J.P. Morgan Chase & Co., Wells Fargo and Co. and AmeriCredit Corp. formed a new Web-based auto finance company. The company, named DealerTrack, will enable auto dealers and lenders to share technology and let dealers submit a consumer's credit application online to multiple financing companies. Dealers also would be able to access the status of applications and contracts with online lenders on the new system, which will reduce lenders' processing costs and allow dealers to be more efficient, the banking and financial services companies said. DealerTrack plans to work with several other financial institutions as part of the network.
Copyright January 2001, Crain Communications Inc.