Westar Financial Reports Start of Private Label Operations in Florida
18 October 2000
Westar Financial Reports Start of Private Label Operations in Florida
OLYMPIA, Wash. & MAITLAND, Fla.--Oct. 18, 2000-- Westar Financial Services Incorporated (OTC:WEST), the leading automobile e-finance portal, today reported that its new Private Label program, offered in conjunction with a top-20 U. S. bank, has captured more than 5% of prime credit automobile lease originations in its new markets in central Florida."We are delighted with the enthusiastic response our Private Label program has generated during its first 90 days of operations in Florida," stated Darcy Huffman of Westar's Strategic Alliance Group. "We believe that Westar's Private Label lease volumes currently comprise more than a 5% share of the markets we have entered in Florida, a very successful launch from scratch. The fact that the inaugural launch was a continent away from Westar's base of operations adds its own validation to both the business model and to our unique and proprietary LASIRpro Remote(TM) technology. With LASIRpro Remote, Westar can offer real-time and real-information decisioning capabilities to its strategic partners across time zones and across borders."
"We look forward to expansion of our Private Label origination channel in the near future," she added.
Westar originates, decisions, commits to and fulfills consumer financings for itself or others using sophisticated decisioning tools and high speed communications to assure transparency to all parties to the transaction. A financial portal is a conduit through which a physical transaction nearly instantaneously is transformed into a financial instrument, which is then placed with the appropriate ultimate investor. Uniquely, Westar simultaneously operates in four separate origination channels.
WEST is the leading publicly traded automobile-oriented financial portal. Westar originates, decisions, commits to and fulfills consumer financings for itself or others, using sophisticated decision tools and high speed communications to assure transparency to all parties to the transaction. Through DriveOff.com, recently acquired by MSN CarPoint, a subsidiary of Microsoft (NASD:MSFT), Westar completed the first entirely electronic Internet automobile purchase and lease transaction in October 1999. The company operates its Dealer Direct leasing program in western states and is rapidly expanding its e-finance activities nationally through alliances with DriveOff.com, AmSouth, Mellon and others.
Statement regarding "Forward Looking Statements": Statements concerning future performance, developments or events, including projected profit and loss levels, expansion of operations, growth of loan originations, quality of the company's lease portfolio, the ability to place securitizations, success of the e-commerce model, trends in interest rates, various statements concerning expectations for growth or profits and any other guidance on future periods, constitute forward-looking statements which are subject to a number of risks and uncertainties which might cause actual results to differ materially from stated expectations..