Volvo Car Financial Services Selects Dealertrack as Exclusive Credit Application Processing Platform for Volvo U.S. Dealerships
Latest Captive Joins a List of Top Lenders on the Industry's Leading Credit Application Network
LAKE SUCCESS, N.Y.--(BUSINESS WIRE)-- Dealertrack Technologies (NAS: TRAK) and Volvo Car Financial Services today announced that Volvo Car Financial Services has become a lender on the Dealertrack Credit Application Network.
Dealertrack is the exclusive credit application network through which Volvo's 311 dealers in the United States can submit credit applications to Volvo Car Financial Services, the captive automotive financial services subsidiary for Volvo Cars.
Volvo dealers also use Dealertrack's Mobile Sales and F&I app to track their Volvo Financial Services activity. The app supports dealers' efforts to securely manage and monitor the status of consumer credit application and contract activities in real-time from their mobile devices.
"This partnership with Dealertrack will significantly enhance support for our retailer's financing process," said Peter Wexler, vice president, Sales and Marketing, Volvo Car Financial Services U.S., LLC
"Over the years, Volvo dealers have leveraged a broad range of Dealertrack solutions and services, including Dealertrack DMS, eMenu, Aftermarket, Compliance and Inventory solutions, across their dealerships as part of their overall sales and F&I workflow," said Allan Stejskal, vice president and general manager, Sales and F&I Solutions, Dealertrack. "The addition of Volvo Car Financial Services to the Dealertrack network will help Volvo dealers accelerate and streamline the financing process across each of their dealerships."
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, captives and credit unions. The Dealertrack Credit Application Network, which has grown from five lenders in 2001 to more than 1,200 lenders today, continues to expand and remains the automotive retail market's largest finance network.
About Volvo Car Financial Services (www.volvocarfinancialservices.com
Volvo Car Financial Services U.S., LLC, is a wholly owned subsidiary of Volvo Car Corp. of Gothenburg, Sweden, and provides financial services products to Volvo consumers and Volvo retailers in the United States.
About Dealertrack Technologies (www.dealertrack.com)
Dealertrack Technologies' intuitive and high-value web-based software solutions and services enhance efficiency and profitability for all major segments of the automotive retail industry, including dealers, lenders, OEMs, third-party retailers, agents and aftermarket providers. In addition to the industry's largest online credit application network, connecting more than 19,000 dealers with more than 1,200 lenders, Dealertrack Technologies delivers the industry's most comprehensive solution set for automotive retailers, including Dealer Management System (DMS),Inventory, Sales and F&I, Interactive and Registration and Titling solutions. For more information visit www.dealertrack.com.
Safe Harbor for Forward-Looking and Cautionary Statements
Statements in this press release regarding the benefits of Volvo Financial Services joining the Dealertrack network and all other statements in this release other than the recitation of historical facts are forward-looking statements (as defined in the Private Securities Litigation Reform Act of 1995). These statements involve a number of risks, uncertainties and other factors that could cause actual results, performance or achievements of Dealertrack Technologies to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements.
Factors that might cause such a difference include the adoption by Volvo dealers of the Dealertrack network, the percentage of financing that Volvo dealers conduct through Volvo Financial Services, the number of Volvo dealers that subscribe to Dealertrack products and other risks listed in our reports filed with the Securities and Exchange Commission (SEC), including our Annual Report on Form 10-K for the year ending December 31, 2011. These filings can be found on DealerTrack Technologies' website at www.dealertrack.com and the SEC's website at www.sec.gov. Forward-looking statements included herein speak only as of the date hereof and Dealertrack Technologies disclaims any obligation to revise or update such statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events or circumstances.
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