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Letter to the Editor
Tuesday February 14
CARSTAR Automotive Canada Signs Repair Loan Agreement with RIFCO
RIFCO INC. has signed an agreement with CARSTAR Automotive Canada to offer repair loans through over 110 stores across Canada.Doug Decksheimer, Vice President of Marketing for RIFCO remarked, "CARSTAR is the nation's largest collision repair franchise. CARSTAR collision facilities maintain the strictest requirements in quality of work, training, and customer service. As such, RIFCO is proud to announce a strategic alliance with CARSTAR to offer its convenient financing program."
The rollout of the CARSTAR program is already underway and is estimated to be complete within 90 days. Management estimates that once the rollout is complete the relationship will generate loan volumes of $500 thousand - $1 million annually.
On February 21, 2006, Larry Jefferies, Executive Vice President will officially introduce RIFCO to the CARSTAR Canada Network.
Jefferies commented, "It has become increasingly clear over recent years that the percentage of insurance paid collision repair work has declined. In some regions, over half of the collision work is 'customer pay'. We feel it is important to provide our customers with a full range of options, which will now include RIFCO's convenient payment plan. We see offering RIFCO's payment plan to our customers as consistent with our commitment to world-class ethics, standards and consistency."
The CARSTAR organization is a leader in the automotive collision repair industry, with over 300 locations across North America. Founded in Hamilton, Ontario, CARSTAR Automotive Canada has grown from eight to over 100 locations in just 10 years. CARSTAR repairs approximately 1 in 20 vehicles in Canada - 6,000 vehicles per month.
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