Black Book Forms Strategic Alliance with DataScan
GAINESVILLE, Ga.--April 3, 2003--National Auto Research, publisher of Black Book Guides, recognized as an industry leader in automotive pricing guides, today announced a strategic alliance with Atlanta-based DataScan Technologies to offer electronic Black Book data as new functionality in DataScan's Wholesale Management System (WMS)(TM) and Dealer Access System (DAS)(TM).Using WMS, a floorplan lender will have the capability to electronically locate valuation information on all used vehicles. The Black Book functionality offers users real-time valuation lookup as vehicles are floored, separate on-demand inquiry screen for online valuation lookup, and flexible configuration of valuation rules. Capabilities also include portfolio-wide valuation, allowing the lender to run its entire used vehicle portfolio through the Black Book valuation engine on demand, to determine how the floorplan value varies with market value.
Automotive dealerships will also benefit from Black Book functionality using the Dealer Access System. Via secure Internet access, Dealers will go online to conduct various floorplan transactions, including used vehicle funding requests. The floorplan loan amount entered by the dealer is automatically verified against the Black Book vehicle valuation service. The dealer then receives instant notification if the loan amount is acceptable, or perhaps exceeds the market value, resulting in a faster and more efficient loan approval process.
"We are extremely pleased to enter into a business relationship with a company the caliber of DataScan," said Robert M. Burnett, president of Black Book. "While our printed guides are well known throughout the industry, our emphasis has begun to shift to the electronic arena, and the relationship with DataScan, the known leader in wholesale floorplan accounting, is a large step in that direction. Because of the respective leadership positions of both of our companies, I look forward to a long and mutually beneficial association."
"Forming this strategic alliance with Black Book allows DataScan to offer a more comprehensive and robust product," added DataScan Technologies' president and CEO, Tom Martin. "The fact that we are expanding our system's functionality to offer online, electronic Black Book valuations is a tremendous benefit to our clients. Dealerships will benefit because they can login to DAS over the Internet and instantly obtain a vehicle's valuation as floorplan funding is being requested."
About Black Book
National Auto Research (NAR), publisher of Black Book, is recognized as a leader in the industry. Black Book guides contain new and used car and truck pricing for the automotive and finance industries, as well as vehicle descriptions and options. The weekly guide provides current reports of used car auction results in four distinct classifications to used car dealers, new car dealers, bankers, wholesale buyers and credit union subscribers. The new vehicle price guides contain Dealer Invoice and Manufacturers Suggested Retail Price (MSRP) for cars, trucks and optional equipment. All used vehicle guides provide loan values for finance purposes and certain products include VIN interpretations. NAR also offers software and electronic databases for the automotive industry and residual values for the finance and leasing markets. Black Book can be found on the Internet at www.blackbookusa.com
About DataScan Technologies
DataScan Technologies is headquartered in Alpharetta, Georgia and is a pioneer in Wholesale Finance and Accounting Systems and Risk Management 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 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 floorplan field audit services throughout the U.S. with Nationwide Audit Services (NAS). DataScan Technologies can be found on the Internet at www.datascantech.com.