GE Capital Fleet Services and Innovative Fleet Management, Inc. Form Strategic Alliance in United States
15 November 2000
GE Capital Fleet Services and Innovative Fleet Management, Inc. Form Strategic Alliance in United States
Innovative Remarketing Solution Provides Customers With a Direct-To-Dealer
Channel
EDEN PRAIRIE, Minn., Nov. 15 GE Capital Fleet Services
announced today it has signed an agreement with Pennsylvania-based Innovative
Fleet Management, Inc. to develop a direct-to-dealer used-vehicle resale
channel in the United States.
GE Capital Fleet Services will begin remarketing a portion of its
off-lease vehicles through Innovative Fleet Management's patent-pending
web-based system for U.S. customers with commercial cars and trucks. GE
Capital Fleet Services remarkets over 150,000 vehicles in North America.
GE Capital Fleet Services' dedicated remarketing team coupled with
Innovative Fleet Management's more than 15 years of experience in the
automotive and dealer industries provides a unique approach that leverages
technology, reduces paperwork, while simultaneously supporting fulfillment
operations.
"This is an exciting opportunity for us because it allows us to bring yet
another resale channel to our customers," said Rick Smith, president and chief
executive officer of GE Capital Fleet Services. "This alliance is simply
another part of our total commitment to our customers to continually look for
innovative solutions that provide the best value for their resale vehicles."
"Our web-based product provides for faster cycle times because it puts
fleet customers one step closer to retail dealers," said Richard Marzan,
chairman of Innovative Fleet Management.
Innovative Fleet Management's solution offers a national network of secure
and qualified automotive dealers and provides the opportunity to obtain,
inspect, recondition and house vehicles prior to transfer. This dealer
network currently covers 14 states and will grow to all 50 states by the
second quarter of 2001.
About GE Capital Fleet Services
With headquarters in Eden Prairie, Minn., GE Capital Fleet Services is one
of the largest fleet management companies in the world with more than
1.2 million commercial cars and trucks under lease and service management. It
has operations in the United States, Canada, Mexico, Europe, Japan, Australia
and New Zealand. GE Capital, with assets of more than US $345 billion, is a
global diversified financial services company with 28 specialized businesses.
A wholly-owned subsidiary of General Electric Company, GE Capital, based in
Stamford, Conn., provides equipment management, mid-market and specialized
financing, specialty insurance and a variety of consumer services, such as car
leasing, home mortgages and credit cards, to businesses and individuals around
the world. GE is a manufacturing, technology and services company with
operations worldwide.
About Innovative Fleet Management, Inc.
With headquarters in Cranberry, Pa., Innovative Fleet Management, Inc. is
an emerging technology company, specializing in Internet enabled solutions
that establish an industry-wide standard to expedite and facilitate remarketed
vehicles quickly and efficiently, while maximizing returns. The value of
Innovative Fleet Management, Inc.'s solutions are realized by suppliers,
dealers, auctions, automotive dot com companies and/or other corporate
intranets. Innovative intends to fill existing market opportunities in the
United States, expanding to Canada and abroad for web-based sales and acquired
dealer inventory management, partnering with world-class vehicle and heavy
equipment remarketing organizations.