Wachovia to Automate Auto Financing through DealerTrack; Major Banks Continue Migration to Industry's Most-Established Auto Finance Platform

    MELVILLE, N.Y.--June 18, 2003--Wachovia Corp. has joined the growing list of lending institutions participating on the DealerTrack(TM) auto finance platform. Wachovia will accelerate its dealer-to-lender relationships by making its financing services available to dealers within its Southeastern footprint that currently use DealerTrack.
    Wachovia had previously automated its auto financing through participation on Credit Online's CreditConnection(R) network. Following DealerTrack's recent acquisition of Credit Online, Wachovia has now migrated to the DealerTrack platform. The combination of DealerTrack and CreditConnection will offer Wachovia dealers the ability to integrate their dealer management systems with DealerTrack.
    Wachovia's dealer customers who use DealerTrack are now able to electronically submit credit applications to the lender. Dealers can also use the platform to monitor changes in application status, share information instantly with lenders on the system and access credit reports.
    "DealerTrack has demonstrated commitment and technological leadership in this market, and has built upon its offering considerably through its acquisition of CreditConnetion," said David Stevens, head of Wachovia Dealer Financial Services. "Our dealers will be able to maintain direct integration with their dealer management system platforms, while we will have access to a wider array of dealers. We believe the level of service we will be able to offer our dealers through DealerTrack is critical to our continued success in this market."
    "We are proud to announce the addition of yet another marquee lender like Wachovia to the DealerTrack family," said Mark O'Neil, DealerTrack president and chief executive officer. "The growth and quality of our list of lenders is one of the best measures of our success in this market. We look forward to building on the success Wachovia has enjoyed through its use of the CreditConnection platform."

    About DealerTrack:

    With over 20,000 dealers and over 30 lenders currently connected, DealerTrack is North America's premier independent Web-based platform that automates and accelerates the entire dealer-to-lender relationship, from financing to daily information sharing. The DealerTrack suite of products includes credit application processing, credit bureau access, electronic contracting and lease comparisons - all in one easy-to-use, integrated solution. Additionally, the DealerTrack platform features integration with top dealer management systems for credit application processing and credit bureau access. More information on DealerTrack is available at www.dealertrack.com or by calling 877-357-8725.

    About Wachovia Corporation:

    Wachovia Corporation , created through the September 1, 2001, merger of First Union and Wachovia, had assets of $348 billion and stockholder's equity of $32 billion at March 31, 2003. 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 48 of the 50 states. Global services through more than 30 international offices. Online banking and brokerage products and services are available through wachovia.com.