LAKE SUCCESS, NY — DealerTrack announced today that its credit application network has reached a new milestone, reporting that the number of active lenders connected to its credit platform now exceeds 1,200 U.S. lenders.
The DealerTrack credit application network allows dealers to electronically submit credit applications to their connected network of banks, independent finance companies, captives and credit unions. The network has grown from five U.S. lenders in 2001 to more than 1,200 lenders today.
“Our credit application network continues to be the leading platform to support a dealership’s sales and F&I workflow,” said Robert Granados, vice president and general manager of DealerTrack’s sales and F&I solutions. “The combination of the recent automotive retail market growth, the strength of our industry partnerships, and recently introduced functionality has allowed us to continue to expand the size and value of our network for dealers and lenders through the first half of the year.”
Earlier this year, Mercedes-Benz Financial Services joined the DealerTrack credit application network to connect with its 350 U.S. dealers. In addition, DealerTrack expanded the reach of its network with the introduction of DealerTrack Mobile, a new mobile application that enables dealers and lenders to securely manage and monitor finance and consumer credit application activities in real-time from their mobile devices.