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GE Capital Fleet Services Launches New Online Service for Commercial Dealers

27 January 2000

GE Capital Fleet Services Launches New Online Service for Commercial Dealers; Transaction Times Reduced From Days to Minutes

    MINNEAPOLIS, Jan. 27 -- GE Capital Fleet Services has
announced the launch of GE ASAP (Application, Submittal and Approval Process),
an online tool designed to help commercial dealers expedite transactions and
reduce administrative and processing times. The program is offered through GE
Capital Fleet Services' Dealer Services division, which provides financing
products to commercial dealers. GE ASAP, located at http://www.geasap.com , is
the dealer channel's first online program.
    "GE ASAP makes the commercial vehicle purchasing process virtually
paper-free," said Lev Buslovich, project leader at GE Capital Fleet Services.
"Dealers can request a quote, submit a credit application, view application
status, and update dealer personnel and administrative information
instantaneously. Dealers not only benefit from significant time savings and
reduced paper files, but they can also print dealer-specific reports and
complete contracts right from their offices."
    According to Buslovich, a typical commercial truck transaction which
includes gathering quotes, approving credit applications and preparing final
documentation, can often take as long as two days. With GE ASAP, the dealer
can simply step through the process via a secure web site and close a sale
within minutes. In addition, the system's configuration is designed to
automatically flag any errors, thereby improving accuracy and speeding
processing.
    "Offering a fully automated system benefits all parties involved," said
Buslovich. "The end-customer is satisfied with the speed and accuracy of their
transaction, and it allows more time for commercial dealers to focus on what
they do best -- selling vehicles. In addition, processing transactions online
improves the efficiency of our Dealer Services' consultants, so we can ensure
our support is proactive and comprehensive."
    The GE ASAP program will continue to evolve to meet the changing needs of
commercial dealers. Already in the works is an automatic scoring application
that will cut the application approval process down even further. Automatic
funding will also be explored in the future as more financial institutions
provide online service offerings.
    Headquartered in Eden Prairie, Minn., GE Capital Fleet Services is one of
the largest fleet management companies in the world with more than 1 million
commercial cars and trucks under lease and service management. It has
operations in the United States, Canada, Mexico, Europe, Japan, Australia,
New Zealand and Brazil. GE Capital, with assets of more than US$300 billion,
is a global, diversified financial services company with 28 specialized
businesses. A wholly-owned subsidiary of General Electric Company, GE Capital,
based in Stamford, Conn., provides equipment management, mid-market and
specialized financing, specialty insurance and a variety of consumer services,
such as car leasing, home mortgages and credit cards, to businesses and
individuals around the world. GE is a manufacturing, technology and services
company with operations worldwide.