Reynolds and Reynolds Expands Automotive e-Business Solutions
2 November 1999
Reynolds and Reynolds Expands Automotive e-Business Solutions, Forms Strategic Alliance With e-fin LLC
DAYTON, Ohio--Nov. 2, 1999--to perform Internet-based financial transactions
The Reynolds and Reynolds Company today announced a strategic alliance with e-fin LLC, the first comprehensive, full-service electronic financing marketplace in the automotive industry. As part of this alliance, Reynolds will become a major shareholder of e-fin and will provide an array of strategic and tactical services.
The Reynolds/e-fin alliance enables auto retailers and their financial institution business partners to facilitate online financial services on behalf of the consumer. These web-enabled services provide significant advantages to auto retailers, including faster and more accurate access to credit application and product offering information, and lower overall processing expenses due to selection control and electronic receipt of information. The improved speed and efficiency of the entire financing transaction yields increased customer satisfaction.
"Consumers want the car-buying process to be faster and more efficient. Traditionally, the credit application and approval process could have taken up to several hours," said Mark Brown, general manager of e-business, Reynolds' Automotive Group. "With e-fin's Web-enabled solution, that process shrinks to just minutes, and customer satisfaction skyrockets. The dramatic improvement in efficiency drives significant cost savings for the retailer and financial institution as well, making a significant cut into the billions it costs them to process loans annually."
"We're extremely pleased to form this strategic alliance with Reynolds and Reynolds," said David Sinclair, president and chief executive officer of e-fin. "With their breadth and depth of knowledge in the automotive industry, our alliance will provide low cost, high value information between auto retailers and financial institutions, a real growth driver for both companies."
According to Tom Fontana, business manager for Excel Auto Group in Melbourne, Fla., "e-fin's innovative program gives me financial resources I wouldn't have otherwise, provided in a high-speed Internet environment. The new alliance with Reynolds and Reynolds will further make e-fin an unbelievable asset. There is nothing like this in the auto industry, and for e-fin and Reynolds to be integrated will be an absolute gift to auto retailers."
Through e-fin, finance and insurance managers in franchised and independent auto dealerships are able to choose financial products offered by institutions that are matched to their dealership and customer profiles, quickly and without the previous limitations imposed by time, expense and geography. This is done by utilizing powerful yet secure Internet communications and transaction processing technology that is managed through the e-fin Web site.
"As a result of this proven process, the customer receives the optimal financing plan, the retailer and financial institution each secure a very satisfied customer, and the relationship between the retailer and its financial institution business partners is strengthened," said Brown.
"Reynolds' goal is to be the leader in providing e-business solutions to automotive retailers. Our relationship with e-fin is another example of how we're using the Web to create powerful business results for our customers," Brown said. Reynolds already plays a major role with Microsoft CarPoint(TM), the auto industry's leading car-buying site on the Internet (as ranked by Media Metrix, the leading measurement service for Internet audience usage). Brown added that Reynolds' new Web-enabled eService Reminders program is now available to automotive retailers as well.
More than 250 dealers nationwide have chosen e-fin as their source for electronic credit transactions, utilizing a rapidly growing network of participating prime through sub-prime financial institutions. The first and most comprehensive service of its kind, e-fin provides retailers with improved access to financing resources while decreasing application approval time. For more information on e-fin, visit www.e-fin.com.
Reynolds and Reynolds, headquartered in Dayton, Ohio, is a leading provider of integrated information management systems and related value-added services to automotive and general business markets. The company reported revenues of $1.53 billion for the 12 months ended June 30, 1999. For more information on Reynolds and Reynolds, visit www.reyrey.com, or call The Reynolds and Reynolds Information Hotline at 1-888-4REYREY.