WFS Financial Announces Equity Investment in DealerTrack

    IRVINE, Calif.--May 8, 2002--WFS Financial Inc , a nationwide independent automotive finance leader, announced its alliance with DealerTrack, the Web-based auto finance enabler for automotive dealers.
    Through an equity partnership, WFS, with other lender owners, will provide the strategic direction and advancement of DealerTrack's product offerings strengthening its presence as the industry's leading Internet-based solution for managing consumer automotive financing.
    With DealerTrack, automotive dealers nationwide can submit loan applications online directly to WFS expediting response time. "DealerTrack is changing the automotive finance industry. We're excited to be a part of its development and believe that our financial commitment expresses our confidence in its progressive technology and our commitment to dealer needs," expressed Tom Wolfe, President and Chief Executive Officer of WFS.
    "We are delighted to welcome WFS to DealerTrack both as a strategic partner and an investor," stated Mark O'Neil, President and CEO of DealerTrack. "WFS' reputation and expertise in the indirect auto finance market, combined with the board participation of Tom Wolfe, will be tremendously valuable to DealerTrack as it continues to grow its business and expand its offerings. We look forward to working closely with WFS to deliver exceptional services to our dealers."
    The investor group backing DealerTrack include affiliates of: WFS Financial, AmeriCredit Corp., Automotive Lease Guide, LLC, Capital One Financial Corp., GRP Partners, JP Morgan Chase & Co., Wells Fargo & Co., and Wells Fargo Finance (a sub-prime finance subsidiary of Wells Fargo & Co.).
    WFS Financial is the nation's largest independent automobile finance company. WFS specializes in the origination, securitization, and servicing of new and pre-owned automobile contracts through its nationwide relationships with automobile dealers. WFS provides financing for borrowers in the prime and non-prime credit quality sectors. Information about WFS can be found at its Web site at www.wfsfinancial.com.
    DealerTrack Holdings is a technology services company providing impartial end-to-end loan and lease transaction processing for lenders and dealer to improve efficiencies and profitability. DealerTrack technology aggregates and automates credit processes, speeds lending communications and improves transaction efficiency through the use of the Internet. More than 14,000 dealerships nationwide currently use the DealerTrack system to electronically interact with their finance providers.