The Lake Success-based car-dealer software company DealerTrack said Wednesday that Mercedes-Benz Financial Services USA has signed on as a lender in its credit application network.
The stock market responded to the news with a 58-cent increase in DealerTrack's share price, to $27.91, moving past its 52-week closing-price range of $14.01 to $26.97.
As a result of the deal, car buyers at 350 Mercedes-Benz dealers in the United States will be able to use DealerTrack’s online interface to apply for credit from MBFS, the company said.
“The DealerTrack credit application network allows dealers to electronically submit credit application data to the industry's most diverse network of banks, independent finance companies . . . and credit unions,” DealerTrack said in a news release.
DealerTrack Holdings Inc. sells software for automobile dealerships, manufacturers and lenders. It has about 1,900 employees, including about 300 in Lake Success.
Its credit application network has grown from five lenders in 2001 to more than 1,100 lenders. It is now the vehicle retail market's largest finance network, the company said.
The relationship with MBFS, based in Farmington Hills, Mich., begins in March.
Read more of Inside Long Island Business