Lake Success, N.Y., November 12, 2014 -- Dealertrack Technologies (Nasdaq: TRAK) today announced that the number of active lenders connected to the Dealertrack Credit Application Network has surpassed 1,500 lenders.
The Dealertrack Credit Application Network, part of Dealertrack's Dealflow Advantage, has grown from five lenders in 2001 to more than 1,500 lenders today. The Dealertrack network allows dealers to electronically submit application data to the industry's most diverse network of captives, banks, credit unions and independent finance companies. With Dealertrack's Dealflow Advantage and compliance leadership, dealers and lenders are seeing greater efficiencies in financing and selling vehicles through advanced automated processing.
"Today's credit markets continue to be vibrant, and dealers are maintaining a healthy mix of prime, subprime and full spectrum lending options to help customers get financed with ease, while creating operational efficiencies through electronically processing automotive loan applications," said Michael Collins, senior vice president, F&I Solutions, Dealertrack.
Lenders, like American Finance Company, a Baton Rouge, Louisiana-based finance company, are just one of many automotive finance organizations that have realized efficiencies using the Dealertrack network. In September 2012, American Finance Company was established to serve subprime customers in their market, enrolling in Dealertrack for submitting and tracking credit applications and contracts. Today, Automotive Finance Company decisions deals in less than two minutes, helping them conduct indirect automotive lending like many large lending companies. To date, they have booked $7 million in loans, every penny of which was generated through Dealertrack.