CarCareONE Financing Available Through Maaco and Meineke Car Centers Nationwide
KETTERING, OH and CHARLOTTE, NC --- August 9, 2010 --- GE Money, the consumer lending unit of General Electric Company (NYSE:GE - News), and Driven Brands today announced a new multi-year agreement to offer consumer financing for auto repairs, maintenance and cosmetic makeovers through Maaco Collision Repair & Auto Painting, Meineke Car Care Center and Econo Lube N' Tune locations nationwide.
The Driven Brands' Credit Card, now part of GE Money's CarCareONE private label credit program, is a no annual fee card with no down payment required and an optional customer payment protection plan. Consumers can find their local Meineke, Maaco or Econo Lube center via GE Money's online Business Locator.
"Automobiles require regular maintenance and fast repairs to ensure they stay reliable, safe and look great," said Mike Carlet, CFO for Driven Brands. "With CarCareONE, making these repairs, maintenance and makeovers won't break the bank and we're pleased to offer the consumer financing program to our customers."
Participating franchise locations can manage their CarCareONE financing program online via GE Money's Business Center, where they can securely access all the sales, operational, marketing and training tools they need at the click of a button.
"Maaco, Meineke and Econo Lube are well-known and respected automotive repair brands, and millions of auto owners trust them with their vehicles every year," said Mike Mattevi, vice president of sales, Automotive, GE Money -- Sales Finance. "Our new partnership is an exciting opportunity to offer these customers with a convenient way to finance these purchases."
About Driven Brands
Driven Brands is the parent company of Meineke, Maaco Collision and Repair Centers, & Econo Lube N' Tune.
Maaco Collision Repair & Auto Painting has been making, and keeping, automobiles aesthetically pleasing since 1972. Dubbed "America's Body Shop," but renowned worldwide, Maaco maintains nearly 500 locations across the globe. Since 1972, Maaco has repaired over 16.5 million vehicles---enough to create a 15-lane traffic jam from New York to Los Angeles.
In Houston, Texas, in 1972, Sam Meineke began with only one store and a single product line. Since that time, the Meineke brand name has evolved from a "muffler" shop to the automotive "car care" center you know today. Nationwide, there are over 900 of these car care centers today.
In August of 2006, Driven Brands, Inc. acquired Econo Lube N' Tune, Inc.- a chain of nearly 200 quick lube and general repair service centers located throughout the southwest portion of the United States. Many Econo Lube locations now include the Meineke brand, providing customers with the one-stop convenience of quick oil changes and more complete car care.
About GE Money
GE Money's Sales Finance Unit, based in Kettering, Ohio, is a part of General Electric Company's GE Capital division, (NYSE: GE). GE Capital is one of the world's largest providers of credit. For over one million businesses, large and small, GE Capital provides financing to purchase, lease and distribute equipment, as well as capital for real estate and corporate acquisitions, refinancings and restructurings. For our 100+ million consumer customers, GE Capital offers credit cards, retail sales finance programs, home, car and personal loans and credit insurance. For more information, visit gecapital.com or follow company news at twitter.com/gecapital.
GE Money provides credit card programs and financial services for consumers through dealers; national, regional and independent retailers; associations; contractors; manufacturers; healthcare practices; and service providers in nearly 20 industries including: automotive, consumer electronics and appliances, elective health care, floor covering, home design and improvement, home furnishings, jewelry, music, powersports, outdoor power equipment and sporting goods. More information can be found at www.gemoney.com and twitter.com/GEMoneyUS.
GE is a diversified infrastructure, finance and media company taking on the world's toughest challenges. From aircraft engines and power generation to financial services, health care solutions, and television programming, GE operates in more than 100 countries and employs about 300,000 people worldwide. For more information, visit the company's Web site at www.ge.com, www.gereports.com and twitter.com/ge_reports.
Cristy Williams
[email protected]
678.518.2596