"We are pleased to reach this milestone of 800 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 credit-challenged market, dealers clearly see the benefit of working with a diversified group of lenders, from national and regional banks to finance companies and credit unions. By providing dealers free online access to the large and growing number of lenders on our network, DealerTrack helps dealers expand their financing relationships and close more vehicle sales.
“And in fact, the pace at which we have added the last 50 new lenders to our platform has accelerated significantly versus the time to add the prior 50 new lenders. We believe that this is both an indication that the U.S. automotive market is improving and an ongoing expression of the strength of the DealerTrack network," he added.
Through DealerTrack, dealers can electronically submit credit applications to a network of banks, independent finance companies, captive finance companies, credit unions and regional banks.