GE Fleet Services Forms Partnership with Carfax; Nets $300 Per Vehicle Lift to Resale Value of Fleet Vehicles

EDEN PRAIRIE, Minn.--June 17, 2004--GE Fleet Services has entered into an exclusive partnership with vehicle history information provider Carfax to enhance the value of its off-lease vehicles. Now, service information on GE managed fleet cars is forwarded to Carfax for inclusion in their Vehicle History Reports. Every GE fleet vehicle that qualifies will come with the exclusive Carfax Buyback Guarantee.

"The impact of our new partnership on the resale value of our fleet vehicles is unprecedented," explains Paul Seger, vice president of asset remarketing for GE Commercial Finance - Fleet Services. "Our initial study shows a net gain of approximately $300 on the sell price of cars we resell through auctions."

Dealers with Carfax accounts will have access to the complete service and repair information for any GE Fleet vehicle. The companies are currently exploring ways to expand access to Carfax vehicle history information at auctions around the country.

"We're excited about these initial research findings and are confident that this lift will translate into increased profits at the retail level," says Dick Raines, president of Carfax. "This confirms our belief that the provision of vehicle history information and service records has a net positive effect on profits of participating dealerships."

About Carfax

Carfax Vehicle History Service can confirm a clean title history or may help purchasers identify previous salvage history, odometer fraud, flood damage or other incidents in a car's past. Customers can access more than three billion vehicle history records in the Carfax database at www.carfaxonline.com. Carfax, Inc., based in Fairfax, Virginia, is a wholly owned subsidiary of R.L. Polk & Co.

About GE Fleet Services

GE Fleet Services, based in Eden Prairie, Minn., is a global fleet management company with operations in the United States, Canada, Mexico, Europe, Japan, Australia and New Zealand. GE Fleet Services is a unit of GE Commercial Finance. With over US$217 billion in assets, GE Commercial Finance, headquartered in Stamford, Connecticut, offers businesses around the globe an array of financial services and products. GE is a diversified technology and services company dedicated to creating products that make life better.

Editors Note: Graphics are available for this story. For information please contact Larry Gamache @ 703.934.2664, ext. 4108.