DealerTrack to Acquire Leading Canadian Auto Finance Platform, dealerAccess, from BMO Financial Group.Business Editors/Automotive Writers MELVILLE, N.Y.--(BUSINESS WIRE)--Sept. 10, 2003 DealerTrack, Inc. Acquisition Will Enhance DealerTrack's North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. Presence and Expand Opportunities for Canadian Auto Dealers and Finance Sources DealerTrack, Inc., a technology services company enabling finance transactions between automobile dealers and financing sources through its DealerTrack(TM) platform, today announced that it has signed a letter of intent to acquire Toronto-based dealerAccess Canada Inc., Canada's leading auto finance technology solution provider. The closing of the transaction is expected in October 2003. Similar to the DealerTrack platform in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , dealerAccess allows Canadian automobile dealerships to instantly connect with multiple financing sources for rapid processing of consumer auto loan and lease applications at the point-of-sale. The largest technology service provider of its kind in Canada, dealerAccess is currently used by over 2,000 dealers and has processed applications representing over CAD$6.0 billion worth of automotive financing since the company's inception in March 2001. A wholly-owned subsidiary of BMO BMO Bank of Montreal (Canada) BMO Before Market Open BMO Biometrics Management Office BMO Ballistic Missile Office BMO British Mathematical Olympiad BMO Balkan Mathematical Olympiad BMO Business Management Office Financial Group, dealerAccess currently offers financing from BMO Bank of Montreal “BMO” redirects here. For the mathematics competition, see British Mathematical Olympiad. Bank of Montreal/Banque de Montréal (TSX: BMO, NYSE: BMO) is Canada's fourth largest bank[1], and is classified as a Domestic Chartered Bank (Schedule I). , financiaLinx Corporation, HSBC Bank Canada HSBC Bank Canada (Traditional Chinese: 加拿大滙豐銀行; Pinyin: ), formerly the Hongkong Bank of Canada , RBC RBC red blood cell. RBC or rbc abbr. red blood cell RBC, n See red blood cell count. RBC red blood cells; red blood (cell) count (see blood count). Royal Bank, TD Canada Trust CT Financial Services Inc. was a financial services holding company that was founded in London, Ontario and later had its headquarters in Toronto, Ontario and operated in Canada through subsidiaries including Canada Trustco Mortgage Company and The Canada Trust Company , Travelers Financial Group, Trans Canada Credit Corporation and VFC VFC Vaccines for Children (program) VFC VESA (Video Electronics Standards Association) Feature Connector VFC Voltage to Frequency Converter VFC Vice Flotilla Commander VFC Flotilla Vice Commander VFC V. Inc. dealerAccess is available at no charge for dealers and requires no special hardware or software, beyond a personal computer with Internet access See how to access the Internet. . "We've long intended to expand the reach of DealerTrack into the Canadian market," said DealerTrack president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , Mark O'Neil. "dealerAccess has a solid platform that has gained traction by bringing tangible value to the auto finance process. Given DealerTrack's success in streamlining relationships between more than 20,000 dealers and 40 financing sources in the U.S., we felt the time was right to broaden the scope of our business and build on the strong foundation established in Canada by dealerAccess." "Since its launch, dealerAccess has led the Canadian online auto finance market with its technology and strong relationships with leading lenders," said David Trinder, president and CEO, dealerAccess Canada Inc. "The opportunity to further advance our product offerings through the acquisition by DealerTrack, including integration to ADP (1) (Automatic Data Processing) Synonymous with data processing (DP), electronic data processing (EDP) and information processing. (2) (Automatic Data Processing, Inc., Roseland, NJ, www.adp. and Reynolds and Reynolds dealer management systems, is very exciting and will greatly benefit our customers." O'Neil noted that the dealerAccess platform will continue to operate autonomously for the immediate future, as the agreement is finalized. "We believe that our acquisition of dealerAccess will be positive for the Canadian auto market. Our aim is to bring more dealers and additional financing sources to the platform, broadening business opportunities for both sides. We will also look to develop additional auto finance functionality in the Canadian market, as we have done with our introduction of eContracting in the United States," he said. About DealerTrack, Inc.: With over 20,000 dealers and over 40 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 includes credit application processing, credit report access, electronic contracting and lease comparisons - all in one easy-to-use, integrated solution. Additionally, the DealerTrack platform features integration with top dealer management systems for credit application processing and credit report access. More information on DealerTrack is available at www.dealertrack.com or by calling 877-357-8725. About dealerAccess Canada Inc.: dealerAccess is Canada's largest online provider of finance to the Canadian automotive sector, allowing dealers to connect through the Internet to multiple lending institutions Noun 1. lending institution - a financial institution that makes loans financial institution, financial organisation, financial organization - an institution (public or private) that collects funds (from the public or other institutions) and invests them in that provide loans and leases to car buyers at the point-of-sale. By utilizing the most advanced and proven software available, dealerAccess provides dealers with an electronic application and approval system that can complete a customer credit application in minutes. Through more than 2,000 Canadian automobile dealers, dealerAccess has originated more than CAD$6.0 billion worth of auto leases and loans. More information on dealerAccess Canada Inc. can be found at www.dealeraccess.com. |
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