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First Midwest Joins DealerTrack Auto Finance Platform

by Staff
June 11, 2003
2 min to read


DealerTrack, Inc. says it has welcomed another lending institution to its community, announcing that First Midwest

Bancorp, Inc. is now live on its DealerTrack online auto finance platform.

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First Midwest says its auto dealer customers are now able to access the company's financing programs on DealerTrack 24-hours-a-day, seven-days-a-week.

Through the DealerTrack platform, these dealers can submit credit applications to First Midwest Bank and monitor their real-time status, as well as access

credit reports and connect with additional lenders on the platform. DealerTrack now also offers dealers the ability to integrate with dealer

management systems.


"Use of the DealerTrack platform is a strategic decision for us," said Mike Hagerty, vice president, dealer coordinator of First Midwest Bank. "The

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pressures of the current marketplace demand not only higher volumes of booked loans, but also a reduction in the costs associated with processing and

selecting them. Automating the loan process through the DealerTrack platform creates real value for us by driving inefficiencies out of the process and

improving our overall margins."


"We are very encouraged by the rate at which top-quality financial institutions like First Midwest are joining the DealerTrack family of lenders," said Mark

O'Neil, president and chief executive officer of DealerTrack, Inc. "We look forward to our role in improving the loan application process for First Midwest

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and its dealer customers."


In operation since early 2001, the DealerTrack platform is now processing nearly two million credit applications per month.


About DealerTrack

With over 20,000 dealers and over 30 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 suite of products includes

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

Additionally, the DealerTrack platform features integration with dealer management systems for credit application processing and credit bureau

access. More information on DealerTrack is available at www.dealertrack.com or by calling 877-357-8725.


About First Midwest Bancorp, Inc.

With assets of approximately $6.0 billion, First Midwest is an independent banking company in the suburban Chicago banking market. First Midwest says it provides commercial

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banking, trust, investment management and related financial services to a broad array of customers through 70 offices located in more than 40

communities primarily in northern Illinois.




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