LAKE SUCCESS, N.Y., July 9, 2008 (PRIME NEWSWIRE) -- DealerTrack Holdings, Inc. (Nasdaq:TRAK), a leading provider of on-demand software and data solutions for the U.S. automotive retail industry, today announced that it has developed and implemented a new interface linking dealers with credit unions served by Aimbridge(r) Lending Solutions, a provider of lending technology and premium services to credit unions across the country.
The relationship will combine DealerTrack's extensive network of more than 22,000 automotive dealers nationwide with Aimbridge's proprietary credit union filtering process. Dealerships can use DealerTrack to make an automated request to Aimbridge's lending system to determine whether the applicant is pre-approved at any credit union, is already a credit union member, or fits any of the other various filters the Aimbridge system supports. Dealers then select an appropriate credit union and submit the loan application to Aimbridge, where it is processed through its integrated lending workflow system on behalf of the lending credit union. By leveraging the integrated technology, credit unions can increase automotive loan leads while maintaining attractive loan capture ratios.
"Automotive loans have always been an integral source of revenue for the credit union industry, and Aimbridge is committed to helping credit unions maximize their business in the auto sector," said Stephen Bentley, founder of Aimbridge. "Our strategic partnership with DealerTrack will help our credit union clients increase their loan opportunities while maintaining a high capture ratio -- it is a win-win situation."
"We are pleased to welcome Aimbridge to the DealerTrack network," said David Trinder, senior vice president of network solutions at DealerTrack. "It is important to us that we enable dealers to deliver all possible financing options to their customers. The addition of Aimbridge and their technology greatly adds to the options dealers can offer."
Trinder continued, "Historically, DealerTrack has counted each service provider such as Aimbridge as only one finance source, since their affiliated finance sources are accessed through easy-to-use dropdown lists on DealerTrack. However, in order to measure by the same counting standards of others in the industry, we are now including Aimbridge's available affiliated finance sources. In addition, we have existing relationships with other service providers through which DealerTrack connects to multiple finance sources. With this change in methodology, as well as the signing of additional individual lenders, the total number of finance sources on DealerTrack as of June 30 is 659. Under our old method of counting the number would have been 533."
About Aimbridge(r) Lending Solutions (www.aimbridge.com)
Since 1984, Aimbridge Lending Solutions has partnered with credit unions and automotive dealers to market auto loans and insurance products. The company hosts a single platform through which direct, indirect and Web-based lending solutions help its partners increase automotive lending and ultimately increase revenue. The company, headquartered in Englewood, Colo., has remote offices throughout the United States. For additional information visit www.aimbridge.com, call 1.888.400.2865 or e-mail info@aimbridge.com.
About DealerTrack (www.dealertrack.com)
DealerTrack Holdings, Inc. (Nasdaq:TRAK) is a leading provider of on-demand software and data solutions for the U.S. automotive retail industry. Our solutions enable dealers to receive consumer leads, submit credit applications, compare financing and leasing options, sell insurance, vehicle accessories and other aftermarket products, document compliance, and execute financing contracts electronically. In addition, the DealerTrack Arkona DMS (dealer management system) is used by dealerships nationwide. Over 22,000 dealers, 650 financing sources, and many other service and information providers are active in the DealerTrack network. For more information, visit www.dealertrack.com.
Safe Harbor for Forward-Looking and Cautionary Statements
Statements in this press release regarding the benefits of the new interface with Aimbridge 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 Holdings, Inc. 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: success in expanding our customer base and product and service offerings; and other risks listed in our reports filed with the SEC, including our Annual Report on Form 10-K for the year ended December 31, 2007.
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