DaimlerChrysler Services (DCS), Ford Motor Credit Company (FMCC), and General Motors Acceptance Corporation (GMAC) have officially formed a newly created Limited Liability Company (LLC)

FOR RELEASE: May 9, 2002

Major Auto Finance Companies Make Major Move Joint Venture Signs LLC Agreement, Appoints CEO

SOUTHFIELD, MI - DaimlerChrysler Services (DCS), Ford Motor Credit Company (FMCC), and General Motors Acceptance Corporation (GMAC) have officially formed a newly created Limited Liability Company (LLC) that will enable auto dealers to better manage their credit application process.

DCS, FMCC and GMAC are jointly developing a Web-based system that will provide a common data highway for the exchange of credit application information and credit decisions between dealers and finance sources, including captives, banks and other financial institutions. The system should help dealers save time while improving the car-buying experience for the end consumer.

Also announced today, 18-year automotive industry veteran Mike Jurecki has been hired to spearhead the company's efforts as chief executive officer. DCS, FMCC and GMAC unanimously support the Ford Credit executive, whose tenure as CEO began in March.

"All parties involved are very optimistic about this endeavor," said John Gibson, Executive Vice President, GMAC North American Operations. "We're extremely confident, both in the company's potential, and in the individual we've chosen to see it through. Mike Jurecki understands the needs of dealers and is well versed in all aspects of the automobile finance industry. He is highly qualified and has the experience necessary to help this company achieve its objectives."

"This company has the potential to become a real change agent for the industry," said Jurecki. "We are clearly building this system to enhance our collective relationships with our dealers by focusing on our true value equation with them. We are going to build a system that is simple to use and that will streamline dealers' processes. This in turn will make it easier for them to do business with their customers."

"The captives, banks and other financial institutions that choose to participate in this system will have access to an unprecedented number of automobile dealers," Jurecki went on to say. "This will truly create a win-win situation for the dealers and their customers."

Jurecki was the Director of Operations for Ford Credit's Capital Efficiency unit before assuming his current role. He has worked for Ford Credit in the United Kingdom as the manager of the Customer Service Center and as the manager of World Wide Trade Financing. Jurecki has also held a number of field positions with Ford and Ford Credit in the Midwest and Northeast regions. He received his BBA from Eastern Michigan University in 1983, and later earned MBAs from the University of Detroit in 1994, and Canisius College in Buffalo, New York, in 1995.

The signing of the LLC agreement and appointment of the CEO represent two more significant milestones for the e-business start-up. The yet-to-be-named company is headquartered in Southfield.