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Dealertrack Technologies (Nasdaq: TRAK) and American Honda Finance Corporation (AHFC) today announced an exclusive, long-term strategic partnership agreement to create and maintain a cutting-edge sales financing process, including a vehicle/loan origination solution, for Acura and Honda automotive and powersports dealers in the United States.
As part of this relationship, Dealertrack will make a significant investment and will collaborate with AHFC to design and develop the solution with a strategic focus on streamlining the vehicle sales financing process, while improving the overall customer buying experience. In addition to processing credit application data between AHFC and Honda and Acura dealers, the solution will incorporate innovative new technologies and an integrated sales, F&I, and contracting workflow.
“We are excited to support American Honda Finance Corporation’s goal to help drive efficiency throughout the vehicle purchase and finance experience for dealers, all while improving the automotive and powersports retailing experience for consumers,” said Mark O’Neil, chairman and chief executive officer, Dealertrack Technologies.
“We are committed to meeting the evolving needs of our dealers and customers,” said AHFC Vice President David W. Paul. “This strategic partnership will solidify our development efforts and enable us to provide effective digital workflow technologies in every transaction. With unparalleled expertise, Dealertrack is perfectly positioned to support our efforts to execute our long-term vision of setting new industry standards and optimizing dealership and brand loyalty.”
The new workflow solution is expected to rollout in multiple phases over the next two years. Information regarding the financial impact of this transaction is included in the Regulation FD Disclosure on Form 8-K filed with the Securities and Exchange Commission.
About American Honda Finance Corporation
American Honda Finance Corporation (AHFC), a wholly owned subsidiary of American Honda Motor Co., Inc., helps to satisfy the financing needs of consumers of Honda and Acura vehicles, as well as Honda motorcycles, powersports, power equipment, and marine products. AHFC offers financing in the form of both retail installment sales contracts and leases, depending on the product and the needs of the particular customer. AHFC also provides consumer protection products such as vehicle service contracts and guaranteed asset protection (GAP) and dealer financial services (DFS) such as construction loans and inventory floorplanning.