LAKE SUCCESS, N.Y. — DealerTrack Inc., a subsidiary of software provider DealerTrack Holdings Inc., announced Monday that the number of active financing sources connected to the DealerTrack network reached 850.
"Our achievement of this milestone underscores DealerTrack's commitment to helping dealers succeed in the face of a continued challenging credit environment," said Mark O'Neil, chairman and chief executive officer of DealerTrack. "As credit unions have increased their share of the auto finance market to 30 percent or more, it's important to note that these types of lenders now account for the lion's share of new additions to the DealerTrack network.”
“At the same time, our recent additions also include one of the largest captive finance companies, GMAC Financial Services. We believe that providing dealers with free online access to significantly more lenders than anyone else in the marketplace gives dealers a competitive advantage by enabling them to broaden their financing relationships and close more vehicle sales."
Through DealerTrack, dealers can electronically submit credit applications to the industry's largest and most diverse network of banks, independent finance companies, captive finance companies, credit unions and regional banks. The integrated DealerTrack Performance Suite offers dealer management systems, inventory management, sales, F&I and compliance solutions.