LAKE SUCCESS, N.Y. — DealerTrack Holdings Inc. here announced a new platform to connect independent dealers to its network of financial institutions. The DealerTrack Independent Network is a new Web-based platform connecting independent dealers and financing sources, including credit unions. The platform will include risk-mitigation capabilities that enable dealers to provide additional financing options to their customers, said the company.
"By providing a comprehensive package of risk-mitigation capabilities, we believe our new Independent Network will enable many more lenders and independent dealers to be comfortable doing business with each other," said Mark O'Neil, chairman/CEO of DealerTrack.
Among other high value features, the DealerTrack Independent Network will include ongoing dealer monitoring, as well as vehicle title processing and title insurance. DealerTrack has formed alliances with VINtek Inc. and Vehicle Title Agency LLC to offer these services.
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Richard McLeer, senior vice president, strategy and development at DealerTrack, said
"The inability of many independent dealerships to offer financing options to their customers limits their potential revenue opportunities and puts them at risk for losing deals. By partnering with VINtek and Vehicle Title Agency, we are minimizing the risks lenders sometimes face, benefiting lenders, dealers and consumers alike."
The first five financing sources that have agreed to connect to the DealerTrack.
Independent Network are ACC Consumer Finance, AmeriCredit Financial Services, Fireside
Bank, Turner Acceptance Corporation and Universal Special Auto Finance.
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