Parts.com and eAutoclaims Sign Exclusive
License and Joint Marketing Agreement
Five Year Exclusive Creates Pipeline Representing Millions in Auto Parts
Purchases Through parts.com North American Dealer Network
Agreement to Deliver Benefits to Insurance Companies and Body Shops
SANFORD, Fla., and PALM HARBOR, Fla., May 10 Parts.com, Inc. (OTC Bulletin Board: MIRM), a marketplace and software
solutions provider for the parts industry and
eAutoclaims, (OTC Bulletin Board: EACC), a B2B Internet infrastructure company
that lowers automotive repair costs paid by Insurance companies and fleet
vehicles, today announced an exclusive license, relationship and joint
marketing agreement.
Parts.com and eAutoclaims have entered into a five-year exclusive
agreement whereby eAutoclaims and its 2,500-networked body shops will utilize
parts.com's 2,700 nationwide dealers network to procure OEM collision,
mechanical and accessory parts. Parts.com will work exclusively through
eAutoclaims to bring value to the insurance industry. In a revenue sharing
relationship, the agreement allows eAutoclaims South Carolina call center to
begin an aggressive telemarketing campaign to sell car dealerships nationwide
parts.com's TradeMotion Storefront in an effort to expand parts.com's
dealership distribution and reach saturation in every market. Those
dealerships that purchase the TradeMotion StoreFront will be targeted to
receive OEM parts orders from eAutoclaims and its body shops.
"This is a big win for all of our trading partners and clients," stated
Eric Seidel, President and CEO of eAutoclaims. "First, the parts.com
participating car dealerships will see a significant increase in the volume of
auto parts orders through the parts.com pipeline. EAutoclaims buys millions of
dollars in OEM parts every month and we plan on pushing this through the
parts.com network. The eAutoclaims networked body shops will enjoy a discount
on OEM parts as part of eAutoclaims Member Benefits Program. The discounts
will go beyond their current wholesale pricing. This will allow them to
compete with the large consolidators who are trying to take away market share
from the independent shops. The new Member Benefit will be extended beyond
just eAutoclaims repairs and will help the body shops' margins on non-
eAutoclaims work. With this new initiative in-place, eAutoclaims clients will
share in the discounts, thus continuing to lower their average paid losses
when OEM parts are required," concluded Mr. Seidel.
"This agreement brings millions of dollars in demand to those car
dealerships which are utilizing our TradeMotion Storefront software," stated
Shawn D. Lucas, President and CEO of parts.com. "The agreement will allow
eAutoclaims to bring additional benefits to its participating body shops
nationwide and should lower the cost per claim of those Insurance companies
who partner with eAutoclaims and parts.com. We have developed world-class
software in TradeMotion, which both Cap Gemini and Accenture the #1 and #2
consulting firms in the world have approved. However, this is not enough in
today's fast changing economy. In order for companies to be successful, they
must provide industry specific software, that has been tested and proven, as
well as help their customers by bringing them demand. This is where a lot of
companies will fail. Technology budgets have been slashed across many
verticals and technology executives are looking for proven, cost-effective
software that can bring measurable, quantifiable results immediately,"
concluded Mr. Lucas.
EAutoclaims recently announced a five-year contract with Royal & Sun
Alliance (RS&A) Insurance Company one of the top 25 property and casualty
insurance companies in the United States. RS&A will utilize eAutoclaims'
2,500 collision repair facilities and its Internet claims application to bring
RS&A customers a complete, seamless solution to their loss, while helping
those customers get their lives back to normal much faster. eAutoclaims works
with several other insurance companies and Third Party Administrators.
"With the recent court decisions dramatically affecting Insurance
companies with respect to non-OEM parts, many of our clients have asked for
eAutoclaims to create new programs with preferred part pricing," stated Mr.
Seidel. "We made the decision to work with parts.com based on their ability
to meet several requirements, including parts discounts and local same day
delivery. The new program has the potential to add to eAutoclaims profit
margin by as much as 2% or better. The roll out is expected to begin this
month," concluded Mr. Seidel.
About Parts.com
Parts.com, based in Sanford, Florida, provides business-to-business
electronic commerce software and parts procurement platform provider. The
Company's e-procurement solutions enable corporations to use electronic
automation to streamline business transactions and reduce costs. In addition
to automating existing relationships between buyers and seller, Parts.com also
provides a marketplace where buyers and sellers can conduct transactions
electronically.
About eAutoclaims
EAutoclaims is a pioneering business-to-business Internet infrastructure
company that utilizes the Internet to streamline and lower the overall cost of
automotive repairs paid by insurance companies and on corporately owned fleet
vehicles. The company is creating a new online digital automotive maintenance
organization industry within the $23 billion market of the auto collision
claim industry. eAutoclaims is establishing itself as the pre-eminent
Application Service Provider for the automobile insurance industry, providing
seamless back-end infrastructures that link thousands of collision repair
shops and/or glass repair facilities into a network. The company offers a
cost-effective and highly advanced "Bricks to Clicks(TM)" Claims System for
the processing and ultimate repair of damaged vehicles as insured auto claims
and by self-insured fleets. EAutoclaims.com, Inc., generates revenue from
administrative fees and discounts earned by processing collision & glasswork
through its system.
This announcement contains "forward looking statements." Words such as
"anticipate," "believe," "estimate," "expect," and other similar expressions
as they relate to the Company and its management are intended to identify such
forward-looking statements. Although the Company and its management believe
that the statements contained in this announcement are reasonable, it can give
no assurances that such statements will prove correct. Factors that could
affect the occurrence of events or results discussed herein are included with
those mentioned in the Company's filings with the Securities and Exchange
Commission.
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