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Automotive Industry Education Foundation Launches with the 'Drive for $5 Million'

January 29, 2007

Scottsdale, Ariz. — Chairman and CEO Alan Algan and the Board of Directors of the Automotive Industry Education Foundation announce the launch of this new 501(c)(3) nonprofit public charity dedicated to providing scholarships to students across the nation who are pursuing or advancing careers in the automotive industry.

The Foundation’s “Drive for $5 Million” will establish an Endowment Fund and Capital Fund, which the Foundation will continue to build upon. The Foundation also will establish an annual charity auction of donated automobiles, sport and recreational vehicles, and related products and services, to assist in building the fund.

“We hope to have a profound impact on the future of the automotive industry by providing funding to assist in the education and training of the auto industry leaders of tomorrow,” Algan said.

The automotive industry is in a state of rapid flux and transformation. Products, technologies and manufacturing processes are becoming more complex. Increasing competition, globalization, environmental concerns, and new demands from consumers and regulators have added to a tsunami of change that has engulfed the industry. In the midst of this rapidly changing, challenging and stressful environment, the Automotive

Industry Education Foundation was created to expand opportunity by helping to support a new era of “just-in-time education.”

“Today, higher levels of educational and skill attainment are necessary for professionals seeking to enter or advance in an automotive industry that is contending with emerging markets, changing product and manufacturing trends, and shifts in consumer demands and purchasing habits,” said Prof. Robert W. Serum, Ph.D., VP of Academics & International Programs at Northwood University.

Serum also serves as the Foundation’s Honorary Co-Chairman and as a Member of its Board of Directors.

The Foundation will work with major universities, colleges and training institutes across the United States to provide scholarships to students pursuing degree and non-degree higher education and training programs focused on the automotive industry.

“Our Founding Donor Program includes a variety of giving levels set to recognize the generosity and support of corporations and individual donors contributing to the fund. We will encourage donors to consider the establishment of a five-year giving plan, amortizing their donations on an annual basis to form an underlying support network for the Foundation,” said Joseph Kenny, president and chief operating officer. “Every donation, big or small, will help us provide education funding to deserving students through the scholarships we award,” Kenny said.

Foundation Officers will attend the upcoming NADA Convention & Expo in Las Vegas, February 3-6, 2007 to meet with individuals and organizations interested in supporting the Foundation’s efforts.

For more information, please contact Joseph Kenny, president Automotive Industry Education Foundation at (480) 998-9494 or info@autoedfuture.com, or visit the Foundation’s website www.autoedfuture.com.

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