DealerconX, the Internet automobile financing portal announced in February by Bank of Montreal, Royal Bank of Canada and CIT

Vendor Technology Finance, is taking on a new name -- dealerAccess, Inc. -- and a growing list of 1,100 participating dealers.

The Internet portal brings together automotive dealers in Canada and the U.S. with suppliers of auto finance, leases and in future, related consumer products such as insurance and extended warranties, at the point of sale.

About 60 per cent of the total franchised dealers in Canada do business with the new portal's three shareholders. Bank of Montreal's and Royal Bank's indirect auto finance businesses will become customers of the portal.

financiaLinx Corp., an automobile leasing subsidiary of CIT, is already using the dealerAccess portal, whose technology has processed over $1 billion in auto leases and loans.

"We're off to a great start," said Tim Hammill, CEO of dealerAccess Inc. "We have received all of the necessary approvals and now, with our senior management team and four national lenders in place, namely Bank of Montreal, Royal Bank, financiaLinx and Trans Canada Credit, dealerAccess is well on its way to becoming the largest auto-finance portal in

Canada."

The Canadian market is made up of 3,550 auto dealers who handle around 2.5 million new and used car sales a year. In the United States,

about 29 million auto purchases flow through 22,250 franchised dealers.

"Our growth path to becoming the pre-eminent dealer auto financing portal in Canada involves recruiting new dealers and new funders to continue our rapid expansion," said Barry McMillan, president of Canadian operations for

dealerAccess. "The potential for dealerAccess is significant given the speed and simplicity of our e-commerce service offering."

According to McMillan, the dealerAccess portal provides auto dealers, their customers and participating lenders with specific advantages:

- Dealers have access to an easy-to-use Internet finance processing and management tool that permits an electronic link with leading auto finance and lease suppliers, from a single point of entry;

- Dealers' customers purchasing or leasing vehicles have a range of choice in options and rates. Transactions can be completed simply and in minutes; and

- Participating lenders benefit from the cost efficiencies of an electronic credit application and document processing system customized to their credit adjudication, documentation and payment rules.

"We've done extensive research in the United States," said Pat Doran, president of U.S. operations for dealerAccess. "The U.S. market is definitely ready for dealerAccess. Our offering is already generating a lot of interest among major U.S. lenders."

dealerAccess, Inc. has recently opened an office in Jacksonville, Fla., and expects to be operational in the United States later this year.

About Bank of Montreal

Bank of Montreal, is a diversified financial services institution. The bank operates more than 30 lines of business within its group of companies, including BMO Nesbitt Burns, one of Canada's largest full-service investment firms and Chicago-based Harris Bank, a major U.S. mid-west financial services provider.

About Royal Bank of Canada

Royal Bank of Canada is a diversified financial services company. It provides personal and commercial banking, wealth management services, insurance, corporate and investment banking and transaction processing on a global basis. The company employs more than 54,000 people who

serve 10 million personal, business and public sector customers in North America and in some 30 countries around the world.

About CIT

CIT Vendor Technology Finance, an operating group of CIT, builds alliances with industry-leading vendors and entrepreneurs to deliver customized financing solutions. CIT is a global source of financing and leasing capital

for companies in more than 30 industries. CIT manages more than $50 billion in assets across a diversified portfolio. Founded in 1908, CIT operates extensively in the United States

and Canada with strategic locations in Europe, Latin and South America and the Pacific Rim.