`Wheels' Online Automotive Solution
24 April 1998
Banc One, Navidec and 4 Utah ABC-TV Launch `Wheels' Online Automotive Solution In Utah
`Wheels' Greatly Enhances Effectiveness of Rapidly Growing
Internet Auto Purchasing
DENVER, Colo., April 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 4 Utah ABC-TV in Salt Lake City to launch the
"Utah Wheels" online automotive shopping service in June 1998.
Bank One and Navidec recently announced a partnership to launch Wheels in
five or more major U.S. markets. The launch of Wheels in Utah is the third of
Navidec and Bank One's Wheels markets, which also include Colorado and Oregon.
Banc One Credit Company is the fifth-largest indirect lender, and in the top
two largest bank-owned providers of automotive financing in the country. Bank
One has been in the business of financing new and used cars for more than 40
years.
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. Wheels is specifically designed to address this high demand for
shopping and buying autos online, while meeting the needs of automotive
dealers, consumers, media outlets and financial institutions.
4 Utah ABC's Utah Wheels solution will allow Web users to obtain
information on thousands of new and pre-owned vehicles from multiple
automobile dealers in Utah. 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 vehicles in their
inventory, so consumers can view the vehicles they have identified.
"Utah Wheels is a strong complement to our growing Internet presence,"
said Peter Mathes, general manager of 4 Utah ABC. "Utah Wheels will provide a
strong new resource and revenue generator for 4 Utah's automotive dealers who
are among our best television advertisers."
Mathes added that the service is sure to be a tremendous success in Utah
because the state is one of the top five ranked markets for homes with PC and
modem access. 4 Utah ABC will begin a heavy broadcast campaign to promote
Utah Wheels as a new online sales solution to the region's automotive dealers
and to attract customers to the Web site.
"Utah Wheels will help Utah'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. Plus, we'll offer
special incentives to dealers who participate in Wheels," said Macy Meyer,
national product manager, Banc One Credit Company. He added, "Our easy-to-use
online credit application will provide consumers in the area with a convenient
method to finance the vehicles they find on Utah Wheels."
Navidec and The Denver Post launched the first regional Wheels solution in
Colorado late last year and have since 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 is available at http://www.coloradowheels.com. Navidec, Bank One and KOIN-TV
in Portland will launch Northwest Wheels (http://www.northwestwheels.com) in late
April 1998.
"We are very pleased with the progress of our multimarket 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 several of the top 10 markets, while continuing our successful strategy of
securing media partners in the top markets across the country." Armijo added
that by licensing the Wheels service to strong regional media partners, such
as 4 Utah ABC, Navidec ensures aggressive advertising and promotion campaigns
to draw visitors to the Web site.
4 Utah ABC is part of the United Television/Chris Craft family of stations
that includes KCOP/LA, WWOR/NY, KBHK/San Francisco, KMOL/San Antonio,
KMSP/Minneapolis, KUTP/Phoenix, KPTV/Portland and WUTB/Baltimore. United
Television also owns and operates its own national rep firm, United Television
Sales with offices in 14 cities nationwide.
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 for eight business units engaged in consumer,
indirect, commercial and mortgage lending markets. BANC ONE CORPORATION had
total assets of $115.9 billion and common equity of $10.2 billion at December
31, 1997.
Navidec Inc., based in Englewood, Colo., 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.
All statements in this press release, other than historical facts, are
forward looking statements. These statements are based on certain assumptions
and analyses made by Navidec in light of its experience and its perception of
historical trends, current conditions, expected future developments and other
factors it believes are appropriate in the circumstance. Such statements are
subject to a number of risks and uncertainties, including general and economic
business conditions, demand for automobiles, competition from other automotive
online services, market acceptance of the Wheels solutions, the ability of
Navidec to reach agreements with local media partners and other risk factors
indicated from time to time in Navidec's filings with the Securities and
Exchange Commission. Those filings are available online at http://www.sec.gov.
SOURCE Navidec Inc.