Bank of America Joins DealerTrack Online Credit Application Platform

    MELVILLE, N.Y.--Nov. 12, 2002--DealerTrack(TM), Inc. has entered into an agreement with Bank of America, one of the nation's largest bank providers of commercial and retail automobile financing.
    Bank of America will pilot DealerTrack's auto finance platform with dealers in selected markets in early November, with nationwide rollout shortly thereafter. By utilizing this platform, dealer customers of Bank of America will immediately benefit from faster credit application decisions and more streamlined communication with the Bank of America credit, sales and funding departments.
    The availability of Bank of America on the DealerTrack platform is the culmination of months of close planning and technology integration work between the two parties. Capabilities of the DealerTrack platform include the ability to submit loan applications, monitor related application and contract status changes, and obtain product and program information. Dealers can also tap into other popular features, such as the ability to pull low cost credit reports.
    "Credit aggregation systems are the future of automotive finance," said Floyd Robinson, President of the Auto Group of Bank of America. "Our alliance with DealerTrack underscores our support for the industry by providing solutions that improve service and add value to our customers. DealerTrack's focus on the dealer relationship is consistent with our philosophy. Their willingness to design a system based on dealer input and deliver solutions that result in superior service mirror our customer-focused approach. A large number of our dealer customers already utilize DealerTrack, making integration a logical choice for Bank of America."
    Further demonstrating its commitment to driving innovation in the automobile finance industry, Bank of America also plans implementation of DealerTrack's recently deployed electronic contracting product in select states early next year.
    "Our official welcome of Bank of America to the DealerTrack platform is the fruit of a great deal of collaborative effort between our two companies," said Mark O'Neil, DealerTrack's President and Chief Executive Officer. "New lender participants have typically received anywhere from 40% to 60% of their total application volume through DealerTrack within the first 30 days that they go live on the platform. Given this, we anticipate that DealerTrack will have a very immediate and positive impact on the business of both Bank of America and its dealer customers."
    DealerTrack is the industry's largest online finance platform, now processing over 1 million applications per month. The system offers distinct advantages for both dealers and lenders.

    About DealerTrack:

    With over 17,000 dealers and 20 lenders currently connected, DealerTrack is North America's premier 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 -- all in one easy-to-use, integrated solution. More information on DealerTrack is available at www.dealertrack.com or by calling 877/357-8725.

    About Bank of America:

    One of the world's leading financial services companies, Bank of America is committed to making banking work for customers and clients like it never has before. Through innovative technologies and the ingenuity of its people, Bank of America provides individuals and businesses across the United States and around the world new and better ways to manage their financial lives. With more than 65 years of service to the automotive industry, the Bank of America Auto Group is one of the largest bank providers of commercial and retail financing in the United States supporting more than 4,500 new car franchises with an array of financial services. More information is available at www.bankofamerica.com/autodealer.