First Priority Announces Agreement with Insurance Carrier
9 September 1997
First Priority Announces Agreement with Insurance CarrierPLAINVIEW, N.Y., Sept. 9 -- First Priority Group, Inc. (OTC Bulletin Board: FPGP), announced today that it has entered into a three year agreement with a mid-sized property and casualty insurance carrier, conducting business in at least 10 states, to offer its proprietary Direct Appraisal and Repair Program (DARP) to the insurance carrier's insureds. The agreement provides for the carrier to utilize the DARP exclusively in all of the states that it markets auto insurance. FPG believes this agreement offers the potential to substantially increase FPG's revenues that it derives from the DARP. This agreement represents the fourth insurance carrier that has entered into a DARP agreement with FPG. The DARP is a proprietary nationwide program which provides the administration, estimating, auditing, appraising, adjusting, and management of physical damage repair to insured vehicles via a network of contracted repair vendors. FPG recently announced that it intends to begin purchasing collision repair facilities in geographic locations in which it controls a substantive amount of repair business, in an attempt to become a significant participant in the consolidation of the collision repair industry. FPG is primarily engaged directly and through its wholly owned subsidiaries in nationwide managed auto care services for self-insured corporate fleets, insurance companies, members of affinity groups and consumers. SOURCE First Priority Group, Inc.