Automotive Care Expertise Goes Electronic
21 July 1999
Automotive Care Expertise Goes Electronic: Wynn's Warranty Division Partners With e-fin Electronic Financial Marketplace
Leading automotive service contract and product warranty supplier
strategically aligns with world's first electronic auto finance transaction
provider
HICKORY, N.C., July 20 -- For more than 60 years, the Wynn
Oil Company has delivered services and products that help consumers reduce the
cost and inconvenience of automotive breakdowns. Today, this industry giant
announced its strategic alliance with e-fin, Electronic Financial Marketplace
(http://www.e-fin.com ), the first and most comprehensive full-service online,
indirect auto finance channel. Wynn's Warranty Division markets vehicle
service contracts and product warranty programs to car buyers through
approximately 10,000 franchised and independent auto dealers. Now, by
partnering with e-fin, Wynn's extensive dealer network may help secure the
most competitive lending rate for auto consumers, as well.
According to Don DiCostanzo, Vice President and General Manager of the
Wynn's Warranty Division, "Wynn's has become the market leader in the warranty
business through servicing the automotive dealers for the past 28 years, and
we applaud e-fin's commitment to market through the dealer. After researching
the e-commerce automotive market, we believe that e-fin is the virtual portal
that will be successful in the automotive market."
Through e-fin, F&I managers in independent and franchised dealerships are
able to choose financial products matched to their dealership and customer
profiles, quickly and without the previous limitations imposed by time, money,
and geography. This is done by utilizing powerful Internet communication
technology managed through the e-fin site. The service also provides
unparalleled transaction privacy, with all information running through secure
e-fin channels.
"e-fin's and Wynn's views of the world are in very positive alignment --
to support the dealers and to bring efficiencies to the financing transaction
that benefit dealers, lenders, and ultimately the consumer," states David
Sinclair, e-fin's President and CEO. "Our alliance with Wynn's became an easy
decision when we recognized what each was able to bring to the relationship.
Wynn's brought a strong history of product and service excellence and a large
dealer base and a strong direct sales force. And, e-fin brought an e-commerce
channel to Wynn's that will give them a unique competitive advantage for their
warranty products," he adds.
A subsidiary of Wynn International, Inc. , Wynn Oil Company is
comprised of two primary divisions dedicated to the automotive industry. The
Warranty Division markets service contracts and product warranty programs to
consumers through approximately 10,000 franchised and independent auto dealers
throughout the country. Founded in 1939, Wynn's is traded on the New York
Stock Exchange under the ticker symbol WN. With a current market value of
approx. $.5 billion, Wynn's consistently creates favorable impressions in the
investment community with its annual income to sales ratios.
More than 200 dealers nationwide have chosen e-fin Electronic Financial
Marketplace as their source for electronic credit transactions, as well as a
variety of lending sources, prime to subprime. The first and most
comprehensive service of its kind, e-fin provides dealers with access to more
financing resources while decreasing application approval time and providing
direct marketing databases of credit application submissions.
To demo e-fin's service, visit the e-fin website at http://www.e-fin.com . To
find out more about e-fin, contact: David Sinclair, President and CEO, e-fin
LLC, Electronic Financial Marketplace, P.O. Box 1823, Hickory, NC, 28603; Tel:
828-267-0001/Fax: 828-267-0211; Email: das@e-fin.com .