LAKE SUCCESS, N.Y. – DealerTrack Holdings last month reported its financial results for the first quarter 2006, and the results, said company Chairman and CEO Mark O'Neill, "exceeded our expectations."
"We are pleased with the continued growth in both transaction and subscription revenue. Transaction volume for the sub-prime market sector was unusually robust in the final weeks of the quarter, which we believe partly reflects the ongoing trend toward electronic filing of tax returns and the use of those refunds for vehicle purchases. With revenue stronger than forecast, we were able to produce excellent bottom-line results."
There were 21,794 active dealers in the DealerTrack network as of March 31, 2006, representing an 8% increase from a year earlier. The number of active financing sources in the DealerTrack network as of the end of the first quarter 2005 was 214 (including nine captives), up 95% from a year ago.
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Transactions processed through the DealerTrack network for that time period were approximately 15.7 million, a 36% increase from the number of transactions processed through the network for the same period 2005. In addition, the number of subscriptions in the network as of March 31, 2006 was 67% higher than a year earlier-the average number of subscriptions per dealer in the network was 0.75, a 54% increase from the first quarter of 2005.
In addition, GAAP revenue for the quarter was 63% greater than the first quarter 2005, and GAAP net income for the quarter was 66% greater.
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