GAINESVILLE, GA - Black Book announces its used-vehicle values will be available to users of DealerTrack’s recently introduced “BookOut for Lenders” software application. The values, available as weekly or monthly updates, will be automatically integrated within the credit application system, helping streamline the used vehicle buying, selling, and financing process.
Many financing sources still rely on printed guides or separate valuation software. Information must be individually located in the latest book or computer application, and then entered manually into the lender’s own documents, a time-consuming process with numerous opportunities for human error. DealerTrack has addressed both of these issues with the launch of “BookOut for Lenders.”
Tom Cross, president of Black Book, commented: “We are very excited about expanding our relationship with DealerTrack, and the timing is perfect, as more and more lenders are now using Black Book values in their loan origination process. We have been providing timely, accurate, and independently derived used vehicle values to dealers and financial institutions since 1955, and we are committed to staying on the cutting edge of new and innovative technology. It is crucial in today’s economic environment that lenders have instant access to accurate, real world collateral values to ensure that their origination, risk, and remarketing strategies remain aligned.”
Robert Granados, vice president and general manager of DealerTrack, added: “Integrating Black Book values into “BookOut for Lenders” gives our customers unprecedented access to accurate and up-to-date used vehicle values. We are committed to providing them with the tools and information they need to capture, control, and convert every sales opportunity, and using the correct value is vital to their success. The used vehicle market is very volatile, and can change dramatically in a matter of days. The weekly updates provided by Black Book will ensure that both dealers and lenders have easy electronic access to accurate vehicle values on a timely basis.”