PREIT Launches Partnership with GoMoto at Cherry Hill Mall

Progressive automotive company changes the way people shop for cars while PREIT adds new experience for customers

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Apr 30, 2014, 04:15 ET

PHILADELPHIA, April 30, 2014 /PRNewswire/ -- Pennsylvania Real Estate Investment Trust (PREIT/NYSE: PEI) today announced a three-month partnership with GoMoto, an automotive tech company changing the way people shop for cars by allowing customers to test drive and compare competitive classes of vehicles all in one location. GoMoto has selected Cherry Hill Mall as the location of their first-ever, full-scale showroom and test drive experience beginning this May, allowing PREIT to launch a new era in automotive shopping in South Jersey.

GoMoto, founded by automotive industry veterans Benjamin Catanese, Marc Rubino and Todd L. Marcelle, seeks to answer consumers' demands for a better way to shop for cars. To cut down on the significant amount of time spent going from dealer to dealer to test drive and research vehicles, GoMoto instead provides a quick and easy way to gain first-hand insight about vehicles and test drive them in one comfortable, inviting setting.

The Cherry Hill Mall GoMoto showroom will be the first to feature 2014 Class Leaders, allowing customers to explore and compare various models in the Pickup, Sedan, SUV and Luxury categories from brands such as Acura, Audi, BMW, Dodge, Ford, Honda, Kia, Lexus, Nissan, Mercedes and Toyota. Shoppers will then be able to stage test drives right from the mall parking lot with up to 5 other competitive vehicles in each respective class. Available at the GoMoto showroom are knowledgeable brand experts who can answer questions about the vehicles, but will not discuss price, financing terms, or any other pertinent information that customers and dealers engage in prior to a sale, taking the stress and pressure out of car shopping. If a shopper is interested in learning more or wants to contact a dealer, he or she is provided with the dealership's information, and conversely GoMoto will provide the dealership with the customer's information so that the dealer may follow-up with the customer.

"We are excited to announce this event that offers our mall customers yet another innovative experience at the mall that will not only be new but is also a convenience," says PREIT CEO Joseph F. Coradino. "Integrating with pioneering partners like GoMoto aligns us with evolving consumer habits."

GoMoto will operate their Cherry Hill Mall showroom on May 1^st through July 31st in the mall's Grand Court, and will stage test drives from the parking lot.

"We look forward to giving South Jersey and beyond a glimpse into the future of car buying," says GoMoto CEO Todd Marcelle. "The modern sophistication of Cherry Hill Mall is the perfect setting for our experiential displays that encourage a comfortable and convenient shopping experience."

For more information, visit cherryhillmall.com or shopgomoto.com.

About Pennsylvania Real Estate Investment Trust
PREIT is a real estate investment trust specializing in the ownership and management of differentiated retail shopping malls designed to fit the dynamic communities they serve. Founded in 1960 as Pennsylvania Real Estate Investment Trust, the Company now owns properties in 12 states in the eastern half of the United States with concentration in the Mid-Atlantic region and Greater Philadelphia. The Company's current portfolio is comprised of 35 shopping malls, seven other retail properties, and three development sites totaling 45 properties and 30.4 million square feet of space. PREIT is headquartered in Philadelphia, Pennsylvania, and is publicly traded on the NYSE under the symbol PEI. Information about the Company can be found at www.preit.com or on Twitter or LinkedIn.

About GoMoto
GoMoto perpetual auto shows are set in high-traffic public venues and consist of leading vehicles within a typical consumer's consideration set; spanning every class, and tailored to consumer preferences and demographics of the market they are established in. GoMoto believes every car buyer (and not just those that can afford a Tesla) deserve a modern, pressure-free shopping experience. Through our experiential displays, GoMoto empowers car buyers to educate themselves on a wide range of vehicles side-by-side and then test drive them on-site, with their direct competitors. GoMoto is an AOL Fishbowl Labs incubated company and is founded by seasoned entrepreneurs and automotive dealers. Its advisory board is comprised of Peter Fong, former Chrysler Brand CEO, Len Bellavia, NADC Board Director, Jon Schulz, EVP Specific Media.

CONTACTS:
AT THE COMPANY
Heather Crowell
VP, Corporate Communications and Investor Relations
(215) 454-1241
[email protected]

FOR GOMOTO
Todd L. Marcelle
CEO & Founder
(914) 671-8871
[email protected]

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SOURCE PREIT