Wachovia Offers Best-of-Class Internet Solutions to Automotive Dealerships; DataScan's New System Delivers Fast, Free Access to Dealer Floorplan Accounts

    CHARLOTTE, N.C.--Feb. 3, 2003--Wachovia Corporation , a leading provider of financial services, today announced an agreement with Atlanta-based DataScan Technologies, LLC to deploy Internet connectivity to Wachovia's entire automotive dealership portfolio via the Dealer Access System (DAS)(TM).
    Using DAS, dealers can conduct various floorplan transactions, including funding requests, payments, online review, reporting, and online monthly billing statements, via secure Internet access.
    "Many of our dealers have been asking for this type of capability, and Wachovia is excited to be one of the first banks to offer it as a way to broaden our relationships," said David A. Stevens, senior vice president and head of Wachovia's Dealer Financial Services division. "Wachovia is continually looking at ways to make our processes more efficient and more customer-friendly, and DAS is a great answer to that."
    DAS is the first application of its kind in the industry offering online wholesale floorplan functionality for automotive dealerships with access via the Internet.
    "The implementation of DAS will streamline productivity and save Wachovia thousands of manual-entry hours a year. Not to mention the benefits of their dealers having online access to their floorplan accounts 24/7," said Tom Martin, DataScan Technologies' president and CEO. "DAS will greatly simplify Wachovia's processes as they continue to expand their floorplan footprint."
    Wachovia has been a client of DataScan Technologies using the Wholesale Management System (WMS)(TM), Collateral Management System (CMS)(TM), and Nationwide Audit Services (NAS)(SM) since 1994.

    About Wachovia

    Wachovia Corporation , created through the September 1, 2001, merger of First Union and Wachovia, had assets of $342 billion and stockholders' equity of $32 billion at December 31, 2002. Wachovia is a leading provider of financial services to retail, brokerage and corporate customers throughout the East Coast and the nation. The company operates full-service banking offices under the First Union and Wachovia names in 11 East Coast states and Washington, D.C., and offers full-service brokerage with offices in 49 of the 50 states. Global services are provided through more than 30 international offices. Online banking and brokerage products and services are available through wachovia.com.

    About DataScan Technologies

    DataScan Technologies is headquartered in Alpharetta, Georgia and is a pioneer in Wholesale Finance and Accounting Systems and Services since 1989, specializing in Floorplan Solutions. DataScan strives to revolutionize the way banks and captive financial institutions manage their collateral, allowing them to work more effectively with quick, secure access from any PC with Internet access. DataScan's first-to-market dealership Internet solution for wholesale financial institutions offers closer electronic communications between the lender and the dealer. DataScan also offers professional field audit solutions throughout the U.S. with Nationwide Audit Services (NAS). DataScan Technologies can be found on the Internet at datascantech.com.