LAKE SUCCESS, N.Y., May 1, 2006 /PRNewswire via COMTEX News Network/ -- DealerTrack Aftermarket Services, Inc., a subsidiary of DealerTrack Holdings, Inc. (Nasdaq: TRAK) today announced that Phoenix American Insurance Group has agreed to join the DealerTrack Aftermarket Network(TM), the industry's first independent web- based platform providing dealers with real-time aftermarket contract ratings and submission.
Phoenix American Warranty and Wynn's Extended Care, leading providers of service contracts, GAP waivers and other aftermarket products, join other participating aftermarket providers on this network, including Life of the South, LoJack, Old Republic Insured Automotive Services Inc., Ultimate Warranty and Warrantech.
The DealerTrack Aftermarket Network will provide dealers with free access to real-time information on aftermarket services and products, such as extended service contracts and GAP insurance. The network provides a comprehensive solution from contract quoting to the printing of electronic contracts through the DealerTrack platform. DealerTrack is now concluding a pilot and testing phase with other aftermarket providers. Launch with Phoenix American Warranty and Wynn's Extended Care is anticipated in the third quarter of 2006.
"The DealerTrack Aftermarket Network provides an efficient way for dealers to connect to top-quality automotive vendors," said David Trinder, president of DealerTrack Aftermarket Services, Inc. "By joining our network, Phoenix American and Wynn's Extended Care can offer their vehicle service contracts and GAP products to their dealer customers across the country. Like other partners on the DealerTrack network, Phoenix American will be able to further increase market penetration, reduce administrative costs and drive up customer satisfaction."
All categories of aftermarket products will be represented on the Network, including extended service contracts, GAP, etch, credit life and disability insurance, and vehicle recovery systems. Because the Aftermarket Network will be fully integrated within the DealerTrack platform, both dealers and aftermarket providers will benefit from improved accuracy (significantly reducing chargebacks) and the elimination of duplicate data entry.
"We are extremely pleased to partner with the DealerTrack Aftermarket Network," said Steve Brooks, president of Phoenix American. "Phoenix American's and Wynn's Extended Care's strong reputations, unsurpassed insurance backing by members of the Nationwide Insurance group, and brand loyalty will provide added benefits to all participants of the DealerTrack network."
DealerTrack Aftermarket Services, Inc. is a subsidiary of DealerTrack Holdings, Inc. (Nasdaq: TRAK), a leading provider of on-demand software and data solutions for the automotive retail industry in the United States. DealerTrack utilizes the internet to link over 21,000 dealers with more than 225 financing sources and other service and information providers. DealerTrack Aftermarket Services is a leading provider of aftermarket product sales and administration solutions. DealerTrack eMenu(TM) and the DealerTrack Aftermarket Network streamline the process of pricing, presenting and contracting aftermarket products for automotive retailers. For more information on DealerTrack's integrated products and services, visit http://www.dealertrack.com.
About Phoenix American and Wynn's Extended Care
Phoenix American and Wynn's Extended Care administer and market service contracts, GAP, and other related products on automobiles, recreational vehicles, boats, motorcycles, and power sports equipment. The companies market throughout the United States and continue to expand their market penetration. For additional information on Phoenix American and Wynn's Extended Care, access http://www.wynnspaig.com.
Safe Harbor for Forward-Looking and Cautionary Statements
Statements in this press release regarding the benefits of the acquisition, 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 and launching the DealerTrack Aftermarket Network; DealerTrack's success in expanding its customer base and product and service offerings; 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.
CONTACT: Liz Zale DealerTrack, Inc. (516) 734-3758 firstname.lastname@example.org Jen Malloy RF|Binder Partners (212) 994-7542 email@example.com
SOURCE DealerTrack Aftermarket Services, Inc.
Liz Zale of DealerTrack, Inc., +1-516-734-3758, firstname.lastname@example.org; or Jen Malloy of RF|Binder Partners, +1-212-994-7542, email@example.com, for DealerTrack
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