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DealerTrack to Merge with Credit Online, Inc.

by Staff
January 30, 2003
4 min to read


DealerTrack, Inc., a technology services company enabling finance transactions between automobile

dealers and lenders through its DealerTrack™ platform, announced an agreement to merge with Credit Online, Inc. and its CreditConnection®

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network from First American Credit Management Solutions Inc. (CMSI). The closing of the transaction is pending final regulatory approval.


Launched in 1996, Credit Online's CreditConnection network links automotive dealers with credit bureaus and multiple funding sources throughout the

United States and Canada. The service features direct connectivity with several top dealer management systems (DMS), and also provides

communication and analysis tools that help finance and insurance managers increase productivity, according to the company.


Mark O'Neil, DealerTrack president and CEO, said, "Under the terms of the pending transaction, the functionality and benefits of CreditConnection will be

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integrated into the DealerTrack platform. Dealers will continue to have access to the DealerTrack platform at no cost, while lender connectivity and

maintenance costs are expected to decline as a result of the integration. With more lenders and dealers coming together, all parties benefit from

increased efficiency of car sales by enabling more automobile dealers to offer more financing choices to their customers."


O'Neil added that DMS connectivity, the elimination of double data entry and the creation of a seamless dealer desktop will also benefit all parties.


Howard L. Tischler, president and CEO of First American CMSI, said, "Both organizations have built strong teams with positive reputations in the

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industry. The combination of DealerTrack and CreditConnection will enable the integrated system to deliver incremental value to both dealers and lenders.

Tight integration between our credit origination systems and DealerTrack's platform will enhance the combined entity's ability to provide credit automation

solutions that benefit our dealer and lender customers."


Bob Karp, senior vice president, e-Commerce, of ADP Dealer Services, noted, "ADP is excited to be an integral part of this transaction. By providing

connectivity to the ADP suite of solutions, we are responding to our dealers' needs and offering exceptional value to our customers."

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Greg Collins, senior vice president, Reynolds and Reynolds, said, "This merger exemplifies the theme of integration, which is central to our strategy at

Reynolds. We look forward to working with the combined organization to offer the strongest capabilities to our customers."


About DealerTrack

With over 19,000 dealers and 23 lenders currently connected, DealerTrack is an independent web-based platform that automates

and accelerates the entire dealer-to-lender relationship, from financing to daily information sharing. The DealerTrack platform enables application

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processing, credit bureau access, electronic contracting and lease comparisons-all in one integrated solution. More information on

DealerTrack is available at www.dealertrack.com or by calling 877-357-8725.


About Credit Online

Credit Online is the e-commerce subsidiary of First American CMSI, a subsidiary of The First American Corporation. The company

credit-enables business-to-business transactions through its Internet gateway and its CreditConnection technology. Credit Online's innovative technology

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instantly and electronically connects businesses that are credit originators (such as automotive dealers) to credit bureaus and multiple funding sources or

"electronic" lenders throughout the United States and Canada via the Internet. The service is available 24 hours a day, seven days a week, expediting the

credit application approval process from days to minutes. Headquartered in Annapolis Junction, Md., First American CMSI is end-to-end

credit automation solutions provider, including Internet-based online lending and leasing technology. First

American CMSI also licenses credit-decisioning systems for consumer and business credit that have been the choice of North America's largest lending

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institutions. For more information, visit www.cmsinc.com or by calling 800-970-0619


About The First American Corporation

The First American Corporation is a Fortune 500 company that traces its history to 1889. As a provider of business

information, the company supplies businesses and consumers with the information resources that affect the major economic events of people's lives,

such as getting a job; renting an apartment; buying a car, house, boat or airplane; securing a mortgage; opening or buying a business; and planning for

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retirement. The First American Family of Companies operate within

seven primary business segments including: Title Insurance and Services, Specialty Insurance, Trust and Other Services, Mortgage Information, Property

Information, Credit Information and Screening Information. First American has more than 22,500 employees in

approximately 1,300 offices throughout the United States and abroad. More information about the company and an archive of its press releases can be

found at www.firstam.com.

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About ADP Dealer Services

ADP Dealer Services provides integrated computing solutions to more than 16,000 automotive and truck dealers throughout the United States, Canada and

Europe. More information on ADP Dealer Services is available on the Internet at

www.dealersuite.com.


About Reynolds and Reynolds

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Reynolds and Reynolds ( www.reyrey.com ) is a provider of integrated solutions that help automotive retailers manage change and improve

their profitability. The company's software, service and training solutions include a full range of retail and enterprise

management systems; networking and support; e-business applications; Web services; learning and consulting services; CRM solutions, document and

data management and leasing services. Reynolds serves more than 20,000 customers comprising 90 percent of the automotive retailers and virtually all

car companies in North America. It conducts CRM consulting services on five continents.



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