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PeopleFirst.com and giggo.com Join Forces

31 August 2000

PeopleFirst.com and giggo.com Join Forces Forming The Nation's Leading Online Automotive Financial Services Enterprise

    - PeopleFirst.com to acquire 100% of giggo.com from DaimlerChrysler
      in stock-based transaction

    - DaimlerChrysler to hold 23% ownership in new company; parent company
      renamed giggo.com, inc.

    - Consumers to benefit from broader range of services and low interest
      rates

    SAN DIEGO and FT. WORTH, Texas, Aug. 31 PeopleFirst.com,
the nation's largest independent online auto loan provider, and giggo.com, a
division of the DaimlerChrysler Group and one of the Web's premier online
automotive financing sites and shopping resources, announced today that they
have entered into a definitive agreement to combine PeopleFirst.com and
giggo.com.  The new entity, giggo.com, inc., will market its products and
services under the existing PeopleFirst.com and giggo.com brand names.
    Under the terms of the agreement, PeopleFirst.com will acquire all of the
outstanding shares of giggo.com from DaimlerChrysler for a 23 percent common
stock equity interest in the combined company.  In addition to the transfer of
giggo.com, DaimlerChrysler will provide $20 million in subordinated debt to
the new company with a five year term.  The transaction is expected to close
on September 15, 2000 subject to customary internal and regulatory approvals.
    A key driver of combining operations is the union of PeopleFirst.com's
leading loan origination and servicing competency with giggo.com's first-rate
lending aggregation platform.  The combined company will be positioned as the
only provider in its category with the competitive advantage of originating,
servicing and aggregating consumer car loans under one roof.  Additionally,
joining forces creates a leading position for the new company in terms of user
traffic and credit application volume.
    "All along both companies have been working to empower the car shopper.
And since 1997 when PeopleFirst.com introduced Blank Check(SM) auto lending,
we have received strong support from prestigious institutions such as American
Express, JP Morgan Capital Corp, Madison Dearborn Partners, Mail Boxes Etc.,
Morgan Stanley Dean Witter Venture Partners, and now, DaimlerChrysler," said
Gary Miller, cofounder and CEO of PeopleFirst.com and new CEO of giggo.com,
inc.  "By joining forces with giggo.com, the companies' complementary
strengths promise to accelerate the adoption of this unique finance option,
further scaling our business and creating a faster path to profitability."

    The new executive management team will consist of:

    --  Chief Executive Officer: Gary Miller, CEO and co-founder of
        PeopleFirst.com
    --  President: Brian Reed, CEO of giggo.com
    --  Chief Operations Officer: Dave Zeller, President/COO and
        co-founder of PeopleFirst.com
    --  Chief Financial Officer: Randy Ellspermann, CFO of PeopleFirst.com
    --  Chief Marketing Officer: Andreas Hinrichs, CMO of giggo.com
    --  Vice President and General Counsel: Alan Amico, VP and
        General Counsel of PeopleFirst.com

    As part of the transaction, the existing PeopleFirst.com board of
directors will expand to include 3 members from DaimlerChrysler, bringing the
total board membership to 12 directors for the new company, giggo.com, inc.
    This transaction was handled by Merrill Lynch for PeopleFirst.com, and
SalomonSmithBarney represented DaimlerChrysler/giggo.com.
    "Our companies have complimentary strengths and an unprecedented focus on
creating a better car shopping and financial services process for the
consumer.  With the tremendous growth projected for our industry, we are well
positioned for growth at an early stage of this market's development," said
Brian Reed, giggo.com CEO and new president of giggo.com, inc.
    According to Reed the vehicle lending market is approximately
$400 billion, and the financial services market is expected to grow
substantially over the next few years as more consumers recognize the benefits
of obtaining financing and related services online.  According to a study by
CNW Market Research, approximately 63 percent of Internet users who are likely
to purchase a new car would prefer to finance online rather than at a
dealership, local bank or credit union.