Broadens Capabilities of Leading Online Auto Finance
Platform
Melville, NY, Aug. 3, 2004 –
DealerTrack, Inc., which operates North America’s leading
online auto finance platform, today announced that its
webalg, inc. affiliate has acquired substantially all of
the assets of LML Technologies. The assets include the
LeaseLink® family of desking solutions, which enable
automotive dealers to identify the best leasing, retail or
balloon financing options to meet their customers’ needs.
LML’s GuestTrack™ business development tool and its
FinanceWizard™ product were also included in the asset
transaction.
LML invented LeaseLink, one of the
industry’s first desking tools, 14 years ago. With
features such as A-B-C pencil, advanced worksheets and
guaranteed data, LeaseLink has built a customer base of
approximately 3,000 automotive dealers.
Mark O'Neil, DealerTrack’s president
and chief executive officer, commented, “We are very
pleased to announce this key expansion of the DealerTrack™
platform. With its speed, power and data guarantee,
LeaseLink is the best-in-class desking tool for dealers
who want to evaluate financing options for their
customers. We are particularly excited about LML’s recent
rollout of the industry’s first ‘live’ retail loan
comparison capability, which enables LeaseLink to analyze
a much broader range of financing alternatives than any
other tool in the marketplace.”
Mark Simmons, president and chief
executive officer of LML Technologies, said, “We would
like to thank our loyal customers in dealerships across
America for their support over the years. Together with
the DealerTrack team, we have carefully developed an
action plan to ensure that our customers’ ongoing needs
are met – and that most, in fact, realize incremental
benefits – as LeaseLink integrates with the DealerTrack
product suite.”
Mr. O’Neil concluded, “This
transaction provides us with a significant enhancement to
the capability of the integrated DealerTrack platform. We
believe that offering dealers a more comprehensive auto
finance solution with products such as the F&I Tool Suite,
eContracting, DMS Integration, Activity Reports,
WebsitePlus and now LeaseLink, will make the financing
process more seamless and more profitable.”
About DealerTrack, Inc.:
With over 24,000 dealers and over 80
financing sources currently connected, DealerTrack is
North America's premier independent Web-based platform
that automates and accelerates the entire automotive
financing process. The DealerTrack suite of products -
which work together as one easy-to-use, integrated
solution - includes: credit report access; credit
application processing; electronic contracting; desking
tools; activity reporting; and a dealer website product.
Additionally, the DealerTrack platform features
integration with top dealer management systems for credit
reports, credit application processing and electronic
contracting. Through its participation in AFSA, ASC X9,
SPeRS, STAR and other organizations, DealerTrack continues
to drive industry-wide technology standards to support the
total financing process. More information on DealerTrack
is available at www.dealertrack.com or by calling
877-357-8725. |