VERO BEACH, Fla., May 16, 2001 (PRIMEZONE) -- PrivilegeONE(tm) Networks, LLC, a wholly owned subsidiary of Calton, Inc. (AMEX:CN), announced a strategic alliance with Horsham, Pennsylvania-based Fleet Credit Card Services, a subsidiary of FleetBoston Financial (NYSE:FBF). Fleet will issue the PrivilegeONE Visa(r) card for PrivilegeONE's automobile dealer loyalty program.
PrivilegeONE has developed a comprehensive program to enhance customer loyalty to individual franchised new vehicle dealers. The program is designed to foster repeat vehicle purchases and to generate increased service revenue. Anthony J. Caldarone, chairman and chief executive officer of Calton, Inc. commented, "Calton has dedicated a great deal of time, effort and resources, including technological expertise, to this initiative. We have developed an exceptional program with strong appeal and benefits for automobile dealerships."
Benefits to automobile dealers will include:
-- Dealer-branded PrivilegeONE Visa credit cards;
-- Reward and rebates redeemable only at a vehicle owner's chosen
dealership;
-- Incentives for vehicle owners to purchase parts & service at
their chosen dealership;
-- Instant application, approval and credit line availability
through the Internet; and
-- Utilization of Fleet's instant pre-qualification process
(patent pending).
"Holding a PrivilegeONE Visa card will carry with it a compelling value for car buyers and consumers of automotive service," said Warren Wilcox, executive vice president at Fleet Credit Card Services. Cardholder benefits will include the following:
-- An extra $500 trade-in allowance if major services occur at the
chosen dealership;
-- 10% discount on parts and service at cardholder's chosen
dealership;
-- Cards will come pre-loaded with Rebate Points redeemable for
$149 toward the lease or purchase of a new or pre-owned vehicle;
-- Cardholders can earn additional Rebate Points based on card
usage;
-- Cardholders can earn unlimited Rebate Points toward multiple
vehicle purchases/ leases;
-- Preferred service appointments; and
-- Annual tire rotations, starting system checks and major systems
safety checks.
Automobile dealerships wishing to pursue opportunities with PrivilegeONE should contact Maria Caldarone at 1-888-822-6344.
About Calton, Inc.
Calton, Inc. provides consulting services and analyzes potential business and acquisition opportunities through the businesses it has acquired. These primarily include PrivilegeONE Networks, LLC, eCalton.com, Inc. and Innovation Technology Partners. Calton, from its incorporation in 1981 until 1998, was primarily involved in the homebuilding business through its subsidiary Calton Homes, Inc. With the sale of Calton Homes to Centex in December 1998, the company discontinued its homebuilding operations.
About Fleet Credit Card Services and FleetBoston Financial
Fleet Credit Card Services is headquartered north of Philadelphia in Horsham, Pennsylvania. Fleet provides consumer credit cards, credit products and related services throughout the U.S. With over 9 million accounts and more than $14 billion in managed receivables, Fleet is the ninth largest VISA/MasterCard(r) issuer in the nation.
Fleet Credit Card Services is wholly owned by FleetBoston Financial, the seventh-largest financial holding company in the United States. A diversified financial services company with assets exceeding $200 billion, Fleet offers a comprehensive array of innovative financial solutions to 20 million customers in more than 20 countries and territories. Among the company's key lines of business are: retail banking, with nearly 1,700 branches and more than 3,800 ATMs in the Northeast; commercial banking, including capital markets/investment banking and commercial finance; investment services, including discount brokerage; and full-service banking through more than 250 offices in Latin America. FleetBoston Financial is headquartered in Boston and listed on the New York Stock Exchange (NYSE:FBF) and the Boston Stock Exchange (BSE:FBF).