Long-Term Strategic Partnership to Deliver Innovative Workflow
Solution for Acura and Honda Automotive and Powersports Dealers in the
LAKE SUCCESS, N.Y. -- (Business Wire)
Dealertrack Technologies (Nasdaq: TRAK) and American Honda Finance
Corporation (AHFC) today announced an exclusive, long-term strategic
partnership agreement to create and maintain a cutting-edge sales
financing process, including a vehicle/loan origination solution, for
Acura and Honda automotive and powersports dealers in the United States.
As part of this relationship, Dealertrack will make a significant
investment and will collaborate with AHFC to design and develop the
solution with a strategic focus on streamlining the vehicle sales
financing process, while improving the overall customer buying
experience. In addition to processing credit application data between
AHFC and Honda and Acura dealers, the solution will incorporate
innovative new technologies and an integrated sales, F&I, and
“We are excited to support American Honda Finance Corporation’s goal to
help drive efficiency throughout the vehicle purchase and finance
experience for dealers, all while improving the automotive and
powersports retailing experience for consumers,” said Mark O’Neil,
chairman and chief executive officer, Dealertrack Technologies.
“We are committed to meeting the evolving needs of our dealers and
customers,” said AHFC Vice President David W. Paul. “This strategic
partnership will solidify our development efforts and enable us to
provide effective digital workflow technologies in every transaction.
With unparalleled expertise, Dealertrack is perfectly positioned to
support our efforts to execute our long-term vision of setting new
industry standards and optimizing dealership and brand loyalty.”
The new workflow solution is expected to rollout in multiple phases over
the next two years. Information regarding the financial impact of this
transaction is included in the Regulation FD Disclosure on Form 8-K
filed with the Securities and Exchange Commission.
About American Honda Finance Corporation
American Honda Finance Corporation (AHFC), a wholly owned subsidiary of
American Honda Motor Co., Inc., helps to satisfy the financing needs of
consumers of Honda and Acura vehicles, as well as Honda motorcycles,
powersports, power equipment, and marine products. AHFC offers financing
in the form of both retail installment sales contracts and leases,
depending on the product and the needs of the particular customer. AHFC
also provides consumer protection products such as vehicle service
contracts and guaranteed asset protection (GAP) and dealer financial
services (DFS) such as construction loans and inventory floorplanning.
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,
and F&I, Interactive
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 the
Dealertrack/American Honda Finance agreement, and the credit portal
developed for AHFC, 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
Factors that might cause such a difference include the timely
implementation of the credit portal developed for AHFC, the adoption by
dealers of the new credit portal, 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
Dealertrack Technologies, Inc.
Ken Engberg, 516-734-3692
Source: Dealertrack Technologies
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