Strategic Alliance Nets Additional $6.9 Million Revenue on Resale of Fleet Vehicles
GE Commercial Finance, Fleet Services and Carfax celebrate the one year anniversary of their exclusive partnership. Since October 13, 2003, wholesale buyers purchasing used vehicles from Fleet Services have had access to extensive documentation on these vehicles' past service and maintenance through Carfax Vehicle History Reports. This documentation covers everything from oil changes to brake replacements.
"We've been blown away by the positive impact the Carfax Reports are having on the resale value of our off fleet vehicles," said Paul Seger, vice president of asset remarketing for GE Commercial Finance, Fleet Services. "We've sold 23,150 vehicles since we started working together and an initial study of our last year's revenue shows that we made an average of $300 more on every vehicle sold with a Carfax Report. That's almost $7 million of additional value we returned to our fleet management clients."
Client vehicles enrolled in Fleet Services' Maintenance Management program are promoted at auction with a sticker on the windshield stating the vehicle's service and maintenance records are available through Carfaxonline.com. Dealers with Carfax accounts have access to the complete service and repair information for any Fleet Services'vehicle enrolled in its maintenance program. The companies are currently exploring ways to expand access to Carfax vehicle history information at auctions around the country.
"The addition of GE's service and maintenance records to our database reflects our ongoing commitment to be the nation's leading provider of vehicle history information," says Dick Raines, president of Carfax. "Our dealer customers and, ultimately, consumers are willing to pay more for cars that come with the Carfax name. After years of hard work it is exciting for all of us here to see our efforts paying off for our customers."
About GE Commercial Finance, Fleet Services
GE Commercial Finance, Fleet Services, based in Eden Prairie, Minn., is a global fleet management company with operations in the United States, Canada, Mexico, Europe, Japan, Australia and New Zealand. With over US$220 billion in assets, GE Commercial Finance, headquartered in Stamford, Connecticut, offers businesses around the globe an array of financial services and products. GE (NYSE:GE) is a diversified technology, media and financial services company dedicated to creating products that make life better.
About Carfax
Carfax Vehicle History Service can confirm a clean title history or may help purchasers identify previous salvage history, odometer fraud, flood damage or other incidents in a car's past. Customers can access more than three billion vehicle history records in the Carfax database at www.carfaxonline.com. Carfax, Inc., based in Fairfax, Virginia, is a wholly owned subsidiary of R.L. Polk & Co.
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CONTACT:
GE Commercial Finance, Fleet Services, Eden Prairie
Gina Seppi, 952-828-2236
or
CARFAX
Public Relations:
Larry Gamache, 703-934-2664 x4108
Jeff Wilson
GE Capital Corporate Finance
[email protected]
1-203-749-6340