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Letter to the Editor

JoeAuto, Inc. to Launch 'Big Box' Retail Auto Service Centers Nationwide Featuring Information Technology Efficiencies

HOUSTON -- JoeAuto, Inc., a company that combines the benefits of "big box" retailing with the efficiencies of information technology, has announced that it has raised $13.5 million in Series A financing from a group of seasoned investors that include Ford Motor Company and CCG Venture Partners, LLC. The funds will help the Houston-based company pursue its plans to open giant auto service centers nationwide.

"This investment in JoeAuto demonstrates a tremendous commitment to our efforts to deliver a superior auto service and repair experience to the consumer and fleet owner by incorporating information technology and modern retailing approaches," said Lynn Graham, JoeAuto's president and chief executive officer.

JoeAuto provides same day or overnight auto repairs and service, 24 hours a day, seven days a week. Customers never have to leave their homes because the company picks up and delivers vehicles and provides low-cost loaners. From the JoeAuto Web site, customers can receive a diagnosis, obtain pricing information, make service appointments, choose their loaner car, view repairs and make payments online.

JoeAuto is working with the Six Sigma Qualtec Institute to redesign 35 critical automotive service processes. The intent is to improve information flow, eliminate non-value added activity, reduce defects and waste and improve productivity and capacity. Among the efficiencies JoeAuto service centers will employ is an on-site, completely stocked parts store managed by industry leader NAPA Auto Parts.

JoeAuto currently has one prototype service center in Houston. In its first 180 days of existence, it has generated revenues that rank in the top five percent of all auto shops nationwide. This summer, the company will launch its first 30-bay, big box center in Houston, with a second Houston outlet opening before year-end. In 2002, the company plans to move into Dallas, Austin, Atlanta and Denver. Within five years, Joe Auto expects to have 140 big box service centers serving the nation's top 50 metropolitan markets.

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