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Travelers and RIFCO to Offer New Solutions

April 01, 2008

Vancouver, AB Travelers Acceptance Corporation and RIFCO Inc. have announced the formation of a strategic alliance whereby the companies will together work to assure that consumer finance solutions for Repairers, Garages, Repair Centres, Repair Shops, and Auto Maintenance Centres will be provided under Travelers Automotive Aftermarket Finance Program.

The alliance broadens the scope of Travelers Acceptance consumer-based finance solutions, while allowing RIFCO to exit this non-core channel in order to maximize unprecedented growth of its non-prime Auto Purchase Financing through its Canadian automotive dealer network.

"We welcome the opportunity to work with RIFCO senior executives to ensure that there is no disruption of service delivery to the thousands of repairers nationwide utilizing automotive aftermarket financing to increase sales, profits and consumer loyalty to their repair operation," said Karl Sigerist, Senior Vice President and Chief Operating Officer for Travelers Acceptance Corporation. "The Travelers Team is ready and willing to earn the confidence and respect of the former RIFCO network of automotive aftermarket repair and service vendors. Our aim is to provide a service experience that will drive the former RIFCO channel to choose Travelers as their financing partner of choice, and assist them to grow their businesses with point-of-sale consumer finance programs that meet the needs of their customers."

"Travelers is uniquely suited to serve the point-of-sale financing needs of RIFCO's network of repairers. Travelers has over 30 years experience in consumer financing. We strongly encourage RIFCO repairers to take advantage of Travelers fast-track enrollment and begin benefiting from its well-developed solutions," said Bill Graham, President and CEO of RIFCO Inc.

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