Tag Archive | "DealerTrack"

Reynolds And DealerTrack Announce New Certified Data Interfaces Between Reynolds And DealerTrack Solutions


DAYTON & LAKE SUCCESS – The Reynolds and Reynolds Company and DealerTrack, Inc., today announced that the companies will develop new certified interfaces between their solutions, as part of the Reynolds Certified Interface (RCI) Program.

Extending their long-standing relationship and commitments to providing the industry with compatible interfaces, the companies will develop certified interfaces between the Reynolds ERA® DMS and the DealerTrack AAX, eMenu and Salesmaker solutions. The new interfaces are in addition to certified interfaces with Reynolds’ DMS and DealerTrack’s credit application processing and eContracting solutions.

The RCI Program provides a standardized approach to handling dealership data from a Reynolds DMS in a safe, secure, and verifiable manner, which improves the security and supportability of interfaces for both dealerships and third-party vendors.

“Delivering secure and reliable certified interfaces between the various systems that a dealership may use is critical to their success and the smooth running of a dealer’s operations,” said Raj Sundaram, senior vice president, DealerTrack, Inc. “With this certification, we can ensure that our common dealer customers will be able to securely and seamlessly exchange information between DealerTrack’s F&I solutions and the Reynolds ERA DMS platform.”

DealerTrack is committed to supporting dealers’ technology needs through its OpenTrack program that enables secure, real-time and seamless integration between systems running in a dealership and DealerTrack systems and solutions.

Since 2005, Reynolds and Reynolds has been working with dealerships, OEMs, and other software providers in the automotive industry on the safe, secure, and verifiable exchange of dealership data with a Reynolds DMS.

“While Reynolds and DealerTrack remain competitors, cooperating on developing certified interfaces between our solutions is in the best interest of our mutual dealership customers,” said Trey Hiers, vice president of Marketing for Reynolds. “And, that’s who both our companies are serving in the most efficient and most effective ways possible. For Reynolds, this is one more example of our focus on developing the technologies that help improve dealership productivity and deliver results for dealers.”

The Reynolds approach to data management provides a number of methods for dealerships to work with the vendor of their choice in a safe, secure, and supported manner in handling dealership data. This includes the Reynolds Certified Interface (RCI) Program.

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DealerTrack Selected as Exclusive Compliance Solution Provider for Enterprise Car Sales


LAKE SUCCESS – DealerTrack, Inc., a subsidiary of DealerTrack Holdings, Inc., a leading provider of on-demand software and data solutions for the North American automotive retail industry, and Enterprise Car Sales, a division of Enterprise Rent-A-Car, today announced an agreement to deploy the DealerTrack Compliance Solution in all of the more than 140 Enterprise Car Sales’ locations nationwide.

The DealerTrack Compliance Solution, which complements Enterprise Car Sales’ focus on outstanding customer service and data protection, will enable Enterprise locations to maintain, monitor and audit compliance activity throughout every step of their sales and F&I process.  From credit application submission to identity verification, menu presentation, contract processing, tracking, reporting and document management, theDealerTrack Compliance Solution helps protect a user’s business by encouraging and simplifying adherence to all applicable laws and regulations, including Risk-Based Pricing and Red Flags Rules.

“DealerTrack’s Compliance Solution will make it easier for Enterprise Car Sales to keep up with current state and federal regulations and help maintain best practices for compliance,” said Raj Sundaram, senior vice president, Solutions Group, DealerTrack.  “The broadening of our relationship with Enterprise is an important way DealerTrack can add value to their sales and F&I workflow process.”

According to Mark Cochrane, assistant vice president-Business Management for Enterprise Car Sales, “After thoroughly researching the market for a solution to help our Car Sales locations manage the ever-changing rules, regulations and trends affecting our business and our customers, we found the DealerTrack Compliance Solution to be well suited to our needs.”

