, connecting over 17,000 dealers with more than 1,100 lenders. DealerTrack's Dealer Management System (DMS) provides dealers with easy-to-use tools and real-time data access to enhance their efficiency. DealerTrack's Inventory offerings provide vehicle inventory management and merchandising solutions to help dealers drive higher in-store and online traffic with state-of-the-art, real-time listings, accelerate used-vehicle turn rates, and increase dealer profits. DealerTrack's Sales and F&I solutions allow dealers to streamline the entire sales process as they structure deals from a single integrated platform. Its Compliance offering helps dealers meet legal and regulatory requirements, and protect their assets. DealerTrack also offers additional solutions for the automotive industry, including electronic motor vehicle registration and titling applications, paper title storage, and digital document services. For more information visit: www.dealertrack.com.Safe Harbor for Forward-Looking and Cautionary Statements
Statements in this press release regarding DealerTrack Audit Protect 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 adoption by dealers of the DealerTrack Audit Protect product, the performance of DealerTrack's third-party partners and other risks listed in our reports filed with the Securities and Exchange Commission (SEC), including our Annual Report on Form 10-K for the year ending December 31, 2011. 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 DealerTrack 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.
Contacts:
Ken Engberg
DealerTrack, Inc.
(516) 734-3692
kenneth.engberg@dealertrack.com
Michael DeMeo
DealerTrack, Inc.
(516) 734-3691
michael.demeo@dealertrack.com
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