RouteOne LLC Expands to Canada; Scotiabank Onboard as First Prime Finance Source

SOUTHFIELD, Mich., and TORONTO, Dec. 9, 2004 -- Building on its U.S. success, RouteOne LLC, the joint venture originally created by DaimlerChrysler Services, Ford Motor Credit Company and General Motors Acceptance Corporation, has announced plans for expansion to Canada in 2005, with Scotiabank as its first prime finance source.

RouteOne is a web-based credit application management system designed to accelerate the automotive finance process by making it easier, faster, and more accessible for dealer customers and their finance sources.

RouteOne Canada has made significant progress with the announcement of a participation agreement with Scotiabank, Canada's largest non-captive automotive lender and the first non-captive finance source available on the system. RouteOne Canada will officially begin operations in early 2005.

"The expansion to the Canadian market is the next logical step in the progression of RouteOne," said Mike Jurecki, RouteOne CEO. "The move to Canada and the alliance with Scotiabank are solid evidence of our commitment to supplying the dealer and finance source community the most efficient credit application management system available."

RouteOne will provide dealers unprecedented access to its finance sources by combining the major captive finance sources with the independent finance sources, all in one credit application management system.

"As the leading non-captive lender in the industry, we are committed to meeting and exceeding the needs of dealer customers for greater electronic access to our financing products," says Ron Porter, Senior Vice-President, Scotiabank Automotive Finance and Indirect Lending. "By partnering with RouteOne, we continue to demonstrate our strong commitment to our dealer customers and the entire Canadian auto finance community."

RouteOne began its national rollout to U.S. dealers in the summer of 2004. After an initial pilot phase, RouteOne will be available in Canada in early 2005. A Canadian Dealer Advisory Board has been established and will provide input and feedback on the system which is integral to future functionality and product improvements.

"Both Canadian dealers and finance sources are extremely interested in the RouteOne system," said Barry McMillan, President, RouteOne Canadian Operations. "The enthusiasm of the U.S. dealers has traveled quickly -- Canada is ready for RouteOne and we couldn't be more pleased to include Scotiabank as our first banking finance source partner. We look forward to a long and beneficial relationship centered on providing unmatched service to our finance sources, dealers, and their customers."

RouteOne Canada is headquartered in Markham, Ontario. The RouteOne Canada website, launched in early August, is within RouteOne.com. The Canadian site will provide corporate news, rollout plans, functionality updates, and other relevant information.

About RouteOne

Established in April 2002, RouteOne LLC is a joint venture originally formed by DaimlerChrysler Services, Ford Motor Credit Company, and General Motors Acceptance Corporation to improve the credit application process for automobile dealers, their customers, and participating financial institutions. The joint venture has developed a web-based system that enables dealers and their finance sources, including captives, banks, and other financial institutions, to exchange credit application and decision information online. More information is available at http://www.routeone.com/ .

About Scotiabank

Scotiabank is one of North America's premier financial institutions and Canada's most international bank. With approximately 48,000 employees, Scotiabank Group and its affiliates serve about 10 million customers in some 50 countries around the world. Scotiabank offers a diverse range of products and services including personal, commercial, corporate and investment banking. With $279 billion in assets (as of October 31, 2004), Scotiabank trades on the Toronto (BNS) and New York (BNS) Stock Exchanges. For more information please visit http://www.scotiabank.com/ .