Credit Online to Power StraightAway's Online Financing For Private Auto Buyers and Sellers
14 December 2000
Credit Online to Power StraightAway's Online Financing For Private Auto Buyers and Sellers
ANNAPOLIS JUNCTION, Md., Dec. 14 Credit Online, Inc., a
wholly owned subsidiary of Credit Management Solutions, Inc. (CMSI)
today announced that StraightAway, a provider of sales and
financing services for private auto buyers and sellers, will use the Credit
Online technology to offer fast and convenient online financing to its
customers.
Credit Online's patented CreditOnline network and CreditConnection(R)
service are innovative technologies that instantly and electronically connect
users to credit bureaus, and multiple funding sources or "electronic" lenders
throughout the U.S. and Canada via the Internet. The service is available 24
hours a day, seven days a week, expediting the credit application approval
process from days to minutes.
Providing the convenience of a dealership without dealer involvement,
StraightAway offers an array of services such as comprehensive sales
assistance; financing; inspections and warranties; and the handling of all DMV
details. StraightAway is presently engaged in a pilot of its services in Pep
Boys stores throughout central Florida, and if successful, will pursue a
market-by-market nationwide expansion beginning in 2001. Private buyers and
sellers will be able to take advantage of StraightAway's services in three
ways: in person at Pep Boys, by telephone or via the Internet at
http://www.straight-away.com .
"We are pleased to be part of StraightAway's strategy to facilitate
consumer-to-consumer vehicle sales," said Howard L. Tischler, Credit Online's
President and CEO. "Incorporating the Credit Online technology into
StraightAway's service will provide consumers the support they need to
efficiently and conveniently conduct the financing portion of buying and
selling cars."
StraightAway will use the Credit Online technology for rapid online access
to credit bureaus, and to obtain financing decisions for their clients within
minutes "Arranging financing can be the most complicated and time-consuming
part of the car-buying process," said Ben Freeland, CEO of StraightAway.
"Through the Credit Online technology, StraightAway will be able to simplify
and speed the process of assisting our customers with their specific financing
needs."
About CMSI
Since it was founded in 1987, CMSI has been a premier provider of credit
automation software and services, including online lending and leasing
technology. The Company's e-commerce subsidiary, Credit Online, Inc., credit-
enables business-to-business transactions through its Internet gateway and its
patented CreditConnection technology, which links credit originators such as
automobile dealers and borrowers with an extensive network of leading prime
and non-prime lenders. Through its CMSI Systems, Inc. subsidiary, CMSI
licenses credit decisioning and other automation systems and services for
consumer and business credit that have been the choice of the world's largest
and most demanding lending institutions. CreditConnection and CreditOnline are
trademarks or registered trademarks of Credit Management Solutions, Inc.
About StraightAway
Founded in 1998, Naples, Fla.-based StraightAway is a completely new
approach to buying and selling used vehicles. Offering better value to
sellers than a trade-in, and offering buyers the convenience of a dealer,
StraightAway gives both buyers and sellers more value and less hassle. For
more about StraightAway, visit http://www.straight-away.com .
Press releases and other CMSI information can be found on our Web site:
http://www.cmsinc.com.
This press release contains forward-looking statements. All forward-
looking statements involve risks and uncertainties, including, without
limitation, the risks detailed in CMSI's filings and reports with the
Securities and Exchange Commission. Such statements are only predictions and
actual events or results may differ materially.