Auto Credit Acceptance Announces Development of Its `Multi-Lender Evaluation and Auto Loan System'.

Automotive Writers

SILVERDALE, Wash.--(AutomotiveWire)--Sept. 25, 2000

Auto Credit Acceptance, Ltd. (ACA) today announced that it is progressing as scheduled in the development and implementation of its "Multi-Lender Evaluation and Auto Loan System."

ACA plans to begin beta testing its new system in October.

ACA's "Multi-Lender Evaluation and Auto Loan System" (MLS) is being designed and developed by Affinity Technology Group, Inc., a South Carolina based software Development Company.

In April of this year, ACA announced its entry into a contractual alliance with Affinity where the two companies agreed to work together to develop and bring the new MLS on-line through the integration of Affinity's rtDS, ideal, and Decisys/RT systems. ACA's system will enable it to provide a back room Internet software and support system that reduces cost and saves time for a true Business 2 Lender credit transaction.

ACA's Internet Web Site (autocreditaccept.com) will provide the electronic portal (ASP), using the Multi-Lender Decisioning Software Engine, between Dealers and Lending Institutions. ACA's Decisioning system matches loan applications entered into their system by dealers, simultaneously evaluates multiple lenders' acceptance criteria, and then provides approval of a multiple of loans immediately.

The ACA loan decisioning system will increase auto dealers' sales closings in all credit tiers by a projected 30% and will improve lenders' booking rations by a projected 200%. This dual enhancement of profits and efficiency for both the dealer and the lender is ACA's primary service objective. Most of the underlying software processes have already been patented.

Recent milestone developments include Affinity Technology Group's agreement in June to offer their iDeal Decisioning and Booking System, a fully functioning, powerful lender application system, in conjunction with ACA's MLS to participating lenders on a transactional fee basis.

Additionally, ACA's web site designer, Go-Tech, Inc. of Bellevue, Washington, has announced to ACA the substantial completion of the central web site portal that will be used to facilitate the MLS. The web-site facilities will be operational in October. ACA and Affinity have tentatively agreed to ACA's purchase of the Affinity Service Operations Center located in Columbia, South Carolina, which will give ACA's service provider and subsidiary, E-Net Financial Services, the immediate capacity and capability to begin processing ACA's transactions at the time of the MLS's full release.

ACA's Vice-President of Operations, William Wright stated, "We have been getting very enthusiastic reactions from dealers and lenders; to the automobile dealers the system is virtually cost free with no sign up fees or monthly dues, to the lenders there's no up-front costly investment in software and our system is going to be saving them as much as $175 or more per loan, which is attractive enough alone, but when we are also offering Affinity's iDeal system as part of the participation, it's simple for them to reach a positive conclusion."

Affinity's President and Chief Executive Officer, Joseph A. Boyle, stated this last April "we are very excited to be a part of ACA's business plan. They have developed a substantive Internet-based business model that recognizes and accommodates the unique requirements of customers, lenders and automobile dealers who wish to engage in the marketing and sales of products through e-commerce channels." Affinity is located on the World Wide Web at www.affi.net.

Two prominent Southern California banks have agreed to become Beta and Field Test banks for the MLS and it is anticipated that they will join ACA in full release of the MLS product after testing. ACA has also experienced an interest in its new system from a multitude of automobile dealers and has obtained agreement from several such dealers to also participate in the Beta and Field-testing phases of the system's development.

ACA's web site www.autocreditaccept.com is under construction and will be online on or before October 15.

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