Interstate National Dealer Services Enters Agreement With Chase Manhattan Automotive Finance Corporation for Vehicle Service Contract Program

Business Wire, Jan 11, 1999

MITCHEL FIELD, N.Y.--(BUSINESS WIRE)--Jan. 11, 1999--Interstate National Dealer Services, Inc. (NASDAQ:ISTN) today announced that it has signed a definitive agreement with Chase Manhattan Automotive Finance Corporation (Chase), the largest bank originator of auto loans and leases in the United States. Interstate will provide total administration, claims handling, customer service and marketing assistance for a program being initiated by Chase to offer Interstate's extended warranties to purchasers of vehicles coming off lease.

Mr. Chester Luby, Chairman and CEO of Interstate, noted, "We are extremely pleased that Chase has selected Interstate as its provider of extended service contracts and warranties. Interstate's reputation for quality customer service and our ability to efficiently and professionally administer the program were major factors in our ability to achieve this benchmark agreement. The sales potential to Interstate from this venture is noteworthy, representing a considerable increase in revenue for Interstate. We are looking forward to this opportunity and a mutually successful partnership with the Chase organization."

Interstate is a leading nationwide provider of service contracts and extended warranties, primarily for new and used cars and recreational vehicles, as well as watercraft, manufactured housing, motorcycles and other power sport vehicles. Please visit our websites: http://www.inds.com for information on the Company and http://www.interstateautomall.com for the most comprehensive listing on the Internet of everything auto-related.

This press release contains forward-looking statements, which are subject to risks and uncertainties. Such statements are based on assumptions and expectations which may not be realized and are inherently subject to risks and uncertainties, many of which cannot be predicted with accuracy and some of which might not be even anticipated. Future events and actual results, financial and otherwise, may differ from the results discussed in the forward-looking statements. A number of these risks and other factors that might cause differences, some of which could be material, along with additional discussion of forward-looking statements, are set forth in the Company's report on Form 8-K filed with the Securities and Exchange Commission on December 23, 1996.