Driven by an increase in credit union partnerships, Dealertrack Technologies said the number of active lenders connected to its Dealertrack Credit Application Network now exceeds 1,400.
That figure also includes more than 700 credit unions, said the Lake Success, N.Y.-based Dealertrack, a provider of Web-based software and services for the automotive retail industry.
The Dealertrack Credit Application Network allows auto dealers to electronically submit application data to a network of banks, independent finance companies, captives and credit unions, according to Dealertrack.
“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 of lender finance solutions and Canadian operations at Dealertrack Technologies.
Collins is expecting to see more relationships in the New Year.
“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,” Collins said.