| Ted Deutsch
(973) 496-7865 |
New Subsidiary To Partner With Real Estate Brokers To Save Customers Time In Setting Up Essentials of Their Homes
Parsippany, NJ (July 8, 1999) – Cendant Corporation's Real Estate Division announced today a groundbreaking initiative to make life easier for consumers as they set up the many essential services required for a new residence. Through the acquisition of Utility Connections, Inc., Cendant has formed a new subsidiary, National Home Connections LLC ("NHC"), which will provide brokers with an outsourced option to: facilitate the process of connecting and disconnecting customers' utilities; provide change of address services; and promote other moving-related products and services.
Utility Connections, a three-year old company previously based in Florida, is the creator of a successful model to help brokers deliver moving and other "home start up" services to consumers through one centralized resource. By leveraging the Utility Connections model against Cendant's call-center experience and unparalleled broker networks, NHC has a unique market opportunity. The company expects to launch a pilot of the program in the second half of 1999 and be fully operational on a national basis by early 2000.
"This service will be the perfect complement to our real estate brands' existing one-stop-shopping delivery systems," said Richard Smith, Chairman and CEO of Cendant Real Estate Division. "With our market presence through CENTURY 21®, COLDWELL BANKER® and ERA® – as well as Cendant Mortgage and Cendant Mobility – no other company can bring this kind of added value to brokers, sales associates and consumers."
David Bay, formerly Vice President of Preferred Alliances for Cendant, has been named President of NHC. He is joined at NHC by the two principals of Utility Connections, Mitchel Roth and Ted Ciricillo. The company will operate out of Parsippany.
"Cendant's creation of NHC represents a substantial investment in proprietary technology," said Bay. "This technology, in combination with Cendant's vast real estate assets, will allow us to provide unparalleled service to the brokers and agents affiliated with Cendant brands. Home service providers ranging from utility companies, to home security services, to local newspapers, will benefit from the streamlined customer delivery system that we offer."
Bay also indicated that NHC will be a component of Cendant's previously announced strategy to create a real estate portal on the Internet. By offering both online and "direct to the broker" services, NHC will have a multi-tiered strategy to provide new home-buyers with one-stop-shopping at the time of home purchase. Eventually, NHC will also have the capacity to service consumers directly online.
Cendant real estate brands currently facilitate numerous home-related services for customers through the Coldwell Banker Concierge® Program, the CENTURY 21 ConnectionsSM Program, and ERA's soon-to-be announced preferred alliance services program.
Cendant Corporation is a global provider of consumer and business services. Cendant's core competencies include building franchise systems, providing outsourcing solutions and direct marketing. As a franchisor, Cendant is the world's leading franchisor of hotels, rental car agencies, tax preparation services and real estate brokerage offices. The real estate segment also includes Welcome Wagon/GETKO and Cendant's soon-to-be created residential real estate services portal on the Internet. As a provider of outsourcing solutions, Cendant is the world's largest vacation exchange service; a major provider of mortgage services to consumers and the global leader in employee relocation. In direct marketing, Cendant provides access to insurance, travel, shopping, auto, and other services, primarily to customers of its affinity partners. Other business units include NCP, the UK's largest private car park operator, and Wizcom. Headquartered in New York, NY, the company has more than 30,000 employees and operates in over 100 countries. More information about Cendant, its companies and brands may be obtained by visiting our Web site at www.cendant.com or by calling 877-4INFO-CD (877-446-3623).
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