LAKE SUCCESS, N.Y. — DealerTrack officials announced Monday that the company reached a new threshold of active financing sources connected to their network. That number now stands at 800, according to Mark O'Neil, chairman and chief executive officer of DealerTrack.

Company executives reminded dealers that DealerTrack can electronically submit credit applications to their network of banks, independent finance companies, captive finance companies, credit unions and regional banks.

O'Neil went on to highlight how this latest network figure places DealerTrack into a unique position in the industry.

"We are pleased to reach this milestone of 800 connected financing sources — significantly more than anyone else in the industry," he pointed out.

"In today's credit-challenged market, dealers clearly see the benefit of working with a diversified group of lenders, from national and regional banks to finance companies and credit unions," O'Neil added.

"By providing dealers free online access to the large and growing number of lenders on our network, DealerTrack helps dealers expand their financing relationships and close more vehicle sales," he continued.

O'Neil also mentioned how DealerTrack's recent growth to reach the current network total could mean better days ahead for the entire industry.

"In fact, the pace at which we have added the last 50 new lenders to our platform has accelerated significantly versus the time to add the prior 50 new lenders," he noted.

"We believe that this is both an indication that the U.S. automotive market is improving and an ongoing expression of the strength of the DealerTrack network," O'Neil concluded.