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Oxford Resources acquires Internet on-line auto remarketer.

MELVILLE, N.Y.--(BUSINESS WIRE)--Nov. 25, 1996--Oxford Resources Corp. (Nasdaq: OXFD), a specialized automobile finance company, today announced that it has purchased 80% of Electronic Vehicle Remarketing, Inc. (EVRI), a provider of used car sales, financing and auction technology over the Internet. Terms of the all stock transaction where not disclosed. Oxford plans to utilize EVRI's retail Electronic Car Lot and wholesale Electronic Auction systems to remarket off-lease vehicles, and EVRI will continue to market its systems to other potential users such as rental operators, leasing companies, fleets and auction houses.

Oxford Resources' Chief Financial Officer, Christopher S. Pascucci, stated, "We believe EVRI will provide Oxford with an additional efficient remarketing channel for our off-lease vehicles, giving us the potential to reach a larger number of automobile dealers who are in need of quality, late-model used vehicles. These dealers will include franchised dealers, used car superstores, and independent used car dealers.

"We view EVRI as an attractive complement to our already successful dealer-direct remarketing channel which should broaden the base of dealers who regularly buy our vehicles. Additionally, EVRI plans to continue to implement its strategy of bringing buyers (consumers and dealers) and sellers (such as dealers, leasing and rental car companies) of vehicles together over the Internet, producing opportunities to generate fee-related income and auto lease and loan financings."

Robert Ferber, who remains as President of EVRI following the acquisition, stated that EVRI provides a turnkey electronic system for companies that bring vehicle sellers and buyers together. EVRI's Electronic Auction product is the industry's only auction system that allows dealers, using an ordinary PC, modem and telephone line, to competitively bid on vehicles simultaneously and in real time. The system is designed specifically for the private label use of auction houses and other vehicle sellers that would like to restrict their remarketing efforts to a captive base of dealers.

"Sellers can dispose of vehicles more quickly while enjoying a larger base of potential bidders," Ferber explained. "And buyers can conveniently bid on-line on several cars at once. In as little as 15 minutes, dealers can purchase numerous vehicles that meet their purchasing requirements. Additionally, EVRI is working on a `Simulcast' auction which will allow sellers and buyers who are unable to attend a live auction to participate through a real-time link."

Oxford Resources Corp. is a specialized automobile finance company engaged in consumer automobile leasing and lending, servicing the leases and loans which it originates and remarketing the automobiles upon the expiration of the leases. Oxford currently conducts its automobile leasing business in 19 states through approximately 1,200 automobile dealers and markets its indirect automobile lending program in 18 states through approximately 1,000 dealers.

EVRI's and Oxford's web sites can be found on the Internet at www.EVRI.com and www.OxfordResources.com.

CONTACT: Oxford Resources, Melville

Christopher S. Pascucci, Executive VP and CFO

516/777-8100 x 3253

or

Jaffoni & Collins Inc., New York

David C. Collins, Joseph N. Jaffoni, 212/505-3015

dccjci@aol.com
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Publication:Business Wire
Date:Nov 25, 1996
Words:499
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