DealerTrack Achieves Milestone of 275 Active Financing Sources in its Network
LAKE SUCCESS, N.Y., Oct. 26, 2006 -- DealerTrack Holdings, Inc. , a leading provider of on-demand software, network and data solutions for the automotive retail industry in the United States, today announced that the number of active financing sources connected to the DealerTrack(R) network has reached 275, a 37 percent increase since the end of 2005.
"The continued expansion of the DealerTrack network makes it increasingly beneficial for our 22,000 dealer customers," said Mark O'Neil, chairman and chief executive officer of DealerTrack. "We provide our dealer customers the largest, most diverse financing network, enabling them to best meet their customer needs and sell more vehicles."
Approximately 89% of all franchised automotive dealers in the United States are active in the DealerTrack network. Through DealerTrack, dealers can electronically submit credit applications to the industry's broadest network of banks, finance companies, captive finance companies, credit unions and regional banks. In addition, DealerTrack offers subscription products to dealers that integrate with the credit application process and provide an end-to-end sales and finance solution.
Products and services in the DealerTrack network improve sales performance, assist with inventory management, and help to increase sales and finance profits. DealerTrack's solutions enhance compliance while integrating leads, desking, electronic contracting and menu-selling.
About DealerTrack (www.dealertrack.com )
DealerTrack Holdings, Inc. is a leading provider of on-demand software, network and data solutions for the automotive retail industry in the United States. DealerTrack's online credit application processing product automates and accelerates the automotive financing process, while its integrated subscription-based software enables dealers to receive consumer leads, compare financing and leasing options, sell insurance and other aftermarket products, document compliance, and execute financing contracts electronically. Over 22,000 dealers, with more than 85% of all franchised dealers in the United States; 275 financing sources, including nine captives and the 20 largest U.S. independents; and other service and information providers are active in the DealerTrack network.
Safe Harbor for Forward-Looking and Cautionary Statements
Statements in this press release regarding DealerTrack, the benefits of the DealerTrack network, the benefits of our product and services, and all other statements in this release other than the recitation of historical facts are forward-looking statements (as defined in the Private Securities Litigation Reform Act of 1995). These statements involve a number of risks, uncertainties and other factors that could cause actual results, performance or achievements of DealerTrack to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements.
Factors that might cause such a difference include: increased competitive pressure from other industry participants, the inability to execute any element of DealerTrack's business strategy, including the retention of dealers and financing source customers; selling additional products and services to existing and new customers; DealerTrack's success in expanding its customer base and product and service offerings and integrating acquisitions; the impact of the automotive retail industry on DealerTrack's business; the impact of some vendors of software products for automotive dealers making it more difficult for our customers to use our products and services, and other risks listed in DealerTrack's reports filed with the SEC, including its Annual Report on Form 10-K for the year ended December 31, 2005. These filings can be found on DealerTrack's website at www.dealertrack.com and the SEC's website at www.sec.gov . Forward-looking statements included herein speak only as of the date hereof and the Company disclaims any obligation to revise or update such statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events or circumstances.