Dealertrack today announced that the number of active lenders connected to its Dealertrack Credit Application Network now exceeds 1,400 lenders, including more than 700 credit unions nationwide.
The Dealertrack Credit Application Network, which has grown from five lenders in 2001 to more than 1,400 lenders today, allows dealers to electronically submit application data to the industry’s most diverse network of banks, independent finance companies, captives and credit unions.
Over the past several years, credit unions and regional banks have benefited the most from the move to an automated Sales and F&I process. For example, several credit unions, including the Greater Iowa Credit Union, STJ Federal Credit Union and Truity Federal Credit Union, have experienced indirect automotive loan volume growth of between 60 percent and more than 300 percent since introducing Dealertrack’s Sales and F&I tools into their automotive financing workflow.
To view the full announcement press release, click here.