Lake Success, N.Y. — DealerTrack Holdings Inc., a provider of on-demand software and data solutions for the U.S. automotive retail industry, announced that the number of active financing sources connected to the DealerTrack network has reached 375, an increase of 23 percent since the end of 2006.
“We are very pleased to arrive at this milestone," said Mark O'Neil, chairman and chief executive officer of DealerTrack. "In less than eight weeks, we have added another 25 financing sources, a real testament to the power of the DealerTrack network. Providing dealers with the largest financing network helps dealers to best meet their customers' needs and to sell more vehicles, while enhancing origination potential for the financing sources."
Approximately 90 percent of all franchised automotive dealers in the United States are active in the DealerTrack 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. Through Arkona Inc., which DealerTrack acquired earlier this month, the company also now a dealer management system (DMS).