LAKE SUCCESS, N.Y., Jan. 29 /PRNewswire-FirstCall/ -- DealerTrack Holdings, Inc. , a leading provider of on-demand software and data solutions for the U.S. automotive retail industry, today announced that the number of active financing sources connected to the DealerTrack(R) network has reached 475.
"The power of the DealerTrack network continues to grow as we connect additional financing sources, dealers and other providers," said Mark O'Neil, chairman and chief executive officer of DealerTrack. "The number of financing sources on our network increased 52 percent in 2007. We believe this continued rapid growth reflects the increasing awareness among lenders that joining the DealerTrack network can give them a competitive advantage in building their automotive business."
Approximately 90 percent of all franchised automotive dealers in the United States are active users of DealerTrack's 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. The company's Arkona, Inc. subsidiary offers one of the industry's most powerful and economical dealer management systems (DMS). Through AutoStyleMart, Inc., DealerTrack also now offers solutions that enable dealers to procure, manage and sell vehicle accessories.
About DealerTrack
DealerTrack Holdings, Inc. is a leading provider of on- demand software and data solutions for the U.S. automotive retail industry. Our solutions enable dealers to receive consumer leads, submit credit applications, compare financing and leasing options, sell insurance, vehicle accessories and other aftermarket products, document compliance, and execute financing contracts electronically. In addition, the company provides dealer management systems (DMS) through its Arkona, Inc., subsidiary. Over 22,000 dealers, 475 financing sources, and many other service and information providers are active in the DealerTrack network. For more information, visit www.dealertrack.com.
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, 2006. These filings can be found 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 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.
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Contacts:
Raphael Carty
DealerTrack
(516) 734-3777
raphael.carty@dealertrack.com
Stephanie Lowenthal
RF Binder Partners
(212) 994-7619
stephanie.lowenthal@rfbinder.com