Dealertrack Credit Application Network Tops 1,400 Lender Connections
December 18 2013 - 11:00AM
Business Wire
Credit Unions Drive Recent Growth of Industry’s
Largest Credit Application Network
Dealertrack Technologies (Nasdaq: TRAK) today announced that the
number of active lenders connected to its Dealertrack Credit
Application Network now exceeds 1,400 lenders, including more than
700 credit unions nationwide.
The Dealertrack Credit Application Network, which has grown from
five lenders in 2001 to more than 1,400 lenders today, allows
dealers to electronically submit application data to the industry’s
most diverse network of banks, independent finance companies,
captives and credit unions.
“The number of financial institutions, especially credit unions,
and regional and state banks, that are embracing automated loan
processing has grown substantially,” said Michael Collins, vice
president, Lender Finance Solutions. “Dealertrack’s overall
Dealflow Advantage, which includes our industry leading Credit
Application Network, is designed to create greater efficiencies in
financing and selling vehicles for lenders and dealers through
advanced automated processing.”
Over the past several years, credit unions and regional banks
have benefited the most from the move to an automated Sales and
F&I process. For example, several credit unions, including the
Greater Iowa Credit Union, STJ Federal Credit Union and Truity
Federal Credit Union, have experienced indirect automotive loan
volume growth of between 60 percent and more than 300 percent since
introducing Dealertrack’s Sales and F&I tools into their
automotive financing workflow.
“Integrating Dealertrack into our indirect loan process has
helped us add 17,000 members and increase our loan volume by 340
percent over five years,” said Steven Meyer, vice president,
Consumer Lending for Truity Federal Credit Union, with locations in
Oklahoma, Kansas, Texas and Arkansas.
According to Collins, “As automotive retail and credit markets
continue to improve and better processes are put in place, we
anticipate lenders will deploy more capital into automotive lending
and concentrate on building more active relationships with dealers
going into 2014.” Currently, the average number of lenders per
dealer has risen to 9.5, compared to a low of 6.9 Lender-to-Dealer
Relationships (LDR) in 20091.
In addition to the use of Dealertrack’s Credit Application
Network by lenders, more than 6,300 automotive lenders use
Dealertrack’s Electronic Lien and Titling (ELT) and collateral
management services.
Dealflow Advantage: Driving Profits and
Value for Dealers and Lenders
The Dealertrack Dealflow Advantage underscores Dealertrack’s
commitment to workflow efficiencies that help drive profits and
value through every step of customer interactions and transactions
for dealerships. Dealers can leverage the Dealflow Advantage
through a number of Sales and F&I tools and solutions,
including digital retailing, credit application processing, F&I
product aftermarket selling, electronic contracting, compliance and
registration and titling, to create a seamless and efficient
customer experience and workflow for one’s dealership.
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
20,000 dealers with more than 1,400 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.
Safe Harbor for Forward-Looking and
Cautionary Statements
Statements in this press release regarding the benefits of the
Dealertrack Dealflow Advantage 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
performance and dealer and lender acceptance of the Dealertrack
Credit Application Network and Dealertrack solutions, 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, 2012. 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.
TRAK-G ###
1Each lender-to-dealer relationship (LDR) represents a pair
between an active U.S. lender and an active U.S. dealer on the
Dealertrack network.
Dealertrack Technologies, Inc.Ken Engberg,
516-734-3692kenneth.engberg@dealertrack.comorDealertrack
Technologies, Inc.Michael DeMeo,
516-734-3691michael.demeo@dealertrack.com
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