DealerTrack Holdings Inc. announced that 300 lenders are participating in its online auto lending marketplace.
The Lake Success, N.Y., company said this total is nearly 50% more than at the end of 2005. DealerTrack's network lets auto dealers submit credit applications electronically to banks, finance companies, captive finance companies, and credit unions.
Mark O'Neil, the company's chairman and chief executive, said in a press release, "The power of the DealerTrack network continues to grow as we connect more financing sources, dealers, and other providers."
DealerTrack also announced that 21 lenders are participating in its eContracting service, which lets loans be originated electronically.
DealerTrack was founded in 2001 by a group of lenders, including JPMorgan Chase & Co. and Wells Fargo & Co. It went public in 2005.
