LAKE SUCCESS, N.Y., July 21, 2008 (PRIME NEWSWIRE) -- DealerTrack, Holdings, Inc. (Nasdaq:TRAK), 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 700.
"We are very pleased to reach this milestone of 700 connected financing sources -- significantly more than anyone else in the industry," said Mark O'Neil, chairman and chief executive officer of DealerTrack. "In today's economic environment, dealers are eager to increase the number of financing sources with whom they have relationships. DealerTrack puts the greatest number of financing sources at their fingertips."
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, independent finance companies, captive finance companies, credit unions and regional banks. In addition to this market-leading network, DealerTrack offers subscription and other transaction-based products to dealers that integrate with the credit application process and provide an end-to-end dealership technology solution.
"We continue to see a strong pipeline of financing sources interested in joining the DealerTrack credit application network," added David Trinder, senior vice president of network solutions at DealerTrack. "This demonstrates that financing sources recognize the competitive advantage which DealerTrack provides."
About DealerTrack (www.dealertrack.com)
DealerTrack Holdings, Inc. (Nasdaq:TRAK) 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 DealerTrack Arkona DMS (dealer management system) is used by dealerships nationwide. Over 22,000 dealers, 700 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 additional financing sources joining the DealerTrack network, the benefits to dealers of 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 Holdings, Inc. 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: success in expanding our customer base and product and service offerings; connecting additional financing sources to the DealerTrack network 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, 2007. 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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