Volvo Car Financial Services Selects Dealertrack as Exclusive Credit Application Processing Platform for Volvo U.S. Dealerships
December 12 2012 - 8:00AM
Business Wire
Dealertrack Technologies (Nasdaq: TRAK) and Volvo Car Financial
Services today announced that Volvo Car Financial Services has
become a lender on the Dealertrack Credit Application Network.
Dealertrack is the exclusive credit application network through
which Volvo’s 311 dealers in the United States can submit credit
applications to Volvo Car Financial Services, the captive
automotive financial services subsidiary for Volvo Cars.
Volvo dealers also use Dealertrack’s Mobile Sales and F&I
app to track their Volvo Financial Services activity. The app
supports dealers’ efforts to securely manage and monitor the status
of consumer credit application and contract activities in real-time
from their mobile devices.
“This partnership with Dealertrack will significantly enhance
support for our retailer's financing process,” said Peter Wexler,
vice president, Sales and Marketing, Volvo Car Financial Services
U.S., LLC
“Over the years, Volvo dealers have leveraged a broad range of
Dealertrack solutions and services, including Dealertrack DMS,
eMenu, Aftermarket, Compliance and Inventory solutions, across
their dealerships as part of their overall sales and F&I
workflow,” said Allan Stejskal, vice president and general manager,
Sales and F&I Solutions, Dealertrack. “The addition of Volvo
Car Financial Services to the Dealertrack network will help Volvo
dealers accelerate and streamline the financing process across each
of their dealerships.”
The Dealertrack Credit Application Network allows dealers to
electronically submit credit application data to the industry’s
most diverse network of banks, independent finance companies,
captives and credit unions. The Dealertrack Credit Application
Network, which has grown from five lenders in 2001 to more than
1,200 lenders today, continues to expand and remains the automotive
retail market’s largest finance network.
About Volvo Car Financial Services
(www.volvocarfinancialservices.com)
Volvo Car Financial Services U.S., LLC, is a wholly owned
subsidiary of Volvo Car Corp. of Gothenburg, Sweden, and provides
financial services products to Volvo consumers and Volvo retailers
in the United States.
About Dealertrack Technologies
(www.dealertrack.com)
Dealertrack Technologies’ intuitive and high-value web-based
software solutions and services enhance efficiency and
profitability for all major segments of the automotive retail
industry, including dealers, lenders, OEMs, third-party retailers,
agents and aftermarket providers. In addition to the industry’s
largest online credit application network, connecting more than
19,000 dealers with more than 1,200 lenders, Dealertrack
Technologies delivers the industry’s most comprehensive solution
set for automotive retailers, including Dealer Management System
(DMS), Inventory, Sales and F&I, Interactive and Registration
and Titling solutions. For more information visit
www.dealertrack.com.
Safe Harbor for Forward-Looking and
Cautionary Statements
Statements in this press release regarding the benefits of Volvo
Financial Services joining the Dealertrack network 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
Technologies 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
by Volvo dealers of the Dealertrack network, the percentage of
financing that Volvo dealers conduct through Volvo Financial
Services, the number of Volvo dealers that subscribe to Dealertrack
products 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 ending December 31, 2011. These
filings can be found on DealerTrack Technologies’ 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 Technologies 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.
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