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FLD Launches Veretech Online Trade-In Program

14 November 2000

FLD Launches Veretech Online Trade-In Program

    DELRAY BEACH, Fla., Nov. 14 Fleet Lease Disposal Inc.
(FLD) has launched Veretech, a new service designed to increase online auto
sales by providing consumers with a guaranteed offer for their trade.
    "Handling the trade-in is the biggest hurdle for auto manufacturers,
dealers and online automotive retailers who want to sell on the Internet,"
said CEO Michael Sheinson.  "As many as 50 percent of online car buyers
abandon the process during the transaction.  We will keep these customers
engaged in the buying process by providing a fair and guaranteed offer for the
vehicle through our proprietary software system and our vehicle remarketing
process."
    To demonstrate the value of the program, Veretech was launched today with
Anderson Honda of Palo Alto, Calif., one of the leading Honda dealers and an
innovator in Internet sales.  The program offers a guaranteed trade-in price
to Anderson Honda (andersondirect.com ) customers.
    "Unlike simple used car pricing tools, this program adds real value to our
online sales initiative," said John Anderson, owner of Anderson Honda.  "The
Veretech solution allows us to give Internet customers more control of the
buying process which creates incremental sales and increases customer
satisfaction."
    While visiting the Anderson site, customers will describe their trade-in
vehicle and receive a guaranteed price.  Once at the dealership, the vehicle
condition will be verified and deal finalized.
    FLD specializes in remarketing off-lease vehicles from financial
institutions and end of term fleet vehicles from Fortune 500 corporations.
The company utilizes Carbitrage, a proprietary technology based system that
provides accurate, up-to-date pricing information based on vehicle attributes,
geography and current sales data.  Sheinson said accurate trade-in pricing is
key to unlocking the potential of online finance, insurance and vehicle sales.
    FLD expanded its management team to focus on its Web-based products by
adding Mike McFall as president and Art DeLaurier as chief operating officer.
McFall and DeLaurier joined Veretech from AutoNation, where they teamed to
launch Internet strategies for AutoNation's more than 300 dealerships in major
markets.
    At AutoNation, McFall served as vice president of Internet marketing with
responsibility for development of products, Web sites and new business
initiatives.  Prior to AutoNation, McFall managed product development and
marketing for GMAC, the largest vehicle lessor in the country.  In 1994, he
was chosen as one of six executives to provide the initial Internet strategy
for General Motors, leading to the development of the GM BuyPower program.
McFall also has extensive marketing and product development experience in
mortgage and bank deposit products.
    DeLaurier served as vice president of technology with responsibility for
platform development, Intranet products and strategy.  He brings a wealth of
experience in technology, management and business strategy to the company.  At
AutoNation, DeLaurier was the primary architect of a business strategy that is
now emulated by most other major auto retailers.  He joined AutoNation after
leading several business technology initiatives at Blockbuster Video.  Prior
to Blockbuster, DeLaurier held key technology and telecommunications positions
at Eastern Airlines and Burger King.

    About FLD
    FLD, based in Delray Beach, Fla., has more than 21 years of experience in
vehicle pricing and remarketing.  Founded by Michael Sheinson, the company
combines its vehicle pricing expertise with leading-edge technology and
logistical operations to help financial institutions, corporations and online
car shoppers receive fair market value for off-lease and trade-in vehicles.

    About Anderson Honda
    Anderson Honda, based in Palo Alto, Calif., is the nation's sixth largest
Honda dealer and has become a leader in merging online strategies with
traditional retailing strategies.  New Honda retail sales approach 5,000 units
this year, with approximately 200 units sold via the Internet each month.