SOURCE: Credit Online, Inc. Credit Online Unveils New eContracting Technology Initiatives For Automotive Dealership Financing NEW ORLEANS, Jan. 29 /PRNewswire-FirstCall/ -- Credit Online, Inc., a member of The First American Corporation (NYSE: FAF - news) family of companies, today announced new technology initiatives with the Dealer Services Group of Automatic Data Processing, Inc. (NYSE: ADP - news) and The Reynolds and Reynolds Company (NYSE: REY - news) regarding the ``CreditConnection® eContracting Solution'' designed to improve the finance contracting process at automotive dealerships. When completed, the eContracting technology will be an innovative, closed-loop process that will dramatically transform and streamline the financing of cars in a dealership. It will give the dealer the option of using the Internet; electronic forms; and secure, electronic-signature-capture technology to complete a finance contract. The eContracting solution will transfer data from the ADP Elite(TM) and Web-based systems and the Reynolds' Generations Series (TM) and ERA® systems, directly into either the lender's credit origination system or to Credit Online's eValuate(TM) system, where the contract data is electronically validated against the lender's credit policies, thus eliminating all manual intervention. Once the data has been validated, the dealership's finance and insurance (F&I) manager finalizes the deal, captures the customer's e-signature and then electronically sends the contract package to the lender. Both dealers and lenders will realize the benefits of the eContracting solution. For dealers, the eContracting technology will automatically check data on the forms, helping ensure complete contract packages while significantly reducing the number of contracts with errors or omissions that are ``kicked back'' by lenders. The eContracting solution will give the dealer the option of sending contracts to lenders electronically, rather than via fax, mail or overnight delivery. In addition, the solution will be easy to implement because it is integrated with DMS systems and IT solutions already in the dealership. Bobby Johnson, vice president of operations of Heard Enterprises, a dealership group with 16 stores, said: ``Our entire organization has depended on CreditConnection to deliver solutions that provide better service between our dealer group and our lending partners. I believe the eContracting technology will improve the accuracy of our paperwork, eliminate finance variances and speed up the entire funding process.'' The eContracting technology will also provide benefits to lenders. Credit Online allows its lenders to have a single solution for processing their applications and contracts regardless of which DMS system their dealers use. Patricia Freeman, vice president of dealer financial services eCommerce strategy of Bank of America, said: ``Credit Online's eContracting technology will enable Bank of America to provide enhanced service to our dealers. The technology will offer dealers the ability to automate the financing contract process, reduce the potential for human errors through the electronic loan contract validation capability, and significantly reduce the amount of time to receive funds for booked loans from the lender. Lenders benefit as well, because the technology improves operational efficiency through the reduction in human error and enables lenders to serve dealers better.'' Through Credit Online's relationships with the top automotive retail technology providers and more than 30 lenders, the CreditConnection eContracting technology will be easily available to most of the franchised dealers in the country. The technology initiatives, which were unveiled today at the National Automotive Dealers Association (NADA) Annual Convention and Exposition at the Ernest N. Morial Convention Center in New Orleans, are being developed by Credit Online in collaboration with ADP and Reynolds and Reynolds. Credit Online initiated the first stage of the electronic financing process in 1997, when its CreditConnection technology allowed dealers -- for the first time -- to replace manual processes with direct electronic connectivity to the credit processing systems of lenders. CreditConnection technology is unique in that it is the only system that is integrated, approved and endorsed by all three of the top DMS providers. The CreditConnection eContracting solution is the final step in closing the loop for the entire finance contracting process. It is expected to be available to dealers in the United States later this year. ``We're very excited about the positive impact our new eContracting solution will have on the finance contracting process,'' said Howard L. Tischler, Credit Online's president and chief executive officer. ``It's a ground-breaking move into the future of electronic financing and we're pleased to lead the initiative with the only solution available that offers DMS integration and the ability to directly send data electronically into a lender's credit origination system.'' ``ADP has worked with Credit Online for years to develop ways to improve our dealers' processes,'' said Bob Karp, senior vice president, e-commerce for ADP. ``This solution will move us closer to a truly paperless environment. Integrated with ADP's total dealership solutions, we are able to help dealers dramatically accelerate cash flow and improve their profitability.'' ``We're looking forward to implementing eContracting within our dealership clients' F&I operations,'' said Greg Collins, senior vice president of Reynolds and Reynolds. ``The integration with our Generations Series(TM) suite of solutions and services will enable our customers to make better use of information, drive operational efficiencies and increase customer satisfaction in the dealership. We're pleased to be working closely with Credit Online to offer an integrated technology that adds real value to the dealership.'' About Credit Online, Inc. Credit Online is the e-commerce subsidiary of First American CMSI. The company credit-enables business-to-business transactions through its Internet gateway and its patented CreditConnection technology. Credit Online's innovative technology instantly and electronically connects businesses that are credit originators (such as automotive dealers) to credit bureaus and multiple funding sources or ``electronic'' lenders throughout the United States and Canada via the Internet. The service is available 24 hours a day, seven days a week, expediting the credit application approval process from days to minutes. The service also provides a host of communication and analysis tools that cater to a finance and insurance manager's need to increase productivity. Headquartered in Annapolis Junction, Md., First American CMSI has been the premier end-to-end credit automation solutions provider, including Internet-based online lending and leasing technology, since the company's inception in 1987. First American CMSI also licenses credit-decisioning systems for consumer and business credit that have been the choice of North America's largest lending institutions. For more information, visit . About The First American Corporation Tracing its history to 1889, The First American Corporation, is the nation's leading, diversified provider of business information and related products and services. The corporation's three primary business segments include: title information and services; real estate information and services, which includes mortgage information services and database information and services; and consumer information and services, which provides automotive, subprime and direct-to-consumer credit reporting; direct-to-consumer public records reporting, resident screening; pre-employment screening; automotive title administration; property and automotive insurance tracking services; property and casualty insurance; home warranties; investment advisory; and trust and banking services. Information about First American and an archive of press releases can be found at . About ADP Dealer Services ADP Dealer Services Group provides integrated computing solutions to more than 16,000 automotive and truck dealers throughout the United States, Canada and Europe. ADP Dealer Services Group is the third largest business unit of Automatic Data Processing, Inc. ADP, with approximately $7 billion in annual revenues and 500,000 clients, is one of the largest independent computing services firms in the world. More information on ADP and ADP Dealer Services Group is available via the Internet at and . ADP is a registered trademark of ADP of North America, Inc. About Reynolds and Reynolds Reynolds and Reynolds, headquartered in Dayton, Ohio, is a leading provider of integrated information management solutions to the automotive retailing marketplace. The company's services include a full range of retail and enterprise management systems, networking and support, e-business applications, Web services, learning and consulting services, customer relationship management solutions and leasing services. To find out more about the company, its vision, products and services, visit . Certain statements in this press release, including those relating to the availability, the components, the implementing and the benefits derived from Credit Online's eContracting initiatives are forward looking. Risks and uncertainties exist which may cause results to differ materially from those set forth in these forward-looking statements. Factors that could cause the anticipated results to differ from those described in the forward-looking statements include: interest rate fluctuations; changes in the performance of the real estate markets; general volatility in the capital markets; changes in applicable government regulations; consolidation among the company's significant customers and competitors; legal proceedings commenced by the California attorney general and related litigation; the company's continued ability to identify businesses to be acquired; changes in the company's ability to integrate businesses which it acquires; and other factors described in the company's Annual Report on Form 10-K for the year ended Dec. 31, 2000, filed with the Securities and Exchange Commission. The forward-looking statements speak only as of the date they are made. The company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.