Auto Industry Leaders Unite to Form Independent Automotive Electronic Parts Network.Business Editors and Automotive Writers CHICAGO, Ill., SAN RAMON San Ramon (Spanish for "Saint Raymond") may refer to one of the following places:
ADP's Dealer Services and Claims Solutions Groups; CCC CCC A very speculative grade assigned to a debt obligation by a rating agency. Such a rating indicates default or considerable doubt that interest will be paid or principal repaid. Also called Caa. Information Services; and Reynolds and Reynolds Join Forces in the Multi-Billion Dollar Auto Parts Auto parts are components of automobiles. They mainly are, in alphabetic order (only car specific articles or articles with car section):
The Dealer Services and Claims Solutions Groups of Automatic Data Processing Same as data processing. , Inc. (NYSE NYSE See: New York Stock Exchange :AUD AUD In currencies, this is the abbreviation for the Australian Dollar. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. ), CCC Information Services See Information Systems. Inc. (Nasdaq:CCCG CCCG Canadian Conference on Computational Geometry CCCG Climate Change Co-ordinating Group ), and The Reynolds and Reynolds Company (NYSE:REY REY Religious Education for Youth ), today announced plans to form an independent company that will develop an electronic parts network to link buyers and sellers in a cost-efficient, user-friendly solution for the multi-billion dollar automotive parts market. The result, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the parties forming the new company, can eliminate significant costs by creating greater efficiencies across the automotive parts supply chain. Subject to regulatory approval and the execution of definitive agreements, the formation of this new company will create a more efficient marketplace for franchised automotive retailers, collision repair facilities and other participants in the automotive parts market. The transaction is expected to close by the end of March. The new company will create a unique, online parts marketplace to enable the quick location, purchase and sale of parts. This new network, based on open Internet standards, will significantly streamline the parts procurement process, helping automotive manufacturers, their approximately 24,000 North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. franchised retailers, other parts suppliers, and the more than 50,000 collision repair facilities in the United States, to optimize the parts supply chain. By enabling all the buyers and sellers in the parts supply chain to instantly locate and order parts, this new electronic parts network will create efficiencies in the market that will reduce overall costs and allow the retailers to deliver unprecedented convenience to consumers,&uot; said Mike Martone, president, ADP (1) (Automatic Data Processing) Synonymous with data processing (DP), electronic data processing (EDP) and information processing. (2) (Automatic Data Processing, Inc., Roseland, NJ, www.adp. Dealer Services Group. &uot;This powerful e-marketplace will combine the key ingredients for a successful parts enterprise - ease of use, volume, widespread access and speed.&uot; &uot;The beauty of this solution is that it can be accessed using the Internet or through existing technologies in place at thousands of points throughout the parts supply chain,&uot; said Lloyd &uot;Buzz&uot; Waterhouse, Reynolds' president and chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. . &uot;It will be a comprehensive solution that can be integrated with existing automotive retail management systems and collision estimating systems. This will become the industry's most advanced, most efficient electronic parts exchange.&uot; The new company's electronic parts network is designed to benefit consumers, automotive retailers and manufacturers, collision repair facilities, parts suppliers and insurance companies in a unique online business-to-business model. This new model will provide intelligent parts location, ordering, confirmation and tracking of parts as well as processing payments and billing. &uot;We've recognized the tremendous desire by collision repair professionals, insurance companies and their customers, to eliminate the inefficiencies in procuring parts. This new company is poised to significantly reduce delays and errors that plague the process today,&uot; said Githesh Ramamurthy, president and chief executive officer of CCC. &uot;This e-business solution will meet the needs of all collision industry participants and provide a broader set of parts solutions across the entire automotive parts supply chain.&uot; &uot;The current transaction for locating and delivering automotive parts is inefficient, creating unnecessary costs across consumers, insurers, collision repairers, and parts providers,&uot; said John Barfitt, president, ADP Claims Solutions Group. &uot;This powerful e-marketplace will address these inefficiencies by merging the Internet with existing technology already in the automotive retailing and collision repair markets. This will significantly reduce costs in the entire supply chain, and increase consumer satisfaction.&uot; The new company will operate as an independent entity. Initially, a management team from the founding companies will direct the development of the new company. A search is being conducted to hire a permanent chief executive officer. Eventually, the company's shares may be offered to the public. Automatic Data Processing Inc., with more than $5 billion in annual revenues and more than 450,000 clients, is one of the largest independent computing services firms in the world. ADP Dealer Services Group, headquartered in Hoffman Estates, Illinois Hoffman Estates is a northwestern suburb of Chicago in Illinois. The village is located primarily in Cook County with a small section in Kane County, Illinois. As of the 2000 census, the village population was 49,495 and estimated to be 52,520 in 2003. , is a leading provider of integrated computing and e-business solutions to more than 18,000 automotive and truck dealers throughout the United States, Canada and Europe. ADP Claims Solutions Group, headquartered in San Ramon, California San Ramon is a city in Contra Costa County, California, United States. It is a part of the San Francisco Bay Area. Since 1980, the population of San Ramon has increased by over 128% from 22,356 to 51,027 in 2005. , is a leading provider to the property &casualty insurance industry and their business partners with information services for automotive, medical and property claims management in 22 countries. More information on ADP, Dealer Services, and Claims Solutions Group is available via the Internet at www.adp.com. CCC Information Services Inc., headquartered in Chicago, Illinois, is a leading supplier of advanced software and communications systems to the automotive claims industry. Its value-added, technology-based products and services increase efficiency and facilitate communication among more than 13,500 collision repair facilities, 350 insurance companies, and a range of business partners. For more information about CCC Information Services, visit the company's Web site at www.cccis.com. Reynolds and Reynolds, headquartered in Dayton, Ohio, is a leading provider of integrated information management systems and related value-added services to automotive, and general business markets. The company reported revenues of over $1.63 billion for the 12 months ended December 31, 1999. For more information on Reynolds and Reynolds, visit the company's Web site at www.reyrey.com, or call the company's Information Hotline at 1-888-4REYREY. This release contains statements that constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21 of the Securities Exchange Act of 1934 and are subject to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of those sections and the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks, including regulatory approval, completion of definitive documentation and competition, and that the actual results or developments may differ materially from those in the forward-looking statements. The companies have based these forward-looking statements on information currently available and disclaim any intention or obligation to update or revise any forward-looking statement. |
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