DaimlerChrysler Services - debis - AG to launch giggo.com
17 April 2000
DaimlerChrysler Services - debis - AG to launch giggo.com As an Independent Online Automotive Financial Services Enterprise
DALLAS--April 17, 2000--financing source
- Venture capital investments to fund initial growth
DaimlerChrysler Services (debis) AG will launch its giggo.com unit, the Web's premier automotive financial services enterprise, as an independent venture with plans to grow the business and eventually spin off in an IPO. This move highlights giggo.com as one of debis' key successes in Internet-based automotive financial services. This separation plan, which will involve third-party financial investments in giggo.com's expansion, will give giggo.com the flexibility to aggressively compete in a rapidly evolving market. "giggo.com has built up strong momentum. In order to take it to the next level, this company must be independent from our existing business lines", said Dr. Klaus Mangold, member of the Board of Management of DaimlerChrysler AG and Chairman of DaimlerChrysler Services (debis) AG. The executive management team of giggo.com brings tremendous experience in the services industry, on- and off-line. CEO Brian Reed has a long career in the finance and leasing business, and was previously Managing Director of debis Affinity Services USA. Andreas Hinrichs, Chief Marketing Officer, will be heading giggo.com's broad-based marketing and business development initiatives. He was instrumental in developing giggo.com's incubation strategy for DaimlerChrysler Services (debis) AG. giggo.com's executive management team will be reporting directly to Dr. Klaus Mangold. As an autonomous unit, giggo.com will be based in Dallas, Texas. "Our vision is to make giggo.com the premier automotive financial services enterprise on the Web and the most powerful online automotive shopping resource for consumers." said Reed. "We are the only one-stop automotive services site that will put consumers in control of the entire shopping experience - from researching and comparison shopping to financing and insurance." giggo.com will be featuring an expanding array of services, including additional customer shopping information, more financing options, and insurance-related products. "Already we have assembled a powerful consumer offering which includes partnerships with the Web's highest quality companies such as Yahoo!, Go.com, Lending Tree, AutoNationDirect.com, Qspace.com, Intellichoice and several financial institutions. You will see this offering grow, while still providing the best customer support available in our industry," added Reed.
About giggo.com
giggo.com offers an online automotive financing site that is friendly, fast and easy to use. This innovative online service provides customers with comprehensive automotive information, an easy direct loan process and very competitive rates. giggo.com's dedicated team of customer consultants is available on- and off-line to assist customers with all their financing needs. giggo.com, based in Dallas, Texas, is a fully dedicated e-business division and a member of DaimlerChrysler Services (debis) AG, Berlin. giggo.com's automotive finance site can be accessed at www.giggo.com, or through the pages of GO.com and Yahoo! Finance at www.finance.yahoo.com. giggo.com is also the sole finance provider for AutoNationDirect.com (www.autonationdirect.com).