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DealerTrack Unveils New Enhancement Enabling Pre-Qualification of Consumer Auto Financing Through Dealer Websites
Feb 05, 2011 (12:02 PM EST)
CreditOnline Delivers New Dealership Website Functionality to Help Dealers Automate More of the Car-Buying Process
SAN FRANCISCO, Feb. 5, 2011 /PRNewswire/ -- DealerTrack, Inc., a subsidiary of DealerTrack Holdings, Inc. (Nasdaq: TRAK), a leading provider of on-demand software and data solutions for the North American automotive retail industry, today announced a new tool within its CreditOnline solution for dealerships' websites that allows consumers to securely submit personal and confidential credit application data to give dealers the ability to automate the pre-qualification of loans.
With its expanded capabilities, CreditOnline provides consumers with an immediate response regarding their automobile loan inquiries. These new customized responses, based on the dealer's own criteria and the customer's profile from their credit report, lets dealers "pre-qualify" and convert these website leads directly to credit applications. This new capability also enables a dealer to route select applications immediately to lenders for a complete credit review and decision.
"Today, a dealer's Website has become a virtual extension of their showroom, and can be a valuable source of leads when optimized correctly," said Robert Granados, vice president and general manager, Finance Solutions, DealerTrack, Inc. "Using CreditOnline, dealers can more effectively and efficiently convert visitors to their site into pre-qualified consumers. This new solution will support a dealership's vision to evolve their website from being a virtual marketing tool to a comprehensive sales and F&I platform."
CreditOnline will be available in the first quarter of 2011. The solution will be packaged with DealerTrack's subscription-based Compliance Solution, and will also be offered as a standalone solution.
About DealerTrack (www.dealertrack.com)
DealerTrack's intuitive and high-value software solutions enhance efficiency and profitability for all major segments of the automotive retail industry, including dealers, lenders, OEMs, agents and aftermarket providers. Our solution set for dealers is the industry's most comprehensive. DealerTrack operates the industry's largest online credit application network, connecting approximately 17,000 dealers with over 900 lenders. Our Dealer Management System (DMS) provides dealers with easy-to-use tools and real-time data access that will streamline any automotive business. Dealers using DealerTrack AAX get the inventory management tools and services needed to accelerate turns and increase profits. Our Sales and F&I solution enables dealers to streamline the entire sales process while structuring all types of deals from a single integrated platform. DealerTrack's Compliance Solution helps dealers meet legal and regulatory requirements and protect their hard-earned assets. DealerTrack's family of companies also includes data and consulting services 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 the benefits of DealerTrack's Credit Online solution to dealers and any conclusions or statements based thereon, 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 dealer's adoption of the CreditOnline solution, the willingness of consumers to submit information via the web 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, 2009. 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.
SOURCE DealerTrack Holdings, Inc.