DETROIT and LAKE SUCCESS, N.Y. — GMAC Financial Services is being added to DealerTrack's credit application network, the two companies announced late Wednesday afternoon.

The lender said teaming up with DealerTrack will help expand its customer base, as GMAC will have access to retail auto financing applications from "essentially all" dealers in the U.S. and Canada from any OEM.

"GMAC has taken a series of steps to support the auto industry during the past year, particularly in extending credit to the market," stated Tim Russi, executive vice president for GMAC's North American operations.

"Our presence on DealerTrack will allow us to bring the nearly 90 years of experience we have in auto finance to a broad and diverse group of dealers seeking vehicle financing for their customers," he added.

GMAC indicated that the partnership benefits its dealer customers by providing them with another application channel. The lender will also still take applications sent via RouteOne.

"However, we expect to broaden GMAC's potential customer base by providing access to all the franchise dealers on our network," DealerTrack chairman and chief executive officer Mark O'Neil said during a conference call Wednesday evening.

Officials noted that there will be enrollment invitations sent to dealers who currently aren't able to submit retail financing applications to the lender via DealerTrack.

However, they emphasized that they will stagger the process, as there is a significant amount of dealers using DealerTrack. This is projected to be wrapped up in a few months.

O'Neil said the company pilot program with certain General Motors and Chrysler dealers has been planned for the spring, and this service is expected to be rolled out to "substantially all" of its dealer customers in late summer.

"Our strategy has always been to attract new financing sources, expand our subscribing dealer base and add value to our software applications," O'Neil commented. "This will help us achieve all three objectives."

Financing will be available for both new and used retail sales.

Russi added: "This is a meaningful step in the ongoing growth of our company that will diversify our auto business while helping dealers and their customers obtain broader financing opportunities in a more competitive market."

DealerTrack Issues 2010 Guidance

Continuing on, DealerTrack also offered its 2010 full-year revenue and GAAP and non-GAAP earnings guidance.

Specifically, with regards to GAAP results, the company projects that full-year revenue will be between $240 and $246 million, net of roughly $1.5 million to $2 million of contra-revenue regarding the GMAC deal.

DealerTrack is expecting between $2 million and $4 million in GAAP net income.

As far as non-GAAP results, officials are projecting full-year adjusted EBITDA in the range of $41 million and $45 million and adjusted net income between $21.5 million and $24 million.

Executives emphasized that this guidance is based on an assumption of 11.5 million new cars sold in 2010 and 13.5 million used sales with consistent levels of indirect financing as compared to last year.

"The guidance also includes the expected ongoing impact of the Chrysler and General Motors bankruptcies and related franchise terminations, including the Saturn wind down," officials stated. "Also included in the guidance is the impact of the GMAC agreement."