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DealerTracks network to connect dealers lenders
LAKE SUCCESS, N.Y. (3/26/08)--DealerTrack Holdings, a provider of software and data solutions for the automotive retail industry, launched DealerTrack Independent Network, which connects independent dealers and financing sources. The platform includes risk-mitigation capabilities that allow dealers to provide financing options to their customers. It also will including ongoing dealer monitoring, vehicle title processing and title insurance. DealerTrack also has allied with VINtek, a provider of automotive collateral management services for credit unions, and Vehicle Title Agency. More than 90% of U.S.-based franchised dealerships and several thousand of the largest independent auto leaders are active DealerTrack users connected with multiple lenders. However, an estimated 42,800 independent dealers have some level of difficulty developing relationships with financing sources, DealerTrack said. “The inability of many independent dealerships to offer financial options to their customers limits their potential revenue opportunities and puts them at risk for losing deals,” said Richard McLeer, DealerTrack senior vice president of strategy and development.


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