LAKE SUCCESS, N.Y. — Dealertrack Technologies unveiled a new
tool this week meant to assist dealerships in developing a fair lending policy
and better defend themselves in credit discrimination audits.

The company introduced an Equal Credit Opportunity Act Model
Fair Lending Compliance Policy Template and Model Exception Rate Justification
Sheet for Dealertrack compliance subscribers.

Company officials recapped that earlier this year, the
Consumer Financial Protection Bureau issued guidance on credit discrimination
in the indirect automotive finance market, putting dealerships and lenders on
notice about potential audits and punishments.

In response, Dealertrack recommends that dealers adopt and
implement an ECOA fair lending policy, including complete documentation of any deviation
from a dealer's buy rate markup policy in the deal jacket.

"We believe that it is critical that dealerships adopt a
comprehensive fair lending policy to deliver on their commitment to equal
credit opportunity for all, and to protect their businesses," said Randy
Henrick, Dealertrack's associate general counsel for compliance.

"The ECOA Model Fair Lending Compliance Policy Template and
Model Exception Rate Justification Sheet were developed by Dealertrack to
assist dealerships in developing their fair lending policy to address audits by
lenders and regulators concerning ‘disparate impact' credit discrimination,"
Henrick continued.

The ECOA Model Fair Lending Compliance Policy Template and
Model Exception Rate Justification Sheet are available exclusively to
Dealertrack Compliance Solution subscribers.

For more information about Dealertrack's Compliance
offering, click here.

Next Thursday, Dealertrack will host a free webinar to
provide an overview of the ECOA Model Fair Lending Compliance Policy Template
and Model Exception Rate Justification Sheet, and how it can be used by
dealerships to develop their own fair lending policy.

Click here to register for this webinar.

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