Homestore.com, Inc. Forms Joint Venture with Allied, Bekins, Mayflower, North American and United Van Lines to Transform America's Moving Industry

The Nation's Number One Online Home Site Joins the Nation's Top Van Lines to Offer Consumers the First-of-its-Kind Online Quoting and Reservation Technology

THOUSAND OAKS, Calif. (September 19,2000) --- Homestore.com, Inc. (Nasdaq: HOMS), the Internet's leading home and real estate-related network, today announced that it has joined forces with five of the top moving companies in the U.S. to develop the first Web site allowing consumers to shop for and purchase moving services directly over the Internet utilizing the new venture's proprietary online quoting and reservation technology. Called iMove.com and structured as a joint venture among Homestore.com and Allied, Bekins, Mayflower, North American and United Van Lines, the new site is expected to be a definitive online source for consumer information and services related to the moving process.

iMove.com, Inc. brings together the country's best known and most established van lines -- with 375 years of total moving experience, vast transportation industry know-how, superior national distribution channels, and a combined network of 2,500 affiliated local agents -- in alliance with Homestore.com -- the Internet's largest traffic-generating home and real estate Web site. In much the same way that airlines have embraced technology to expedite reservations, iMove.com is expected to help automate key functions in the move process. For the first time, consumers will have a single source of information about the nation's major moving companies, a basis for comparing competitive prices and making purchasing decisions online, and access to critical editorial content and moving advice on everything from packing to paying.

"This is a major step forward in improving the functionality of the move process for the approximately 16.5 million American families that move each year," stated Stuart Wolff, chairman and chief executive officer of Homestore.com, Inc. "Once again, Homestore.com has assembled the key industry players to build new economy solutions that address the critical home- and real estate-related needs of consumers." Last year, 16 percent of all Americans moved to a new home. iMove.com will address all segments of this estimated $12.2 billion market. Working in close cooperation with the nation's major moving companies, iMove.com has developed Internet-based solutions providing consumers with information and decision-support tools to help them move their household goods, cars and other possessions. Later this year, iMove.com is expected to provide ground-breaking new ways for consumers to learn about and purchase moving services online using an interactive move planner, advanced video tutorials, consumer quality ratings, a simplified proprietary self-estimate application and an online competitive price quote and reservation technology.

"iMove.com will provide consumers with a totally new way to research, plan and effectively manage their moves," stated Mike Fergus, president, Network Business, Allied Worldwide, the parent company of Allied and North American Van Lines. "We look forward to our alliance with Homestore.com and the opportunities iMove.com offers - to us and to our customers."

"Moving is a challenging experience for anyone, no matter how often you go through the process," noted Patrick J. Larch, Jr., president of the Transportation Services Group of UniGroup, Inc., parent company of Mayflower Transit and United Van Lines. "With iMove.com, the consumer will have access to a wealth of centralized online information about the nation's major moving companies providing a basis for comparison as well as promoting a better understanding of all that is involved in a successful relocation."

"This is an incredible vehicle to help us meet the growing needs of today's e-savvy consumers," stated Larry Marzullo, chairman and chief executive officer of The Bekins Company. "By combining the resources of these leading van lines with Homestore.com's four million unique users per month, iMove.com should quickly establish itself as a major provider of online moving services. We are thrilled to be part of this extraordinary offering to the consumer." iMove.com plans to deliver value to the moving companies by providing access to Homestore.com's Internet technology, e-business expertise and unmatched market reach. The expected industry benefits include lower cost of sale, increased transaction volume, and the ability to optimize capacity utilization. Combined with prominent positioning throughout Homestore.com's family of Web sites, the iMove.com joint venture is designed to provide the industry with a powerful new way of doing business, and consumers -- whether moving across town or across the country - with a new way to research, plan and manage their families' moves online.

About Homestore.com, Inc.
Homestore.com, Inc.'s family of Web sites includes the Homestore.com(tm), Realtor.com®, HomeBuilder.com(tm), SpringStreet.com(tm) and HomeFair.com(tm) Web sites. Consumers can view over 1.3 million new and existing homes for sale and find broker and agent services on Realtor.com®, the official Internet site of the National Association of Realtors®. Consumers searching for new homes can find more than 130,000 models, new homes and built to suit plans on HomeBuilder.com(tm), the official new homes site of the National Association of Home Builders. Consumers interested in renting an apartment will find listing information from more than 45,000 properties in more than 6,000 cities on SpringStreet.com(tm). Comprehensive moving and relocation information on the Internet is available from HomeFair.com(tm). In addition, Homestore.com's remodeling area covers home improvement needs for both consumers and remodeling professionals. Homestore.com(tm) also has content distribution relationships with America Online; Excite @Home; Netscape and Go Network/Infoseek.

