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Exeter Finance Selects Cypress Software's Mark IV Software, DealerTrack Interface

April 18, 2007

North Richland Hills, Texas — Exeter Finance Corp. of Irving, Texas has selected Cypress Software Systems LP’s Mark IV consumer loan automation platform and DealerTrack Interface to automate the finance company’s indirect automotive financing operations.

Exeter installed the software solution in late 2006 and to-date has seen improved loan volume, faster decision turnaround and increased underwriting consistency. Exeter was founded in 2006 by seasoned automotive finance executives, and currently provides financing to auto dealers in Dallas, Denver and St. Louis. The company plans to expand to 10 markets by the end of 2007.

“Our company is committed to providing local underwriting, funding and relationships to dealers in the markets we serve. Cypress’ Mark IV software and DealerTrack Interface have greatly helped us in that effort by increasing the speed and efficiency of our loan operations,” said Sam Ellis, president of Exeter Finance. “When we activated the solution, our application volume doubled. Mark IV offers the credit scoring models, tri-bureau access and automated decisioning we need, and the DealerTrack Interface is just a natural fit for our business model by connecting us with a wealth of auto dealers.”

The Mark IV/DealerTrack Interface lets auto dealers seamlessly submit an applicant’s loan information to financial institutions using Mark IV. Mark IV, then, automatically sends the application through credit review and underwriting, enacts the institution’s loan policies and returns a loan decision to the dealer – via DealerTrack – within seconds.

Cypress’ Mark IV software allows lenders to take loan applications electronically while interviewing applicants, quickly retrieve credit reports, efficiently review sources of repayment, and deploy their loan policies.

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