Hyundai Motor Finance Company Joins DealerTrack; First National Captive Finance Company Links to DealerTrack

Business Wire, Jan 27, 2003

Business Editors

MELVILLE, N.Y.--(BUSINESS WIRE)--Jan. 27, 2003

DealerTrack(TM), Inc., a leading technology services company enabling finance transactions between automobile dealers and lenders, today announced that Hyundai Motor Finance Company (HMFC) has signed an agreement to join its independent online auto finance platform.

The deal will allow HMFC dealers to use the Web-based platform to secure financing for their customers.

HMFC, a captive finance company, joins an expanding group of lenders linked to the Web-based platform -- both to accelerate the entire dealer-to-lender relationship and to enhance the level of service and responsiveness provided to dealer customers.

HMFC will be available to its dealer customers on the DealerTrack(TM) platform in the second quarter of 2003. Once HMFC is active, dealers will be able to use the DealerTrack platform to submit finance applications electronically to HMFC, monitor related application and contract status changes, access credit reports and obtain product and program information. Participation on DealerTrack will provide HMFC with higher auto-decisioning rates and faster turn-around times. For dealers, this will translate into a faster, more profitable and more efficient customer experience.

"The participation of a captive finance organization like Hyundai Motor Finance Company on DealerTrack underscores our position as a trusted, independent financing platform," said Mark O'Neil, DealerTrack president and chief executive officer. "As many as 90% of all U.S. Hyundai dealers are already enrolled on the DealerTrack platform, so we anticipate that the formal integration of HMFC will be completely seamless for all parties."

"DealerTrack has a proven record in the marketplace and is already heavily used among our dealer customers," said Bill Thaxton, president and chief executive officer of HMFC. "We are always looking for innovative new ways to provide superior service to our customers and believe that our agreement with DealerTrack will add significant value."

About DealerTrack:

With over 19,000 dealers and 23 lenders currently connected, DealerTrack is a 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 Hyundai Motor Finance Company:

Hyundai Motor Finance Company (HMFC) was started in late 1989 as a captive full service finance company to provide retail credit and vehicle leasing to Hyundai dealers. The company is located in a centralized operation center and corporate office in Fountain Valley, Calif. A national consumer finance company covering all 50 states, HMFC is a wholly owned subsidiary of Hyundai Motor America, the U.S. distributor of Hyundai vehicles.