"The Finance Express platform creates profit opportunities for
independent dealers while increasing dealership compliance at the same time; I
am proud to be a part of this dynamic opportunity."
Keith Whann
Principal, Whann & Associates
General Counsel, NIADA
"Finance Express is the best platform I've seen for integrating buy here pay here
and special finance together. It can be a total capital solution."
Kenneth B. Shilson, CPA
President, Subprime Analytics
Principle, Shilson, Goldberg, Cheung & Associates, LLP
Founder and President, National Alliance of Buy Here Pay Here Dealers
|
| |
 |
 
View Printable Version
Finance Express Achieves Significant Legal Victory Against Dealertrack
RANCHO SANTA MARGARITA, CA, October 1, 2008 -- Finance Express LLC, which operates the premiere online dealer management system with an integrated auto finance platform exclusively designed for the independent auto dealer, announced today that it has achieved a significant victory over DealerTrack in its ongoing patent dispute.
Yesterday, United States District Court Judge Andrew Guilford issued comprehensive rulings regarding
the interpretation of the patent claims in dispute between DealerTrack and Finance Express, and the
invalidity and non-infringement of DealerTrack's patents. In his rulings, Judge Guilford effectively
dismissed all but 3 of DealerTrack's patent claims against Finance Express.
In his rulings, Judge Guilford rejected all of the claims asserted by DealerTrack related to U.S. Patent No.
5,878,403 by holding those patent claims invalid. Further, for the same reasons that the court
granted summary judgment of non-infringement to RouteOne, his rulings also effectively reject all of the
claims asserted by DealerTrack related to U.S. Patent No. 6,587,841 against Finance Express' accused
products. As a result of these rulings, DealerTrack is left with only three claims of a single patent to
pursue at trial. As a further result of the Court's ruling, DealerTrack's damages in the case, if DealerTrack
were to be successful in proving infringement at trial, are limited to February 20, 2007
forward. However, DealerTrack must also prevail on Finance Express's invalidity and unenforceability
claims at trial in order to be entitled to any damages. Should Finance Express prevail on any of its
several grounds for inequitable conduct, DealerTrack may be liable to Finance Express for Finance
Express' attorneys' fees. Moreover, DealerTrack has dropped its claim against Finance Express for willful
infringement as to the '427 patent.
"This decision by the court could not have been more favorable for Finance Express", stated David
Huber, President of Finance Express. "While we never expected the dismissal of all DealerTrack's claims,
only 3 out of all their original patent claims remain in the case. The fact that 2 out of their 3 patents
were found to be either non-infringing or invalid is an incredible victory not only for our company, but
the industry in general. We could not have hoped for a better outcome, and it supports our belief that
we will prevail at trial on the remaining few issues, succeed with our counterclaims, and will recover our
attorneys fees from DealerTrack for having to defend this case."
According to Finance Express' attorneys, "DealerTrack's claims against Finance Express have been
crippled by this decision". Dave Huber added, "DealerTrack has spent an enormous amount of their
shareholders money to stop Finance Express and RouteOne. This decision virtually guarantees that, in
the unlikely event they were to prevail on the remaining few claims, the resulting damages to Finance
Express would be negligible. Without question, this is a huge victory for Finance Express, and we are
looking forward to prevailing on the remaining 3 claims at trial. Yesterday's court rulings are so
decidedly in favor of the defendants that it is hard to imagine that DealerTrack could tell the public and
its shareholders that it prevailed. How DealerTrack could put a happy face on this outcome is beyond
me."
About Finance Express
Finance Express is the leading provider of online services and web-based technology for the
independent dealer market including a comprehensive DMS with functions such as dealer inventory
management, credit application processing, electronic contracting, links to lending sources, dealer
management tools, loan servicing and accounting systems and licensed escrow services. The
comprehensive program provides dealers online access to a single, seamless solution and insures a safe
and secure environment for participating lenders.
CONTACT:
Susan Moritz-Colbert
Finance Express
949.635.5892
scolbert@financeexpress.com
|
|
