Banc One, Navidec and Portland's KOIN-TV to Launch "Wheels" Online Automotive Solution in Oregon
24 February 1998
Banc One, Navidec and Portland's KOIN-TV to Launch "Wheels" Online Automotive Solution in Oregon
Wheels Service Greatly Enhances Effectiveness of
Rapidly Growing Internet Auto Purchasing
COLUMBUS, Ohio, Feb. 24 -- Banc One Credit Company, a unit of
Finance One Corporation, the finance company subsidiary of BANC ONE
CORPORATION , and Navidec, Inc. (Nasdaq: NVDC, NVDCW), a leading
provider of Web-based products and solutions, today announced they have
entered into an agreement with KOIN-TV Channel 6 in Portland to launch the
"Wheels" online automotive shopping service in Oregon in April 1998.
BANC ONE and Navidec recently announced a partnership to launch Wheels in
five or more major U.S. markets. After Portland's Wheels launch, Dallas,
Oklahoma City and Phoenix are identified for rollout in the first half of this
year. Banc One Credit Company is the fifth-largest indirect lender and the
second-largest bank-owned provider of automotive financing in the country, and
has been in the business of financing new and used cars for more than
40 years.
To address high demand for shopping and buying autos online, the new
Wheels service allows for capabilities never before available and is ideally
suited for automotive dealers, consumers, media outlets and financial
institutions. A recent study conducted by the Dohring Company, found that
nearly half of those questioned said they may use the Internet for their next
auto purchase, while 32 percent said they already have looked up vehicle
information on the Internet.
KOIN's "Northwest Wheels" solution, accessed from its Web site at
http://www.channel6000.com or http://www.koin.com and http://www.northwestwheels.com will allow Web
users to obtain information on thousands of new and pre-owned vehicles from
multiple automobile dealers in the Portland area.
Site visitors will be able to search a dealer's entire inventory by any
combination of vehicle type, year, mileage and total price range. Dealers can
include digital photos of actual vehicles in their inventory, so consumers can
view the exact vehicles they have identified.
"For KOIN-TV, the new Northwest Wheels service is an excellent product to
complement our already powerful Internet presence," said Peter Maroney, vice
president and general manager of KOIN-TV. "Northwest Wheels will undoubtedly
provide a strong new customer source and revenue generator at the Portland-
area automotive dealers who have been some of our best and most loyal
television advertisers. This opportunity to advance the merger of our
broadcast and interactive media is exactly the kind of full-spectrum media
service we strive to provide our advertisers."
He added that the service is sure to be a success in Portland because a
high percentage of residents are heavy Internet users and consumers. KOIN-TV
also will immediately begin a substantial broadcast advertising campaign to
promote the new solution to the region's automotive dealers and to attract
consumers to the site.
"Northwest Wheels will help Oregon's automotive dealers sell more vehicles
and will provide an efficient distribution system for all of Bank One's dealer
products, including retail, leasing and subprime financing," said Macy Meyer,
national product manager, Banc One Credit Company. He added that, "It also
will provide consumers in Oregon and southern Washington with a convenient,
no-haggle method to purchase and finance a vehicle."
Navidec and The Denver Post launched the first regional Wheels solution in
Colorado late last year and have since then signed 32 separate dealer
franchises in the Denver area, far exceeding initial expectations. The number
of leads generated for participating dealers also is beyond initial estimates,
signaling that consumer acceptance of the product is extremely high. Colorado
Wheels can be viewed at http://www.coloradowheels.com.
"We are very pleased with the progress of our multi-market launch of
Wheels which will provide us with a significant recurring revenue stream,"
said Ralph Armijo, CEO and president of Navidec. "We are currently negotiating
contracts in five of the top 10 markets, while continuing our successful
strategy of securing media partners in the top 100 markets across the
country." Armijo added that by licensing the Wheels service to strong regional
media partners, such as KOIN-TV, Navidec can ensure aggressive advertising and
promotion campaigns to draw visitors to the Web site.
KOIN's comprehensive Internet offering, which brings viewers the latest
information on breaking news stories, weather, traffic, sports, event
information and more, is a joint venture with Internet Broadcasting System
(IBS)) of Edina, Minnesota. IBS is an Internet developer that specializes in
bringing local content to the Web through partnerships with television
stations. Established in 1925, KOIN Radio was one of the pioneer broadcasters
of the Pacific Northwest. KOIN-TV, a CBS affiliate, was licensed in 1953 and
is a division of Lee Enterprises Inc., headquartered in Davenport, Iowa.
With 31 offices across the country, Banc One Credit Company offers
automobile dealers local service with the lending power of a national
organization. Finance One Corporation is a subsidiary of BANC ONE CORPORATION
headquartered in Columbus, Ohio, and manages assets of approximately
$28 billion. It is one of the largest finance companies in the United States
and is a holding company of eight business units engaged in consumer,
indirect, commercial and mortgage lending markets. BANC ONE CORPORATION has
total assets of $115.9 billion and common equity of $10.2 billion at
December 31, 1997.
Navidec, Inc., based in Englewood, Colorado, is a leading national
provider of products and solutions that use Web-based technologies to achieve
its customers' business objectives. From commercial Web site development to
the design and implementation of intranet and extranet applications and tools,
Navidec helps customers develop successful online solutions. Navidec's premier
vertical market focus is on the automotive industry with its Wheels online
automotive sales solution. Navidec partners with media organizations to
produce Wheels in markets nationwide. The Company's Web site address is
http://www.navidec.com.
SOURCE Banc One Corporation