ADP selects Dallas as pilot city for new financing program for Internet car shoppers

Business Wire, Jan 23, 1997

DALLAS--(AutomotiveWire)--Jan. 23, 1997--

Auto Loan/Credit Application Process Time-Frame

Reduced From Days To Minutes

Dallas car shoppers can now test drive the latest concept in automotive financing -- instantaneous loan and credit application processing and approval via the Internet. ADP AutoFinance(TM) was introduced today in Dallas by ADP Dealer Services as a pilot program to electronically connect consumers, auto dealers, and financial institutions. NationsBank is the first financial institution to partner with ADP Dealer Services to bring real-time electronic automotive financing to market.

The ADP AutoFinance pilot program enables Internet users to apply for and receive confirmation of financing instantly through a participating network of seven Dallas auto dealers via ADP AutoConnect(TM) (http://autoconnect.net), a free one-stop automotive Internet service. With this unique system, consumers can easily apply for automotive financing at the Web pages of participating dealerships, and receive a decision on those applications in just minutes. This process enables qualified prospective car buyers to enter a participating auto dealership with pre-approval for financing.

"Typically, financial institutions take one or two days to process an auto loan or credit application submitted by a dealer on behalf of a customer," said James G. Maguire, director of product marketing for ADP Dealer Services. "Now with ADP AutoFinance, consumers in Dallas can personally apply for auto financing and receive a decision on that application in just a matter of minutes -- around the clock, 7 days a week."

Dallas was selected as the test market for the ADP AutoFinance pilot program before the system is rolled out nationally later this year. The ADP AutoFinance pilot system is installed on the ADP AutoConnect Web pages of the seven Dallas auto dealerships, enabling Internet shoppers the benefits of a real-time, on-line closed-loop financing system.

"As the ADP AutoFinance system is automated, consumers will experience an unprecedented response time for available financing," said Phil Wetzel, general sales manager of Dallas-based Big Billy Barrett Mazda & Kia. "For the first time, dealers will have the ability to provide fast and competitive financing rates for both consumers and dealers, resulting in a streamlined and more efficient system for everyone involved in the car buying process."

Since August 1996, ADP AutoConnect has quickly become known as the one-stop World Wide Web site for comprehensive automotive information. ADP AutoConnect seamlessly links together the Web pages of 4,000 automotive dealers, more than 500 Web sites of auto manufacturers, parts and service sites, auto clubs/associations, and on-line automotive publications. ADP AutoConnect can be reached at http://autoconnect.net .

ADP Dealer Services Group provides turnkey systems to more than 17,000 auto and truck dealers throughout the U.S., Canada, Europe, Asia and Latin America. ADP Dealer Services Group is the third largest business unit of Automatic Data Processing, Inc. (ADP). With more than $3.5 billion in annual revenues and 375,000 clients, ADP is one of the largest computing services firms in the world. -0-

Editor's Note: An electronic version of this news release is available at the Edelman Public Relations World Wide Web site located at http://www.edelman.com/, or at ADP AutoConnect located at http://autoconnect.net .

EDITOR'S NOTE: There is an "at" symbol after "sburke" and "rbenecke" in the E-mail addresses below. This symbol may not appear properly in some systems.

CONTACT: ADP Dealer Services

Susan Burke, 847/397-1700

sburke@hoffman.ds.adp.com

or

Edelman Public Relations Worldwide

Rowan Benecke, 312/240-3000

rbenecke@edelman.com