ADESA Inc., Escrow.com Partner to Provide Inspection Services to Online Vehicle Buyers

June 24, 2005

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CARMEL, Ind. (June 24, 2005) -- ADESA Inc. announced that its subsidiary, AutoVIN, has partnered with Escrow.com to provide vehicle inspections for potential online vehicle buyers.

AutoVIN, the Automated Vehicle Information Network, offers services such as vehicle condition reporting, inventory verification auditing, program compliance auditing and facility inspections. Escrow.com is a worldwide provider of escrow services. Working together, the two companies will allow online shoppers to secure loans and ensure the vehicle is as described online, explained ADESA executives.

More specifically, a potential buyer can place an order on Escrow.com. Escrow.com then contacts AutoVIN to arrange for an inspection. An AutoVIN representative then contacts the potential seller and schedules a site visit and inspection. After the inspection is completed, AutoVIN sends the results back to Escrow.com. Escrow.com displays the inspection results to the potential buyer, who may then opt to continue the transaction or decline.

"We're very excited about this partnership because it enables literally every bank and financing company in North America to make loans to retail consumers safely over the Internet," said Steve Swanson, AutoVIN's president.

"Until now, buying a vehicle sight-unseen online had an element of risk, not to mention limited or no opportunity to secure a loan for such a transaction," he continued. "Our inspection services provide Escrow.com customers assurance that their vehicle purchase is sound and provides vital information to any organization wanting to provide a loan for the purchase."

Brandon Abbey, managing director of Escrow.com, added, "Until now, online vehicle purchases had few reliable options. They could buy on good faith with cash, or they could pay the cost of shipping, sometimes both ways, to inspect a vehicle.

"If the vehicle turned out to be unacceptable, the potential buyer still incurred the expense," he said. "We're excited about being able to provide a secure, proven and professional solution."

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