Chase Helps Manheim Offer Dealers Electronic Condition Reports
Chase Auto Finance 900 Stewart Avenue, Garden City, NY 11530-4855 NYSE symbol: JPM www.jpmorganchase.com News release: IMMEDIATE RELEASE Media contacts: Mary Kay Bean, 313-225-2831, mary.kay.bean@chase.com, or Lois Rossi, 679-645-2028, lois.rossi@manheim.com Chase Helps Manheim Offer Dealers Electronic Condition Reports InSight ECR Helps Dealers Make More Informed Buying Decisions Phoenix, April 10, 2008 — Chase Auto Finance and Manheim Inspections announced today that Chase will assist Manheim in introducing InSight ECR to help auto dealers make better decisions about buying used cars for resale. With help from Manheim, Chase becomes the first commercial auto remarketer to offer Manheim Insight ECR--full-disclosure electronic reports--at both Manheim inlane locations and on OVE.com. The electronic condition report called InSight ECR uses Manheim’s standardized criteria to provide comprehensive and consistent used-car inspection details to buying dealers nationwide. “InSight ECR represents the high standards that Chase and Manheim share for disclosure of damages to used cars sold for remarketing,�?? said Pam Mabry-Cadigan, vice president, Manheim Inspections. “Manheim’s goal is to provide consistent and accurate inspection products that increase dealer confidence when purchasing vehicles. Chase is a valued client and always requests complete disclosure and that’s why Manheim has chosen to work with Chase to roll out the product.�?? InSight reports include: · Digital images of a used car’s interior and exterior · Assessments of damages and repairs · Tire/wheel information and tread depth · Odometer reading · OEM and after market add-on equipment InSight ECR relies on AutoGrade*, a point-based system that promotes consistent, accurate grading of a vehicle’s condition. AutoGrade uses Manheim’s and the National Auto Auction Association’s grading scale to eliminate subjectivity and errors. “Auto dealers who use InSight and its AutoGrade feature should feel more confident about what they’re getting at auction,�?? said Lynn Wolver, who manages vehicle remarketing nationally for Chase. “The information will help them calculate more accurately what they can expect to spend before reselling the vehicle. We’re pleased to work with Manheim to offer dealers this valuable tool for evaluating vehicles remarketed by Chase.�?? Manheim expects to expand the tool to other vehicle remarketers in the coming months. Dealers can see InSight ECR online at www.manheim.com. *patent-pending ### Manheim is the world’s largest provider of vehicle remarketing services. Through its wholesale operating locations and array of technology products, Manheim impacts every stage of a used vehicle’s life cycle, helping commercial sellers and automobile dealers realize the full value of their vehicles. The company’s operating location services include reconditioning, certification, inspections, dealer financing, transport, title management and marshaling, among others.Manheim is also the leader in vehicle remarketing technology, using its online tools to connect buyers and sellers around the globe to the world’s largest, most comprehensive wholesale marketplace. In 2007, Manheim handled nearly 10 million used vehicles, facilitating transactions representing more than $59 billion in value. Manheim’s subsidiary companies provide value-added remarketing products and services, including paintless dent removal (Dent Wizard), Auto Body Repair, and salvage vehicle remarketing (Total Resource Auctions). Manheim is a subsidiary of Atlanta-based Cox Enterprises, Inc., one of the nation’s leading media companies and providers of automotive services. Chase Auto Finance, together with its affiliates, is the largest bank provider of auto financing in the country. Parent company JPMorgan Chase & Co. is a global financial services firm with assets of $1.6 trillion and operations in more than 60 countries. The firm is a leader in investment banking, financial services for consumers and businesses, financial transaction processing, asset management, and private equity. Under the JPMorgan and Chase brands, the firm serves millions of consumers in the United States and many of the world's most prominent corporate, institutional and government clients. 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