LAKE SUCCESS, N.Y., Oct. 7, 2008 (GLOBE NEWSWIRE) -- DealerTrack, Inc., a subsidiary of 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 it will provide a free sample Red Flags Identity Theft Prevention Program and supporting documentation to all existing and new subscribers to its DealWatch(tm) compliance solution.
DealerTrack's Sample Red Flags Program provides dealers with tools to prepare and implement a customized program to help detect, prevent, and mitigate identity theft in accordance with the FTC's Red Flags Rule. The Red Flags Rule mandates that dealers implement an identity theft prevention program by November 1, 2008.
"The program we have developed lays out a simplified, streamlined path to help dealers conform to the FTC's Red Flags Rule," said Raj Sundaram, senior vice president, dealer solutions at DealerTrack. "It complements our DealWatch solution and assists dealers in developing a comprehensive compliance program. This is another illustration of our commitment to dealers in providing an industry-leading compliance solution."
All of the documentation for the DealerTrack Sample Red Flags Program will be provided electronically via CD, with key documents in Word format so they are fully editable by dealers as appropriate. The package includes:
* Red Flags Program - A sample written program that can be edited by a dealer to create their own customized Red Flags Identity Theft Prevention Program. * Red Flags List - A listing of possible Red Flags pertaining to auto dealers, which a dealer can customize to include only Red Flags pertinent to a dealer's business. * Red Flags Procedures - A step-by-step process for detecting and evaluating each of the Red Flags listed in the sample program. * Red Flags Customer Investigation Report - A report to help dealers document the outcome of the identity check, reference Red Flags that are detected, and record how they were addressed for auditing purposes.
In addition, for a limited period of time, new DealWatch subscribers will receive a complimentary copy of the 2008 ID Checking Guide, which includes valid driver's license and other government identification formats in full color for all 50 States and the 10 Canadian provinces.
DealerTrack's DealWatch is a comprehensive compliance solution that helps dealers protect themselves with electronic signature capture, encryption, storage of sensitive customer documents, and robust reporting of dealership activity to help minimize mistakes and avoid costly litigation. DealWatch also incorporates DealerTrack Red Flags(tm), which enables dealers to cross-check a customer's information against numerous databases to help assess whether he or she might be using a false identity. In addition, DealerTrack hosts a free compliance website, www.thecomplianceguide.com, and publishes a Compliance Guide, which is also available free of charge.
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 and related industries. The company's solutions enable dealers to receive consumer leads, submit credit applications and receive responses, compare financing and leasing options, sell insurance, 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, including more than 90% of all franchised dealers; over 700 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, the benefits of our products and services, 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 aftermarket providers; 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 Securities and Exchange Commission (SEC), including our Annual Report on Form 10-K for the year ended December 31, 2007. 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.
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