LAKE SUCCESS, N.Y. (1/2/14)--Dealertrack Technologies announced that the number of lenders connected to its Dealertrack Credit Application Network has surpassed 1,400, including more than 700 credit unions nationwide.
The Dealertrack Credit Application Network, which has grown from five lenders in 2001, allows dealers to electronically submit application data to a network of credit unions and other financial providers.
"As automotive retail and credit markets continue to improve and better processes are put in place, we anticipate lenders will deploy more capital into automotive lending and concentrate on building more active relationships with dealers going into 2014," said Michael Collins, vice president, Lender Finance Solutions.
Among the credit unions that have found success with Dealertrack is $675 million-asset Truity FCU, Bartlesville, Okla.
"Integrating Dealertrack into our indirect loan process has helped us add 17,000 members and increase our loan volume by 340% over five years," said Steven Meyer, Truity FCU vice president of consumer lending.