The Associates Becomes Non-prime Auto Finance Provider On giggo.com
20 April 2000
The Associates Becomes Non-prime Auto Finance Provider On giggo.com
DALLAS--April 20, 2000--Associates First Capital Corporation (NYSE:AFS) announced today it will serve as a non-prime lender for giggo.com, a leading online consumer automotive finance source."In giggo.com, we have a strong partner whose established presence on the Web affords us an efficient, targeted channel to originate loans to our core customer base," said Matthew L. Hollingsworth, senior executive vice president of U.S. Consumer Operations for The Associates.
"This partnership is part of giggo.com's ongoing effort to make automotive financing available to a broad range of consumers," said Brian Reed, CEO, giggo.com. "The Associates brings years of expertise in the finance arena allowing giggo.com to better serve our ever-expanding customer base."
At giggo.com consumers can apply for automotive financing, obtain comprehensive information on new and used automobiles, and even check their credit history. Once approved, consumers receive a giggocheck via overnight delivery and are able to purchase a vehicle at any franchised dealership, just like they are paying with cash.
Killen & Associates, Inc., a leading market research company that focuses on the impact of the Internet, estimates that 5 percent of automobile loans were processed online in 1999. By 2005, it estimates at least 40 percent of automobile loans will be made online.
With the recent acquisition of Arcadia Financial Ltd., a national automobile finance company, The Associates automobile financing operation now serves 800,000 customers and 11,500 automobile dealers in the United States and manages more than $7 billion in auto finance receivables.
Associates First Capital Corporation, established in 1918, is a leading diversified finance company providing consumer and commercial finance, leasing, insurance and related services worldwide. The Associates, headquartered in Dallas, has operations in the United States and 14 international markets. The Associates is a Fortune 150 company and is listed among the magazine's Most Admired Companies. For more information, visit The Associates Web site at www.theassociates.com.
giggo.com is the premier automotive financial services enterprise on the Web and the most powerful online automotive shopping resource for consumers. giggo.com, based in Dallas, is a fully dedicated e-commerce division and a member of DaimlerChrysler Services (debis) AG. 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). For more information call giggo.com at 877/284-4446.
This news release may contain certain forward-looking statements. The factors which may cause future results to differ materially from expectations are discussed in the Form 10-K for the year ended Dec. 31, 1999, filed with the Securities and Exchange Commission.