ADP and CMSI Partner To Offer Credit Connection For Instant Automotive Financing.

CHICAGO--(AutomotiveWire)--Jan. 21, 1997--

Auto Loan/Credit Application Process Time-Frame

Reduced From Days To Minutes

Automobile dealers can now benefit from a new closed-loop financing system for instantly processing automotive loan and credit applications with Credit Connection(R). This new financing system, which involves a joint technology and marketing arrangement between the Dealer Services Group of Automatic Data Processing (ADP) and Credit Management Solutions, Inc., (CMSI) integrates with an auto dealership's ADP F&I software as a turn-key in-dealership system.

Credit Connection was recently unveiled by ADP and CMSI to more than 30 of the nation's top financial institutions at a preview event in Chicago. The event showcased how Credit Connection electronically connects auto dealers, financial institutions, credit bureaus, and consumers. Designed as an integrated loan and credit processing and decision-support system, Credit Connection effectively reduces the time to process and approve a consumer automotive loan and credit application from a few hours to a few minutes -- 24-hours a day, seven days a week. At press time, 24 lenders are in the process of formalizing their commitments and have agreed to allow their institutions to be promoted as Credit Connection participating lenders at the upcoming NADA conference.

"I've seen some innovative new technology here today that will make doing business with consumers easier for banks and dealers alike," said The Money Store's Electronic Commerce manager, Barbara Reeves at the Chicago preview event. "The alliance between ADP and CMSI will facilitate a more effective relationship for auto dealers and their customers by enhancing the lending process and improving workflow for banks and auto dealers."

"Credit Connection helps a dealership achieve rapid decisions on auto deals, which increases its sales penetration, improves the F&I manager's efficiency, and significantly contributes to the dealership's bottom line," said Dave Foerster, vice president of business development, ADP Dealer Services. "With this unique system, dealers can streamline the finance process at every step by accessing credit bureau information, processing and forwarding applications to lenders, and monitoring pending deals online -- all from one single point of entry. The days of faxing back and forth handwritten paperwork, manually logging applications, searching through log books, and waiting hours for answers are over. More importantly, Credit Connection is a complete management tool, not merely an electronic data exchange."

With Credit Connection, information on financing applications now only requires one-time data entry from the dealership. Loan and lease application information for new and/or used cars, for example, enters the Credit Connection system in one of several ways: from the Internet using ADP AutoConnect(TM), from dealership's F&I software, from sales kiosks, or from direct keyboard input.

"We are so convinced that this system will revolutionize the car-buying process, we have already signed a letter of intent," said Rob Lewis, senior vice president of Key AutoFinance. "This technology ultimately should give us the opportunity to network with ADP's customer base of 17,000 auto and truck dealers worldwide."

Typically, financial institutions often take several hours to process an auto loan or credit application submitted by a dealer on behalf of a customer. However, in just a matter of minutes, Credit Connection will automatically enable dealers to apply for and receive confirmation on a customer's financing from multiple lending institutions 24-hours a day, seven days a week.

"Credit Connection is extremely beneficial to all auto dealers," said Mark Eddins, president of Dallas Friendly Chevrolet. "For the first time, dealers will have the ability to provide multiple lenders equal `shelf-space' for the most competitive financing rates for both consumers and dealers. And because the system is automated, consumers will experience an unprecedented response time for available financing."

ADP Dealer Services Group is the world's largest provider of computing, data and professional services to automotive and truck dealerships throughout the world. ADP Dealer Services provides turnkey systems to more than 17,000 auto and truck dealers throughout the U.S., Canada, Europe, Asia and Latin America. ADP Dealer Services Group is the third largest business unit of Automatic Data Processing, Inc. With more than $3.5 billion in annual revenues and 375,000 clients, ADP is one of the largest computing services firms in the world.

Founded in 1987 and headquartered in Columbia, Maryland, Credit Management Solutions, Inc., (NASDAQ: CMSS) provides consumer credit automation and loan marketing software and services to major financial institutions and non-bank financial companies. Its flagship product, CreditRevue(R), is a state-of-the-art credit origination and processing system. CreditRevue clients include NationsBank, Wells Fargo, The Associates, U.S. Bank, Wachovia, First Merchants Acceptance Corporation, WFS Financial, and Dauphin Deposit. In July 1996, CMSI's subsidiary, Credit Connection Inc., introduced the Credit Connection, a service which electronically connects auto dealers with multiple financing sources for the submission and decisioning of loans and leases.

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CONTACT: ADP Dealer Services

Dave Foerster, 847/397-1700

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or

Edelman Public Relations Worldwide

Rowan Benecke, 312/240-3000

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