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YapStone, Inc. Launches Online Payment System for Motor Vehicle Buyers And Sellers

22 August 2000

YapStone, Inc. Launches Online Payment System for Motor Vehicle Buyers And Sellers

 Car, Motorcycle and Boat Sellers Can Now Finish Transactions On the Driveway
              With YapStone's Innovative Vehicle Payment System

    MINNETONKA, Minn., Aug. 22 YapStone, Inc.
( http://www.yapstone.com ), the payment service for the property rental and
vehicle marketplace, today announced the launch of the automotive industry's
first online payment processing system dedicated to buyers and sellers of used
motor vehicles.
    YapStone's initial motor vehicle target is the $45 billion causal auto
sales market. Until the launch of the YapStone's system, buyers needed to
either have cash or get a certified check to purchase a used car or truck.
Online or on the driveway, YapStone's system enables buyers to pay for a
vehicle with a credit card, perform a vehicle history report on the spot, and
convert their credit card balance to long-term financing within 48 hours of
purchase. Sellers of vehicles will be able to facilitate online and offline
sales, have funds directly deposited to their account, and provide additional
options to buyers while still retaining transaction security.
    "YapStone has transformed the used automotive sales industry by harnessing
the power of the Internet and bringing it to people trying to transact on the
driveway," said Tim Walker, Vice President of Strategic Development for
YapStone, formerly with Ford Motor Company and Nissan USA. "Our partnerships
with online and offline classifieds, as well as automotive services, will
bring to our customers the best experience possible when selling or buying
their next pre-owned vehicle."
    The key benefits that YapStone offers include convenience, security,
electronic liquidity, and a host of products to support the motor vehicle
buying process including vehicle history reports, warranties, and real time
long-term financing. An individual vehicle seller can easily set up and access
an account by going to the YapStone Web site, completing an application and
getting an approval in real time, while using state-of-the-art personal data
protection techniques. After the new account is established, vehicle buyers
can pay via the Internet or by telephone with a credit card or debit card. In
addition, YapStone automatically deposits and directly transfers funds into
the seller's account.

    About YapStone
    YapStone, Inc. ( http://www.yapstone.com ) is the premiere Internet-based
company that enables individuals and businesses to accept credit card
payments, through the Internet or by telephone, and provides online management
tools to facilitate traditional offline transactions. YapStone provides
turnkey credit card payment solutions for rental, vacation and commercial
property, and person-to-person used car sales.
    Products and company names may be registered trademarks, service marks or
trademarks of their respective owners.