LAKE SUCCESS, N.Y. ─ DealerTrack Holdings Inc. today announced that the number of active lenders connected to its DealerTrack credit application network has reached 1,000 U.S. lenders.
The DealerTrack credit application network allows dealers to electronically submit credit application data to the industry’s largest and most diverse network of banks, independent finance companies, captive finance companies, credit unions and regional banks. The DealerTrack credit application network has grown from five lenders in 2001 to 1,000 lenders today.
“The DealerTrack credit application network has been the foundation upon which we have built DealerTrack. We continue to draw strength from our success in this area as we grow into the only truly open and integrated, end-to-end solution provider for the automotive retailing industry,” said Mark O’Neil, chairman and chief executive officer, DealerTrack Holdings Inc. “As the nation’s economic recovery continues, we are seeing more and more lenders of all types join our credit network, and become active in the indirect auto finance market. We believe that the addition of new lenders to our network is an extremely positive sign for dealers, giving them confidence that a broader range of competitive financial resources are available to help them sell more cars.”
The credit application network is one component in the DealerTrack Performance Suite of solutions. The integrated DealerTrack Performance Suite includes dealer management systems, inventory management, sales, F&I, compliance, and processing solutions and services.