EDMONTON, Oct. 1 /CNW/ - Carfinco Income Fund ("Carfinco" or the "Fund")
announces that it has completed the pilot testing of DealerAccess, an internet
portal providing automotive dealers across Canada easy access to financing
programs such as those provided by Carfinco. The Fund has now commenced the
national roll out of DealerAccess to dealers across Canada. The initial roll
out process is expected to be completed by the end of October 2007.
In January 2007, Carfinco initiated a national roll out of Curomax,
another Internet portal, which resulted in a significant increase in loan
originations for Carfinco. The Fund is anticipating a similar impact over the
next several quarters as dealers using DealerAccess begin to submit
applications to Carfinco.
"Our objective continues to be increasing loan originations while
strictly adhering to our underwriting standards. DealerAccess will provide the
Fund access to a broader range of dealers, thereby allowing us to leverage our
Unitholders' equity by increasing the Fund's finance receivables without
deviating from our current underwriting policies" commented President & CEO,
Tracy Graf. "This process will lead to increased revenues."
About Carfinco Income Fund
A growth-oriented income trust, Carfinco focuses on providing consumer
car loans to borrowers unable to obtain financing through traditional lending
sources. A network of select independent and franchise dealerships offer
Carfinco's payment plan to their customers who must, along with the vehicle,
meet Carfinco's underwriting guidelines.
The units of the Fund trade on The Toronto Stock Exchange under the
Caution Regarding Forward-Looking Statements - This news release contains
certain forward-looking statements, including statements regarding the
business and anticipated financial performance of the Fund. These statements
are subject to a number of risks and uncertainties. Actual results may differ
materially from results contemplated by the forward-looking statements. When
relying on forward-looking statements to make decisions, investors and others
should carefully consider the foregoing factors and other uncertainties and
should not place undue reliance on such forward-looking statements.
For further information:
For further information: Mr. Tracy A. Graf, CEO & Trustee of Carfinco
Income Fund, Telephone: 1-888-486-4356, Facsimile: 1-888-486-7456, E-mail: