LAKE SUCCESS, N.Y. — DealerTrack announced this week that its number of active financing sources connected to its network reached a new threshold. Company executives highlighted that the figure now stands at 850, including GMAC Financial Services.

The company reiterated that dealers can use DealerTrack to electronically submit credit applications. Those applications are carried on to the one of the largest and most diverse network of banks, independent finance companies, captive finance companies, credit unions and regional banks.

Mark O'Neil, chairman and chief executive officer of DealerTrack, emphasized how the updated amount of financing sources boosts the company's service to dealers.

"Our achievement of this milestone underscores DealerTrack's commitment to helping dealers succeed in the face of a continued challenging credit environment," O'Neil indicated.

"As credit unions have increased their share of the auto finance market to 30 percent or more, it's important to note that these types of lenders now account for the lion's share of new additions to the DealerTrack network," O'Neil continued.

"At the same time, our recent additions also include one of the largest captive finance companies, including GMAC Financial Services," he went on to say.

"We believe that providing dealers with free online access to significantly more lenders than anyone else in the marketplace gives dealers a competitive advantage by enabling them to broaden their financing relationships and close more vehicle sales," O'Neil concluded.