AWEB Loan/Lease Functionality Introduced by Autoweb's Automotive Information Center (AIC)
AIC AutoSuite Enhancement Offers More Complete Pricing Options for Automotive Consumers
SANTA CLARA, Calif., May 10 /PRNewswire/ -- Autoweb.com, Inc.'s (Nasdaq: AWEB - news) Automotive Information Center (AIC), a leading information services provider of automotive content and research software, today announced the addition of Loan/Lease functionality to the AIC AutoSuite(TM), a package of research tools that delivers compelling consumer-targeted features to automotive Web sites, including auto manufacturers, dealers and Web portals. The application aids automotive consumers who are contemplating ``lease versus loan'' options, allowing them to accurately determine how much they will spend per month for any desired vehicle. This functionality will first launch on www.autosite.com.
``AIC's Loan/Lease enhancement offers the most robust and comprehensive method for automotive consumers to calculate their monthly lease or loan payments, easily and without hassle,'' said Bill Barrett, President of AIC. ``The decision to acquire a vehicle by loan or lease can often be the most difficult choice for a consumer. This enhancement is designed to deliver a complete vehicle research experience, enabling consumers to find the right vehicle at the right price to fit their needs.''
The Loan/Lease application displays vehicle pricing as MSRP and Invoice price, or as a monthly cost to the consumer, based on financial factors provided by the consumer. For the Loan option, consumers can complete fields for length of loan, lending interest rate, money down and trade value. For the Lease option, fields include length of lease, lease interest rate, money down and capital cost reduction. At any time during the research process, consumers may switch their view to the Loan, Lease or Cash cost of the vehicle in order to determine the best option for them.
With this new enhancement, the AutoSuite dynamically recalculates monthly payment amounts as the user selects and deselects vehicle equipment using AIC's AutoBuilder(TM). This feature displays the total cost of the vehicle as well as the cost of individual options. For example, if the consumer adds four-wheel drive as an option, the tool automatically displays the extra cost per month for the loan or lease.
The application is available throughout the entire AutoSuite product, and it also enables the AIC AutoComparator(TM) to compare vehicles based on comparable equipment and monthly payment.
About Automotive Information Center (AIC)
The Automotive Information Center (AIC) division of Autoweb is the leading provider of automotive content, data and intelligent tools used to power Internet services, portals and manufacturer web sites. AIC researchers rely on decades of industry experience to create the most accurate, comprehensive and up-to-date research platform in the business. All AIC data and tools feature our unique optimal price capabilities, which enable consumers to configure and compare vehicles on the basis of lowest possible price.
Through Autoweb's data, technology and tools, visitors to sites powered by the AIC technology are able to configure a vehicle by manufacturer, make, model, trim specifications and other option packages, as well as perform side- by-side competitive vehicle comparisons. This proprietary technology provides a competitive advantage for dealers and enhances the shopper's experience by offering realistic, actionable information.
About Autoweb
Autoweb.com is a leading automotive Internet service, guiding users through every stage of vehicle ownership. Through its direct and referral commerce channels, Autoweb.com offers consumers a variety of ways to purchase new and used vehicles in conjunction with vehicle manufacturers, local Member Dealers and other commerce partners. The Company's Web site also provides consumers with a wide range of automotive-related products to support the complete lifecycle of the vehicle, including finance, insurance and maintenance. Autoweb.com features comprehensive, unbiased research from its Automotive Information Center (AIC) division.
Autoweb also continues to set the standard in the business-to-business marketplace by providing Web sites with the most advanced technology to view automotive information, and accurate and reliable automotive data and content. Currently, major automobile manufacturers, including DaimlerChrysler, Ford, General Motors, Honda and Toyota, use Autoweb's automotive data to power their sites. Some of the major consumer portals also use Autoweb's content and technology, including AOL, Yahoo, Lycos, MSN and Carpoint. AutoSuite is highly configurable for any individual AIC customer, as the interface can match look and feel, while vehicles (both target and competitor) and specific features can be limited to desired selections. For more information, please visit autoweb.com and autosite.com .
Safe Harbor Statement:
Certain statements in this news release regarding attractiveness of the product and its widespread use by consumers, and other customers of AIC, may be construed as forward-looking statements. Forward-looking statements involve risks and uncertainties that could cause actual results to differ from anticipated results. The Company faces many risks and uncertainties in its business, including the fact that the Company received a Nasdaq Staff Determination letter on March 1, 2001, indicating that the Company has failed to comply with the minimum bid price requirement for continued listing, and is subject to delisting from the Nasdaq National Market; changes in competitive behavior or market forces; uncertainties regarding response from the vehicle manufacturers; changes in the legal or regulatory environment, changes or lack of changes in consumer preferences over time, technological challenges and an inability to forecast future traffic and transactions, and failure to consummate its merger with Autobytel. Further information on risk factors that could affect results is detailed in Autoweb's filings with the Securities and Exchange Commission, including its Registration Statement on Form S-1 (No. 333-71177) and its Form 10-Q for the quarter ended September 30, 2000, filed with the Securities and Exchanges Commission, including (without limitation) under the captions, ``Risk Factors'' and ``Management's Discussion and Analysis of Financial Condition and Results of Operations''. Additional information is set forth in those sections in Autoweb's Annual Report on Form 10-KA for the year ended Dec. 31, 2000.
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SOURCE: Autoweb.com, Inc. |
