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DealerTrack Merges with Webalg, Inc.; Acquires PaymentTrack Lease Comparison Tool

January 08, 2002

DealerTrack announced Jan. 8 that it has merged with Webalg, Inc. Through the merger DealerTrack has acquired PaymentTrack™, a lease comparison tool to serve as the front end of its finance tool suite for automobile dealers, according to DealerTrack officials.

PaymentTrack™ enables dealers to calculate, compare and analyze automotive lease transactions. According to DealerTrack CEO Mark O'Neil, this will create the industry’s first “end to end” electronic processing system for complicated lease transactions from deal creation through credit check and application submittal and approval.

“PaymentTrack™ adds a vital piece to the DealerTrack product line,” O’Neil said. “Our goal is to provide auto dealers with the tools they need to effectively manage their financing operations. PaymentTrack™ seamlessly integrates with our other products to reduce paperwork, streamline deal flow, and increase efficiencies – and ultimately generate more revenue for dealers.”

“Together, DealerTrack and Webalg bring an impressive product to the automotive finance sector,” said Michael Kurdziel, vice president of Marketing for Webalg, Inc. “The newly combined service will enable us to deliver substantial value to our dealers and lenders who continue to seek ways to improve profitability and slash the time and cost involved in securing financing for consumers.”

Like all DealerTrack tools, PaymentTrack™ utilizes the Internet to deliver information directly from lenders to dealers, thus reducing costly delays and errors, according to company officials.

The combination of DealerTrack and PaymentTrack™ offers significant benefits to automotive dealers including:

- Integration with DealerTrack's credit inquiry and application processing to make leasing vehicles faster, simpler and more profitable for dealers

- Powerful tools to boost profit on every leasing transaction

- Unlimited user access from Internet connected computers for less cost than typical software programs

- Instant updates of financing programs offered by lenders

- Reduction in inefficiencies that now exist in processing automobile lease transactions from inception through application and approval

More than 11,000 dealers nationwide now use the DealerTrack system and PaymentTrack™ will soon be available to all enrolled dealers, according to DealerTrack officials. PaymentTrack™ is currently available to DealerTrack customers in select states including California, Connecticut, Florida, Georgia, New York, New Jersey and Pennsylvania and will be expanded into more states in the coming months.

About DealerTrack

DealerTrack, Inc. is an independent Web-based auto finance enabler for automotive dealers.

The company provides an impartial end-to-end loan and lease transaction channel designed to improve efficiencies and profitability for lender and dealer users by automating credit processes, speeding lending communications and improving transaction efficiencies and profitability for lender and dealer users through the use of the Internet.

Formed by a lender consortium, DealerTrack is owned by AmeriCredit Corp., Capital One Financial Corp., JP Morgan Chase & Co., Wells Fargo & Company and WFS Financial Inc.

The company is based in Melville, New York.

For more information, visit www.dealertrack.com.

For more information about DealerTrack or PaymentTrack, auto dealers may contact Rick Pinto, national sales manager at (631) 486-1655 or email rick.pinto@dealertrack.com.

About Webalg Inc.

Webalg Inc. is an automotive finance software company formed by J.P. Morgan Chase & Co. and Automotive Lease Guide (www.alg.com), a leader in the indirect leasing industry for over 35 years. Both companies will become shareholders in the DealerTrack Holdings, Inc.

Webalg Inc. is based in Santa Barbara, Calif.

For questions relating to the merger, please contact Michael Kurdziel, vice president of marketing for Webalg.

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