LAKE SUCCESS, N.Y. — DealerTrack announced Monday that it has hit a new milestone in the number of finance sources connected to its platform — 700.

"We are very pleased to reach this milestone of 700 connected financing sources, significantly more than anyone else in the industry," said Mark O'Neil, chairman and chief executive officer of DealerTrack.

"In today's economic environment, dealers are eager to increase the number of financing sources with whom they have relationships. DealerTrack puts the greatest number of financing sources at their fingertips," he continued.

According to the company, about 90 percent of all franchised dealers in the U.S. are active users of DealerTrack's network.

Through DealerTrack, dealers can electronically submit credit applications to a network of banks, independent finance companies, captive finance companies, credit unions and regional banks.

In addition to this market-leading network, DealerTrack said it offers subscription and other transaction-based products to dealers that integrate with the credit application process and provide an end-to-end dealership technology solution.

"We continue to see a strong pipeline of financing sources interested in joining the DealerTrack credit application network," added David Trinder, senior vice president of network solutions at DealerTrack.

"This demonstrates that financing sources recognize the competitive advantage which DealerTrack provides," he concluded.

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