First Captive Finance Company Joins DealerTrack
DealerTrack, Inc., a technology services company enabling
finance transactions between automobile dealers and lenders, announced that Hyundai Motor
Finance Company (HMFC) has signed an agreement to join its independent online auto finance
platform. The deal will allow HMFC dealers to use the Web-based platform to secure financing for
their customers.
According to the company, HMFC, a captive finance company, joins an expanding group of lenders linked to the Web-based
platform - both to accelerate the entire dealer-to-lender relationship and to enhance the level of
service and responsiveness provided to dealer customers.
HMFC will be available to its dealer customers on the DealerTrack™ platform in the second quarter
of 2003. Once HMFC is active, dealers will be able to use the DealerTrack platform to submit
finance applications electronically to HMFC, monitor related application and contract status
changes, access credit reports and obtain product and program information.
According to the company, participation on
DealerTrack will provide HMFC with higher auto-decisioning rates and faster turn-around times.
"The participation of a captive finance organization like Hyundai Motor Finance Company on
DealerTrack underscores our position as a trusted, independent financing platform," said Mark
O'Neil, DealerTrack president and chief executive officer. "As many as 90 percent of all U.S. Hyundai
dealers are already enrolled on the DealerTrack platform, so we anticipate that the formal
integration of HMFC will be completely seamless for all parties."
"DealerTrack has a proven record in the marketplace and is already heavily used among our dealer
customers," said Bill Thaxton, president and chief executive officer of HMFC. "We are always
looking for innovative new ways to provide superior service to our customers and believe that our
agreement with DealerTrack will add significant value."
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 processing,
credit bureau access, electronic contracting and lease comparisons. More information on DealerTrack is available at www.dealertrack.com or by
calling 877-357-8725.
About Hyundai Motor Finance Company
Hyundai Motor Finance Company (HMFC) was started in late 1989 as a captive full service finance
company to provide retail credit and vehicle leasing to Hyundai dealers. The company is located in
a centralized operation center and corporate office in Fountain Valley, California. A national
consumer finance company covering all 50 states, HMFC is a wholly owned subsidiary of Hyundai Motor
America, the U.S. distributor of Hyundai vehicles.
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