Chase Auto Finance, Manheim Teamwork Drives Online Sale Surge

FOR IMMEDIATE RELEASE                             CONTACT:  Lois Rossi

March 2, 2009
Manheim

 
(678) 645-2028

 

CHASE AUTO FINANCE, MANHEIM TEAMWORK DRIVES ONLINE SALE SURGE 

Participation in Manheim Mondays, Sales Support Lead to Sharp Increase
from 2008

 

            ATLANTA - Chase Auto Finance sold 10 times as many vehicles
on Manheim's OVE.com in January than it did a year earlier.  The sales
for just the first month of 2009 equaled 20 percent of Chase's 2008
OVE.com sales volume for all of 2008. 

 

            "Chase works proactively with Manheim to ensure that our
inventory is priced competitively," said Lynn G. Wolver, national
remarketing manager for Chase Auto Finance. "About six months ago, we
began working directly with the Manheim team on a new online sales
strategy - and saw an immediate lift in our sales.  And that has
continued in recent months, thanks in part to Manheim's understanding of
our needs and desire to innovate."

 

            Chase was a key factor in helping Manheim develop Manheim
Mondays, a weekly online blockbuster sales event intended to give buyers
more options on a normally slow day.  Chase's  experience -- and success
-- with the online event sales model helped Manheim develop the tools
and services that consignors need most to drive online sales.

 

            "We like to think of our partnership with Chase as our
national seller think tank," said Nick Peluso, Manheim senior vice
president of customer management. "Dealers like the Chase sale because
it is a consistent event that offers a wide selection of competitively
priced inventory. Along with our other national consignors, Chase is
helping Manheim reach new territory in Online Event Sales." 

 

             Manheim Mondays connect buyers to online inventory from
several national sellers on a day when dealers generally prefer to stay
on their lots. 

 

            "Online Event Sales allow us to turn inventory extremely
quickly," said Wolver. "We're able to understand a tremendous amount
about our buyers and our business because of the depth of sales data we
can track online." 

 

About Chase Auto Finance

            

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 leading global financial services firm with
assets of $2.2 trillion and operations in more than 60 countries. The
firm is a leader in investment banking, financial services for
consumers, small business and commercial banking, financial transaction
processing, asset management, and private equity. A component of the Dow
Jones Industrial Average, JPMorgan Chase & Co. serves millions of
consumers in the United States and many of the world's most prominent
corporate, institutional and government clients under its J.P. Morgan,
Chase, and WaMu brands. Information about JPMorgan Chase & Co. is
available at www.jpmorganchase.com.

 

About Manheim

 

Manheim (www.manheim.com <http://www.manheim.com> ) is the world's
leading 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 2008, Manheim handled nearly 10 million used
vehicles, facilitating transactions representing more than $50 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 Resources Auctions). 

 

Manheim is a subsidiary of Atlanta-based Cox Enterprises, Inc., one of
the nation's leading communications, media and automotive services
companies. 

 

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