Auto Credit Acceptance, Ltd. Announces Internet-based Multi-lender Loan Approval System for Automobile Dealers

Business Wire, April 24, 2000

Business Editors/Automotive Writers

SILVERDALE, Wash.--(AutomotiveWire)--April 24, 2000

Auto Credit Acceptance, Ltd. (ACA) today announced that they have contracted with Affinity Technology Group, Inc. to design and develop ACA's "Multi-Lender Evaluation and Auto Loan System".

This new Internet based system will enable a nationwide network of automobile dealers to access a fully automated, real-time multi-lender loan decision system.

The "Multi-Lender Evaluation and Auto Loan System" will simultaneously evaluate the full range of lending alternatives to match the creditworthiness of the applicant with the credit offerings of lenders. The system will offer consumers faster approvals and improve the efficiency of lenders by matching applicants with appropriate lending sources.

Autocreditaccept.com (ACA) president & chief executive officer, William V. Fowler, said, "ACA's new system is the heart of our products and services and will provide customers with a real-time closed loop decision on loans not yet available in the marketplace today. The clear winners will be the auto dealers and the lending institutions that benefit from the fast and smooth business-to-business relationship created by the unique features of our "Multi-Lender Evaluation and Auto Loan System".

The agreement between ACA and Affinity, which includes the integration of Affinity's rtDS, iDeal, and Decisys/RT systems, provides for the delivery of the system within 180 days and also provides for Affinity to perform initial application processing and integration services to ACA.

Affinity's president and chief executive officer, Joseph A. Boyle, said, "We are very excited to be a part of ACA's business plan. They have developed a substantive Internet-based business model that recognizes and accommodates the unique requirements of customers, lenders and automobile dealers who wish to engage in the marketing and sales of products though e-commerce channels." Affinity is located on the World Wide Web at www.affi.net.

ACA, using Affinity's technology, enables ACA's dealer network and financial institutions to link their branches, call centers, remote service units, Internet customers and indirect agents electronically to ACA's credit departments, providing fully-automated lending -- and, if necessary, connectivity to a loan officer -- through every channel.

ACA specializes in financing programs that partner automobile dealers with lenders and is currently expanding their services to market automobile and related products through a nationwide network of automobile dealers and lenders. The business to business "Multi-Lender Evaluation and Auto Loan System" solves many of the problems related to the closing of automobile loans offered by multiple lenders at dealer locations. ACA's new system supports both the single and multiple lender loan decisioning environment and will be integrated with Affinity's existing loan decisioning systems. ACA is located on the World Wide Web at www.autocreditaccept.com.

ACA's web site www.autocreditaccept.com is under construction and should complete their beta testing in July or August. When it is completed, ACA will be the competitive weapon that will level the playing field for the automobile dealer, while giving today's competitive banking community of mid size banks "big bank" technology at an affordable price.

NOTE TO EDITORS: Auto Credit Acceptance's press releases are available on the Internet through Business Wire's web site at http://www.businesswire.com. The releases are also available at no charge through Business Wire's Company News-On-Demand fax service at 1-800-340-7544.