DealerTrack Inc., a firm that connects auto lenders to dealers online, says its active financing sources has reached 850. Credit unions are largely responsible for the increase.
“Our achievement of this milestone underscores DealerTrack's commitment to helping dealers succeed in the face of a continued challenging credit environment,” says Mark O'Neil, DealerTrack chairman and CEO.
““As credit unions have increased their share of the auto finance market to 30% or more, it's important to note that these types of lenders now account for the lion's share of new additions to the DealerTrack network,” he says.
Recent additions also include one of the largest captive finance companies, GMAC Financial Services.
Online access to an assortment of lending options “gives dealers a competitive advantage,” O'Neil says.
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