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Very excited about this company. Great cash flow/profitability and excellent net news coming out... FLOAT: 2.5 million First Priority Group Launches New Internet Company, Collision Depot.Com, Inc. PLAINVIEW, N.Y., April 19 /PRNewswire/ -- First Priority Group, Inc. (Nasdaq: FPGP) announced today that it has formed a new wholly owned subsidiary, Collision Depot.Com, Inc. ("Collision Depot") to provide collision repair claims and management services for the insurance industry nationwide through the Internet. The new entity will be the nation's first business-to-business E-Commerce company dedicated specifically to provide such services via the Internet. First Priority Group ("FPGP"), through its wholly owned subsidiary, National Fleet Service, Inc. and other operations, is a leading national provider of collision claims-handling and other services for insurance companies, companies that self-insure their auto fleets, and individual members of affinity groups. In order to maximize shareholder value to FPGP, Collision Depot has retained Fahnestock & Co. Inc. ("Fahnestock") to act as its exclusive placement agent in a private offering of equity securities. "We are excited about the extraordinary potential for Collision Depot, which will significantly improve the collision repair process," said Barry Siegel, Chairman and Chief Executive of FPGP. FPGP has invested significant time and money in developing, testing and validating its Internet strategy. Its research shows that the auto insurance community is eager for easy, electronic access to a nationwide resource that can provide cost-effective, high quality collision repairs in a timely fashion for its insureds. Siegel said several companies have indicated a significant interest in using the service as soon as it is ready. The company believes it has an extraordinary opportunity because almost $25 billion is spent each year in the U.S. on collision repairs. It is contemplated that the web site will allow an insurance company, agent or other representative to log onto the multi-lingual site 24 hours a day, seven days a week. Through the site, the agent can quickly locate the most convenient repair facility from among several thousand in FPGP's contracted network of highly qualified collision repair facilities in the U.S. Not only can the agent immediately make an appointment for the repair, while the customer is on the telephone, but he can arrange to have the damaged car picked up at the customer's home or office, if necessary. This approach avoids the inconvenience, and among some people, the fear, of having to deal directly with a body shop. A rental car, if needed, can just as easily be arranged and delivered to the home or office. Collision Depot will streamline the collision repair process for insurance companies, insurance agents and other authorized representatives. Collision Depot's staff will then monitor the progress of the repair, providing electronic updates. It will verify the work and the costs, and handle payment of the repair bill, collecting in turn from the insurer. FPGP Chairman Siegel stated it is anticipated that this highly automated, interactive process will enable the average insurance agent to provide extremely fast, knowledgeable and convenient service to clients, while avoiding the dozen or more telephone calls now typically required in arranging, tracking, and following up a collision repair claim. "The agent will be happy because he knows he's done a great job for his client," Siegel said. "The driver will be happy because, through the agent or insurer, he or she got a fast, expert repair, all handled without hassle, in fact, without necessarily having to leave home," Siegel said. "In addition, the driver gets a nationwide lifetime warranty on the repair and a free one-year membership in Driver's Shield(R), the finest auto service club in the country, courtesy of Collision Depot." Driver's Shield(R) is operated by FPGP as well. Siegel added that insurance companies may benefit from central billing by Collision Depot, which slashes the number of checks the insurer must write, and from the reduction in the time and telephone calls required. Insurers also gain from faster claim closure and improved insured retention as a result of doing a fast, excellent job. Through its National Fleet Service division, FPGP has been handling collision claims management for some of the country's largest, self-insured corporations and municipalities for 15 years. Its clients include such companies as IBM, the Coca-Cola Company, Hershey Foods, United Technologies and the Walt Disney Company. First Priority Group is primarily engaged directly and through its wholly owned subsidiaries in nationwide managed auto care services for self-insured corporate fleets, insurance companies, members of affinity groups and consumers. Certain information contained herein includes information that is forward-looking. The matters referred to in forward-looking statements may be affected by the risks and uncertainties involved in the company's business. These forward-looking statements are qualified in their entirety by the cautionary statements contained in the company's Securities and Exchange Commission filings. SOURCE First Priority Group, Inc. CO: First Priority Group, Inc.; Collision Depot.com, Inc. ST: New York IN: AUT INS MLM SU: PDT 04/19/99 07:30 EDT prnewswire.com | ||||||||||||
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