First American’s Credit Online Completes Transaction With DealerTrack
— Establishes New Channel for Delivery of First American Products to Leading Automotive Lenders and Retailers —
March 20, 2003, SANTA ANA, Calif.
The First American Corporation (NYSE: FAF), the nation’s leading diversified provider of business information and related products and services, today announced the completion of the previously announced transaction between Credit Online, Inc., a subsidiary of First American Credit Management Solutions, Inc. (CMSI), and DealerTrack, Inc., a technology services company that enables automobile finance transactions through its DealerTrack™ platform. Terms of the transaction, which closed on Mar. 19, 2003, were not disclosed.
Combining Credit Online’s CreditConnection technology with the DealerTrack platform further solidifies First American’s position as a leading service provider in the retail automotive marketplace. First American holds a significant ownership interest in DealerTrack and will provide credit bureau products and services to the DealerTrack network.
“This transaction is fully aligned with First American’s strategy of increasing our presence in the automotive marketplace,” said Parker S. Kennedy, president of The First American Corporation. “Combining our strengths with DealerTrack's provides new opportunities for First American to introduce our innovative line of loan origination, credit reporting and vehicle title products to automotive lenders and dealers nationwide.”
The combination of DealerTrack and Credit Online brings together leading financial institutions; best-in-class loan processing technology; and First American CREDCO, the premier provider of specialized credit products in the automotive retailing environment. The result of this collaboration, which will also facilitate electronic contracting, is true end-to-end credit automation for automobile retailers and lenders. With more than 55 million new and used vehicles sold each year, the automotive loan industry is a significant component of First American’s growth strategy.
The process of merging the CreditConnection functionality into the DealerTrack platform will begin immediately. Ultimately, the DealerTrack platform will serve as the primary interface for customers of both companies. Existing DealerTrack management will operate the combined platform from its Melville, NY, headquarters.
With more than 19,000 dealers and 23 lenders currently connected, DealerTrack is North America's premier independent Web-based platform that automates and accelerates the entire dealer-to-lender relationship, from financing to daily information sharing. The DealerTrack platform enables application processing, credit bureau access, electronic contracting and lease comparisons—all in one easy-to-use, integrated solution. More information on DealerTrack is available at www.dealertrack.com or by calling 877-357-8725.
About First American CMSI
Since it was founded in 1987, CMSI has been a premier provider of end-to-end credit automation solutions, including Internet-based online lending and leasing technology. The company’s credit origination systems for consumer and business credit have been the choice of many of North America’s largest lending institutions and other organizations for automating the processing and decisioning of all types of consumer credit. For more information, visit www.cmsinc.com or call 800-970-0619.
About The First American Corporation
The First American Corporation, a Fortune 500 company and the nation’s leading diversified provider of business information, supplies businesses and consumers with the information resources that affect the major economic events of people’s lives, such as getting a job; renting an apartment; buying a car, house, boat or airplane; securing a mortgage; opening or buying a business; and planning for retirement. The First American Family of Companies, many of which command leading market share positions in their respective industries, operate within seven primary business segments including: Title Insurance and Services, Specialty Insurance, Trust and Other Services, Mortgage Information, Property Information, Credit Information and Screening Information. With revenues of $4.70 billion in 2002, First American has nearly 25,000 employees in approximately 1,400 offices throughout the United States and abroad. More information about the company and an archive of its press releases can be found at www.firstam.com.