About Allied Van Lines
More people around the world move in the distinctive orange trucks of Allied than with any other mover. Established in 1928, Allied Van Lines has more than 600 agency locations in the U.S. and Canada. In addition, Allied International links wholly owned and exclusively Allied operations in 38 countries with long-time, trusted representatives around the globe. Allied provides household moving services for individuals and relocating employees of their many corporate clients. Allied also provides specialized transportation for trade show exhibits and care-sensitive high-value products like electronic and medical equipment. Allied is considered a moving industry leader in quality. Working with the Gallup Organization, Allied has created an innovative program that has enabled the company to consistently improve the quality of its service providers. Allied's success in quality management was most recently recognized by the 2000 Quest for Quality awards presented to the van line for both its household goods and high-value products moving services. Allied is a subsidiary of Allied Worldwide, the largest relocation and logistics company in the world.

About Bekins Van Lines
Bekins Van Lines is a full service moving, storage and distribution company that provides transportation services throughout the world for both private and corporate consumers. The company, based in Chicago,Illinois, has been in business since 1891, and has agents in 425 locations nationwide, with representatives in every state. They are the only van line to boast the largest number of Certified Professional Movers (CPM's) in the Industry, as well as the only van line to have achieved ISO 9002 registration in all divisions. As part of The Bekins Company, other divisions include Matrix International Logistics, handling international relocations, Bekins Worldwide Solutions, providers of transportation for high-value products and logistics, HomeDirectUSA, home delivery services for retailers and catalog companies and Bekins Tradeshow Services, a premier display and exhibit services company.

About Mayflower Transit
Mayflower Transit is the best-recognized van line in the household goods moving industry, a distinction earned during nearly 75 years of service to the moving public. Mayflower was founded in 1928 by an Indiana grocer who saw the potential of long-distance truck transportation. He and a friend manufactured the first vans and recruited the first moving van operators to form a national moving company that could meet the expanding transportation demands of a rapidly growing country. Today, Mayflower is one of the nation's largest movers of household goods and other specialized shipments. Through the years, Mayflower has been an industry leader in innovation and customer service. In 1940, it was the first van line to receive authority from the Interstate Commerce Commission to operate in all states. In the 1960s Mayflower pioneered the use of air-ride vans, which added more protection for customers' goods in transit, as the standard for professional movers. Mayflower is represented across the country by more than 500 affiliated agents. The firm is based in suburban St. Louis, Missouri, and is part of UniGroup, Inc., the largest private trucking group owner in the United States.

About North American Van Lines
North American Van Lines is a global leader in the household relocation services, specialized transportation and logistics industries. Founded in 1933, the company has grown to include more than 571 agents in North America. North American uses technology to provide a more customer-friendly moving experience. Custom Internet sites, geo-position satellite links with its trucks, and online shipment tracking help ensure successful delivery of household relocation services. The North American Home-to-Home™ process puts the burden of handling moving details into the hands of the van line's trained professionals, while keeping customers fully informed on the status of the move. North American Logistics is a leading provider of commercial transportation, warehousing, integration, testing and installation services. It presently owns and operates strategically located logistics centers that comprise more than 1.6 million square feet. North American was the first van line to achieve company-wide ISO certification. Today, it holds ISO 9001 and 9002 certifications. North American Van Lines is a subsidiary of Allied Worldwide, the largest relocation and logistics company in the world.

About United Van Lines
United Van Lines is the nation's largest household goods mover, handling nearly one in every four professional household goods moves. Based in suburban St. Louis, Missouri, United maintains a nationwide network of 500 affiliated agents and 500 additional service representatives in 135 other countries around the world. United is the fastest growing of all major household goods carriers, having doubled its market share in the past quarter-century. In addition to household goods relocations for individual and corporate customers, United handles trade show exhibits and displays, newly manufactured commodities, electronic equipment, and other shipments requiring specialized transportation. The van line also provides logistics management, warehousing, and related relocation services needed by its customers. United agencies are all independently owned businesses, and the van line is owned and governed exclusively by full-time professional movers. Founded in 1947, it is the only major mover that maintains its original ownership structure and has never changed hands throughout its existence.

This release contains forward-looking information within the meaning of Section 27A of the Securities Exchange Act of 1933 and Section 21E of the Securities Act of 1934, and is subject to the safe harbors created by those sections. Actual results may differ materially. The matters discussed in this press release also involve risks and uncertainties described from time to time in Homestore.com, Inc.'s filings with the Securities and Exchange Commission (SEC). In particular, see "Risk Factors," in the Final Prospects included in the Company's Registration Statement on Form S-1 declared effective by the SEC on January 26, 2000 and also see the Company's Annual Report on Form 10-K for the year ended December 31, 1999 filed with the SEC (www.sec.gov). We assume the duty to update this information in the press release if any forward-looking statement later turns out to be inaccurate.

 

For more information contact:

Valley Transportation Group
6652 W. Buckeye Rd.
Phoenix, AZ 85043
Tel: 602.252.6531
Fax: 623.936.2681
E-Mail: info@valleynorthamerican.com

 

 

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