Thrifty Car Sales Announces Strategic Alliances With Primus Financial Services And Other Partners

Market Wire, 20050229

Thrifty Car Sales, the nationally franchised retail used car sales brand, has signed a first- of-its-kind partnership agreement with PRIMUS Financial Services, and has also signed agreements with other leaders in the automotive finance and related industries to provide products and services to dealers who join the Thrifty Car Sales dealer network.

New financial partners include: Financial Services, a multi-billion-dollar financial services division of Ford Motor Credit Company, and a leading automotive financial services provider. Automotive Finance Corporation (AFC), a leading floorplan provider for independent dealers in the used car industry. Banc One Credit Company, an affiliate of Bank One Corporation, the nation's fourth-largest bank holding company, and an industry specialist in automotive financing; Manheim Automotive Financial Services, a division of Manheim Auctions, is a leading provider of floorplan financing to independent used car dealers and used car rent-a-car operators; and TranSouth Financial Corporation, a wholly-owned subsidiary of The Associates which recently reached an agreement to acquire Arcadia Financial Ltd., a leading auto financing company with nearly 500,000 customers and more than $1.8 billion in loan originations in the first three quarters of 1999. The acquisition will make The Associates a market leader in the U.S. non-prime auto finance business. new partners include:

Simoniz® USA, one of America's most recognized brand names in car care products since 1911; and CompuForce, a Tulsa-based company providing computerized customer follow-up and tracking systems.

"Thrifty Car Sales is extremely proud of the line- up of partners we have been able to secure for our network of franchised used car dealers," said Jay Betz, President of Thrifty Car Sales. "Our goal is to build a program that provides our dealers with all the tools they need. Together with our inaugural partners, these new partners comprise a program that we believe is unrivalled in the industry. They offer breadth an independent dealer wont find on his own, and give branded dealers a means of supplementing their existing offerings to aid in expansion.

PRIMUS Financial Services will provide comprehensive retail and floorplan financing programs to qualified Thrifty Car Sales dealers. This agreement marks the first time that PRIMUS has offered both retail and floorplan financing to independently owned and operated used car sales dealers operating under a national brand name.

The result is that qualified Thrifty Car Sales dealers now have access to a nationally administrated automotive finance program typically reserved for new car dealers, said Betz.

Thrifty dealers will also have access to the company's credit application processing system that is available 24 hours a day, seven days a week. PRIMUS also provides private-label financial services to Subaru of America, Inc., Jaguar Cars, Inc., Mazda North American Operations, Kia Motors America, Inc. and American Suzuki Motor Corporation in the U.S.

Automotive Finance Corporation (AFC), with over 14,000 contracted dealers, will serve as another floorplan financing alternative for Thrifty Car Sales dealers. AFC offers Thrifty Car Sales dealers convenient purchasing power at over 400 auto auctions throughout the United States and Canada, and also offers other related products and services to used car dealers.

Manheim Automotive Financial Services (MAFS) provides qualified Thrifty Car Sales dealers the convenience of flexible floorplan financing for all makes and models, regardless of year or mileage. Through MAFS, qualified Thrifty Car Sales dealers may buy or sell at any of the Manheim auctions in the U.S. and Canada with one convenient account.

Banc One Credit Company will provide a variety of retail financing options, including prime, non- prime, subprime, lease and even special promotional financing to qualifying Thrifty Car Sales dealers. Banc One Credit Company is the second-largest bank-owned indirect provider of auto financing and the fifth-largest indirect auto lender in the country. With assets of $26 billion, the company services thousands of automobile, recreation vehicle and marine dealers throughout the country. A subsidiary of Bank One Corporation, Banc One Credit Company provides vehicle loans and leases, as well as commercial banking services to its dealers. It can be found on the Internet at www/bankone.com.

TranSouth Financial Corporation will provide non- prime and subprime retail financing, offering an improved program to qualified Thrifty Car Sales dealers over their "standard" used car dealer program. Historically, TranSouth has focused almost entirely on programs for new car dealers.

Through its various retail finance providers, Thrifty Car Sales dealers have access to special rate buy-down programs, national account credit centers that offer priority status to Thrifty Car Sales credit applications, regional-based pricing strategies and a multitude of other financial products and services.