J P Morgan Chase & Co, AmeriCredit, and Wells Fargo & Company have teamed up to establish a new company, DealerTrack, designed to convert the dealer-lender process within the US car industry to a Web-based auto finance process.
The DealerTrack system is designed as an open model for all auto dealers and lenders, say the founders, allowing dealers to submit a consumer's credit application online to multiple financing institutions.
Subscribing dealers can access real time application and contract status information from each online lender; dealer specific financial information, similar to a bank statement; current rates and programs; run payment calculations; compare products; and access customer payoff information.
Dick Schliesmann, executive vice president at Wells Fargo, says more than 4000 dealers have already signed up and are live on the system.