Seasoned Auto Industry Leaders Launch Flex Fund Financial Services; New Company Provides Used-Car Inventory Financing to Dealers and Salvage Buyers

NEWPORT BEACH, Calif.--Sept. 22, 2006--Flex Fund Financial Services, LLC, today announced its entry into the more than $250 billion used-car and salvage markets. Flex Fund provides industry-leading used-car inventory financing--known in the industry as floor planning--to new- and used-car dealers, and salvage buyers. Formed by experienced automotive industry leaders, Flex Fund's management team has more than 110 years of collective industry experience. The company is headquartered in Orange County, Calif., and has operations in Minneapolis.

"We're excited to offer a range of meaningful choices to new- and used-car dealers, as well as salvage buyers. Disruptive technology and innovative business models are rapidly altering the remarketing landscape for both used and salvage vehicles. It seems to us that financial services providers need to take the initiative and be more creative in solving real-world business problems for their customers. Flex Fund was created to do exactly that," said Cliff James, Flex Fund's CEO.

Specifically, Flex Fund offers new- and used-car dealers flexible plans for:

-- Inventory financing for used car purchases at select online and "brick-and-mortar" auctions;

-- Trade-in financing; and

-- Inventory financing for value-added services such as transportation costs and post-sale inspections.

The company also offers convenient inventory financing products tailored specifically for those in the salvage industry including:

-- Dismantlers/Recyclers;

-- Rebuilders; and

-- Exporters.

"Selling more parts out of inventory versus brokering parts allows salvage dismantlers to earn much healthier margins. We're acting on that. Providing trade-in financing or floor planning transport costs allows dealers to better deploy precious working capital in their businesses. We're acting on that. These are just two examples of how Flex Fund takes a risk neutral approach to satisfying our customers' genuine business needs," James went on to say.

To learn more about Flex Fund and their innovative financing options, visit the company's recently launched Web site at: www.flexfund.net. Or, meet Flex Fund in person at one of the following upcoming trade shows:

-- Automotive Recyclers Association (ARA) 63rd Annual Convention and Exposition, Indianapolis, September 28-30, 2006;

-- 11th Annual National Special Finance and Buy Here-Pay Here Conference, Las Vegas, October 8-10, 2006.

About Flex Fund

Flex Fund Financial Services, LLC, provides used-car inventory financing (floor planning) to new- and used-car dealers, and salvage buyers. The company has established relationships with key industry leaders, offering customers access to a broad selection of inventory with innovative financing options to meet their needs. Headquartered in Orange County, Calif., with operations in Minneapolis, Flex Fund is led by a management team with more than 110 years of automotive industry experience. To learn more, visit Flex Fund online at: www.flexfund.net.