Credit online alliance with Reynolds - New Alliance Solidifies CreditConnection Technology as the Industry Standard For Electronic Financing Connectivity for Automotive Dealerships -
ANNAPOLIS JUNCTION, Md., Oct 11, 2001 /PRNewswire via COMTEX/ -- Credit Online, Inc., a member of The First American Corporation (NYSE: FAF) family of companies, today announced a strategic technology and marketing alliance with The Reynolds and Reynolds Company (NYSE: REY), the leading provider of automotive dealership management systems (DMS). This new alliance provides Reynolds' dealer customers with electronic connectivity, via the Internet, to all of their funding sources. Integration with Reynolds ERA(R) finance and insurance (F&I) system will make Credit Online's CreditConnection(R) service available to 9,500 Reynolds dealers in the United States and Canada.
When added to Credit Online's existing alliances with Automatic Data Processing (ADP), Universal Computer Systems (UCS), and other automotive software and service providers, Reynolds agreement with Credit Online is a noteworthy development in the online finance market. This new relationship completes the evolution of CreditConnection into the automotive industry's standard for electronic financing. Through these alliances, the CreditConnection integration will be available to the majority of franchised automotive dealers throughout North America.
"CreditConnection fits well into our strategy of offering totally integrated solutions that materially improve the business processes within the dealership," said Greg Collins, senior vice president of Reynolds and Reynolds. "We're very pleased to be joining forces with Credit Online to offer this capability to our automotive clients."
Howard Tischler, president and chief executive officer of Credit Online, said: "We're delighted to welcome Reynolds and Reynolds as our newest partner. CreditConnection and the CreditOnline Network have now been selected by the top three DMS providers and 26 major lenders, as well as other suppliers of dealership software and services. This validates our technology as the standard solution of choice for electronic connectivity in the F&I office."
CreditConnection is part of Credit Online's patented CreditOnline Network, an innovative technology that instantly connects dealers with credit bureaus and multiple funding sources 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 an F&I manager's need to increase productivity in the key profit centers in the dealership. In August 2001, Credit Online marked a record 700,000 transactions transmitted through its electronic CreditOnline Network, making it one of the largest business-to-business marketplaces in the world.
About First American CMSI
Headquartered in Annapolis Junction, Md., First American CMSI has been a premier end-to-end credit automation solutions provider, including Internet-based online lending and leasing technology, since the company's inception in 1987. The company's e-commerce subsidiary, Credit Online, Inc., credit-enables business-to-business transactions through its Internet gateway and its patented CreditConnection technology, which links credit originators such as automobile dealers and borrowers with leading prime and nonprime lenders. First American CMSI also licenses credit-decisioning systems for consumer and business credit that have been the choice of North America's largest and most demanding lending institutions. CreditConnection and CreditOnline are trademarks or registered trademarks of First American CMSI. For more information, visit www.cmsinc.com.
About The First American Corporation
The First American Corporation, based in Santa Ana, Calif., 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 www.firstam.com.
About Reynolds and Reynolds
Reynolds and Reynolds, headquartered in Dayton, Ohio, is the 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 www.reyrey.com.