DealerTrack gains 1,000 lenders in credit network
Before the a car buyer picks up the vehicle, a dealer can grind the deal on software. Credit: iStock
DealerTrack Holdings Inc., the Lake Success-based car dealership software company, has reached a milestone — it now has 1,000 lenders in its credit application network.
The DealerTrack credit application network has grown from five lenders in 2001 to 1,000 lenders today, the company said.
DealerTrack Holdings, publicly traded on the Nasdaq, works with 17,000 car dealers nationwide to provide software for inventory management, sales leads, car-buyer financing requests and other data.
Dealers use the credit application network to electronically submit customers' credit applications to a diverse range of major and regional banks, finance companies and credit unions.
Chief executive Mark O'Neil said, "As the nation's economic recovery continues, we are seeing more and more lenders of all types join our credit network, and become active in the indirect auto finance market."
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