In addition to the Compliance Solution, the DealerTrack Performance Suite includes high value solutions in the areas of dealer management systems, inventory, sales and F&I.

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DealerTrack to Acquire triVIN Holdings


LAKE SUCCESS – DealerTrack Holdings, Inc. announced today that it has signed an agreement to acquire triVIN Holdings, Inc., a leading provider of automobile title management services to lenders and vehicle registration services to automobile dealers.  DealerTrack will pay approximately $131 million, net of any cash acquired, and the transaction will be financed with existing cash.

The acquisition is expected to significantly expand the breadth of DealerTrack’s transaction business, and to further strengthen DealerTrack’s relationships with lenders and automobile dealers.  The acquisition is expected to close in the first quarter of 2011, subject to customary closing conditions.

FDI Collateral Management (“FDI”), one of triVIN’s two primary businesses, provides electronic and paper-based lien and title solutions that allow lenders to outsource the management of vehicle and titles held as collateral for loans.  This business is an excellent complement to DealerTrack’s existing electronic contracting and paper processing services, and will create a comprehensive suite of outsourced solutions for lenders.

FDI provides services to some of the nation’s largest banks and captive automotive finance companies, many of which are existing customers of DealerTrack.  FDI connects more than 2,000 lenders with state Departments of Motor Vehicles (DMVs) to process, monitor and report electronic lien and title data.

General Systems Solutions (“GSS”), which is triVIN’s other primary business, provides vehicle registration solutions that allow automobile dealers, fleet companies and other third-parties to electronically register vehicles with DMVs in twelve states, and provides paper-based solutions that allow its customers to obtain vehicle registrations in all fifty states.  GSS has relationships with more than 4,000 dealers, rental and fleet companies.

Through mytitlesupport.com and RegUSA, triVIN helps make on-line title and electronic vehicle registration transactions easier and more efficient for consumers, dealers and lenders.  triVIN and its businesses will be key building blocks for DealerTrack to continue to build its leadership position in providing a comprehensive set of purchase and financing solutions for the retail automobile market, both in store and online.

triVIN is currently a portfolio company of American Capital, Ltd. and is  headquartered in Groton, Connecticut, with a major facility in Sacramento, California. While triVIN’s 2010 financial statements are not yet finalized, we expect its 2010 revenue to be between $54 and $56 million.

Mark F. O’Neil, chairman and chief executive officer of DealerTrack, commented, “The combination of DealerTrack’s and triVIN’s businesses creates a comprehensive suite of transaction services available to automobile lenders and dealers. We believe the combined entity will benefit considerably from the ability to cross-sell value-added solutions and services.”  O’Neil continued, “We also believe that this acquisition will better position DealerTrack long-term to facilitate the online purchase and financing of vehicles.”

Mark Furcolo, president and chief executive officer of triVIN, commented, “We are very excited to join forces with DealerTrack since our combined businesses are complementary.” Furcolo continued, “This transaction will benefit our customers by allowing us to offer a broader array of services through one organization.  We believe the combination will allow us to leverage our platforms and accelerate the development of new services for our customers.”

The triVIN executive team is expected to remain with the combined company.

The acquisition has been approved by the respective Boards of Directors of both DealerTrack and triVIN. The transaction has also been approved by triVIN’s stockholders.

DealerTrack was represented by O’Melveny and Meyers LLP in this transaction.

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DealerTrack Adds Compliance Tool for Risk-Based Pricing Rule


LAKE SUCCESS, N.Y. — DealerTrack Inc., a subsidiary of DealerTrack Holdings Inc., has added functionality to its DealerTrack Performance Suite that will enable dealers to comply with the Federal Trade Commission’s new Risk-based Pricing Rule, which goes into effect on Jan. 1, 2011. The enhancements are available automatically for free to all dealerships on the DealerTrack credit application network.

