LAKE SUCCESS, N.Y.,
July 26, 2011 /PRNewswire/ --
DealerTrack (Nasdaq: TRAK) today announced the addition of
free functionality to the DealerTrack Performance Suite that
enables dealers to comply with the Dodd-Frank Wall Street Reform
and Consumer Protection Act, which went into effect on July 21, 2011. The enhancements, which were
launched on July 20, are available to
all dealerships on the DealerTrack credit application network at no
charge.
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The Dodd-Frank Act further extends the necessary credit score
disclosure information required in Adverse Action Notices. Under
the Dodd-Frank Act, businesses that use credit scores to make a
credit decision must provide the credit score used, the primary
reasons affecting the score, and the range of possible credit
scores for the model used, among other information, within the
Adverse Action Notices.
With the new functionality, any dealership using the DealerTrack
credit application network will be able to generate Adverse Action
Notices with the required disclosure information. In addition,
dealerships subscribed to the DealerTrack Compliance Solution will
be able to continue to securely and electronically store all
Adverse Action Notices generated through DealerTrack and monitor
activity on the one-of-a-kind compliance dashboard. This premium
functionality is especially useful in helping dealers not only
maintain compliance within their dealership, but in helping
them prove it in the event of an FTC or Attorney General
audit.
According to Robert Granados,
vice president and general manager, Finance Solutions, DealerTrack,
"We continue to engage dealers from across the country and stay
abreast of updates to federal and state regulatory requirements. It
is our goal to continue to deliver industry-leading tools and
powerful reporting capabilities to help dealers comply with these
regulations."
The DealerTrack Compliance solution, which is the most
comprehensive suite of compliance tools available in the automotive
retail market, helps protect a dealership throughout the sales and
F&I process, including credit reports, credit application
submissions, menu presentations, and document storage and
retrieval, as well as compliance with the Red Flags Rule, the
Risk-Based Pricing Rule and Dodd-Frank Act requirements. The
DealerTrack solution allows dealers to work all deals on one fully
integrated and secure platform to streamline the process and
protect their dealership and its customers.
For more information about DealerTrack's Compliance Solution,
visit www.dealertrack.com/compliance.
About DealerTrack (www.dealertrack.com)
DealerTrack's intuitive and high-value software solutions and
services enhance efficiency and profitability for all major
segments of the retail automotive industry, including dealers,
lenders, OEMs, agents and aftermarket providers. DealerTrack,
whose solution set for dealers is the industry's most
comprehensive, operates the largest online credit application
network in the United States,
connecting approximately 17,000 dealers with more than 1,000
lenders. DealerTrack's Dealer Management System (DMS)
provides dealers with easy-to-use tools and real-time data access
to enhance their efficiency. DealerTrack's Inventory
offerings provide vehicle inventory management and merchandising
solutions to help dealers drive higher in-store and online traffic
with state-of-the-art, real-time listings — leading to accelerated
used-vehicle turn rates and higher dealer profits.
DealerTrack's Sales and F&I solutions allow dealers to
streamline the entire sales process as they structure deals from a
single integrated platform. Its Compliance offering helps
dealers meet legal and regulatory requirements, and protect their
assets. DealerTrack also offers additional solutions for the
automotive industry, including electronic motor vehicle
registration and titling applications, paper title storage, and
digital document services. DealerTrack's family of companies
also includes data and consulting service providers ALG and Chrome
Systems. For more information, visit www.dealertrack.com.
Safe Harbor for Forward-Looking and Cautionary
Statements
Statements in this press release regarding updated functionality
to the DealerTrack Performance Suite 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 the adoption
of dealers of the updated functionality, the compliance of the
updated functionality with federal rules and regulations, and other
risks listed in our reports filed with the Securities and Exchange
Commission (SEC), including our Annual Report on Form 10-K for the
year ended December 31, 2010. 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 DealerTrack 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.
TRAK-G
SOURCE DealerTrack Holdings, Inc.