DealerTrack, Inc., a technology services company enabling finance transactions between automobile dealers and lenders
through its DealerTrack platform, has announced the completion of its transaction with Credit Online, Inc., a subsidiary of First American Credit
Management Solutions, Inc. (CMSI). The transaction, initially announced in late January, was officially closed on March 19th.
Both DealerTrack and Credit Online's CreditConnection are Web-based platforms that link automotive dealers with multiple funding sources throughout
the United States CreditConnection also services dealerships in Canada, and features connectivity to several top dealer management systems (DMS).
Executives from both companies say they expect the combined platform to bring significant advantages to the auto finance industry - including direct DMS
connectivity for more dealers, and lower overall operating costs for lenders participating on the platform.
Mark F. O'Neil, DealerTrack president and CEO, said, "The close of our transaction with Credit Online is the culmination of a tremendous amount of
teamwork on the part of both companies. We've already forged a strong and effective working relationship. All of us are now eager to move forward
quickly on the integration, so we can bring dealer and lender customers of DealerTrack and CreditConnection the best that both platforms have to offer."
"I share Mark's excitement over the completion of this transaction," said Howard L. Tischler, president and CEO of CMSI. "Everyone at Credit Online and
CMSI stands behind the rapid integration of the CreditConnection and DealerTrack platforms. I personally look forward to ensuring that those lenders
currently participating on CreditConnection have a fast and seamless transition onto the newly combined DealerTrack platform."
DealerTrack says it will immediately begin the process of merging functionality of CreditConnection into its own DealerTrack platform, which ultimately will
become the primary interface for customers of both companies. Existing DealerTrack management will operate the combined platform from its Melville,
New York headquarters.
"Direct connectivity into top dealer management systems is something that our dealer customers have been asking for," said O'Neil. "Eliminating the
need for double entry of customer data between DealerTrack and a dealership's DMS is a major advantage that will go a long way toward streamlining
work flow. Based on the strong response we received from dealers as they learned that this functionality was on the way, we expect significant demand
for DMS integration from our customer base."
DealerTrack plans to allow dealers who are interested in enrolling for DMS integration to visit a special sign-in page that DealerTrack has created on its
web site at www.dealertrack.com.
DealerTrack says it currently serves more than 19,000 franchise and independent dealers - a number that will rise to more than 20,000 with the addition of the
CreditConnection dealer base. In addition to DMS connectivity, the combination of the two platforms will offer dealer customers a wider array of funding
options as lenders now connected to CreditConnection are linked into DealerTrack. While the final number of combined lender participants has not yet
been determined, executives from both companies estimate that it will be above 40.
The ability to link with and support one combined platform is expected to lower overall operational costs for lender participants, as well as increase the
overall efficiency of the financing process, according to the company.
About DealerTrack
With over 19,000 dealers and 23 lenders currently connected, DealerTrack is an independent Web-based platform that automates
and accelerates the entire dealer-to-lender relationship, from financing to daily information sharing, says the company. The DealerTrack platform enables application
processing, credit bureau access, electronic contracting and lease comparisons - all in one integrated solution. More information on
DealerTrack is available at ww.dealertrack.com or by calling 877-357-8725.
About First American CMSI
Since it was founded in 1987, CMSI has been a provider of end-to-end credit automation solutions, including Internet-based online lending and
leasing technology. The company's credit origination systems for consumer and business credit have been the choice of many of North America's largest
lending institutions and other organizations for automating the processing and decisioning of all types of consumer credit. For more information, visit
www.cmsinc.com or call 800-970-0619.
About The First American Corporation
The First American Corporation, a Fortune 500 company and a diversified provider of business information, supplies businesses and
consumers with the information resources that affect the major economic events of people's lives, such as getting a job; renting an apartment; buying a
car, house, boat or airplane; securing a mortgage; opening or buying a business; and planning for retirement. The First American Family of Companies,
operate within seven primary business segments including: Title
Insurance and Services, Specialty Insurance, Trust and Other Services, Mortgage Information, Property Information, Credit Information and Screening
Information. More information about the company and an archive of its press releases can be found at www.firstam.com.
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