The Risk-Based Pricing Rule requires dealers who use credit reports to issue a notice to customers who receive credit from them on terms that are less favorable than terms received by most of their other credit customers. Dealers do not need to determine who falls into this category if they simply issue to all their credit applicants a credit score disclosure “exception notice.” This notice includes the customer’s credit score and other information that puts the score in context.

With the new functionality, any dealership using the DealerTrack credit application network will be able to print credit score exception notices pre-filled with all required information, as well as exception notices on their lender’s behalf for two-party financing. In addition, dealerships subscribed to the DealerTrack Compliance Solution will be able to electronically store and view status reports on all exception notices generated by their dealership though the solution’s dashboard and audit tools.

“We’re very pleased to further expand DealerTrack’s leading F&I offerings by including risk-based pricing functionality at no additional charge,” said Raj Sundaram, senior vice president, Solutions and Services Group at DealerTrack. “These and other enhancements underscore our ongoing commitment to providing dealers with the industry’s most comprehensive package of compliance capabilities, thus reducing their exposure to legal and regulatory risks.”

Dealers who do not comply with the new Risk-based Pricing Rule are subject to potential fines of up to $16,000 per violation, as well as possible penalties at the state level. The FTC is also scheduled to begin enforcement on Jan. 1 of the Red Flags Rule, which requires dealers to take steps to detect and prevent identity theft. DealerTrack’s Compliance Solution includes tools to help dealers comply with the Red Flags Rule as well.

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DealerTrack Reports Revenue Gain in Q3


LAKE SUCCESS, N.Y. — DealerTrack Holdings Inc. reported third-quarter revenue of $63.1 million, an increase from $58.8 million in the year-ago period.

Net income for the quarter was $1.2 million, an improvement from the net loss of $215,000 in the third quarter of 2009.

“We are very pleased with our results for the third quarter as revenue for both our transaction and subscription businesses rose,” Mark O’Neil, chairman and chief executive officer of DealerTrack.

The company had 921 finance sources and 16,961 dealers on its network at the end of the third quarter.

There were 137,388 lender-to-dealer relationships at the end of the third quarter, a decrease from the previous quarter, but still up from the 120,305 relationships reported in the year-ago period.

The company reported 13.3 million transactions processed in the third quarter, up from the previous quarter’s 12.2 million, but below the year-ago period’s 13.8 million transactions. Transaction revenue reached $27.2 million in the third quarter, up from the $25.5 million reported in the year-ago period.

For its subscription products, DealerTrack reported that average monthly subscription revenue per subscribing dealer rose to $759 in the third quarter, an increase from the $749 in the previous quarter and the $692 in the year-ago period.

The company said revenue for the first nine months of the year was $181.8 million, up from $172.4 million in the year-ago period.

Net loss for the first nine months of the year was $1.4 million, down from the net loss of $3.7 million in the year-ago period.

DealerTrack said it expects revenue for the year to be between $240 million and $246.0 million, with net income to be between $1.5 million and $3.8 million.

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DealerTrack Connects 900th Financing Source to Network


LAKE SUCCESS, N.Y. – DealerTrack, Inc. today announced that the number of active financing sources connected to the DealerTrack(R) network has reached 900.

“We’re pleased to have connected our 900th lender – substantially more than other auto finance networks,” said Mark O’Neil, chairman and CEO of DealerTrack. “Growth of the number of lenders on the DealerTrack network has clearly accelerated over the last year, reflecting the renewed interest of lenders in the auto financing market, as well as our continued success in bringing regional banks and credit unions on board. By providing dealers with free online access to such a broad lender universe, we are helping them sell more cars by expanding their financing relationships.”

Through DealerTrack, dealers can electronically submit credit applications to the industry’s largest and most diverse network of banks, independent finance companies, captive finance companies, credit unions and regional banks.

The integrated DealerTrack Performance Suite is the industry’s most complete offering of high-value automotive management software, including Dealer Management Systems (DMS), Inventory Management, Sales, F&I and Compliance solutions.

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