Still wondering if there is a conection between the RAZF deal with Bank One ticker ONE.
Here is the latest news regarding the Car Dealership.
Does the product sound like CALMS to anyone?
The time frame has me questioning it;
"Credit applications will be the first service introduced by
e-FINCOM.com, providing rapid credit approval in as little as 30 seconds."
newswire.ca
news.com
BANK ONE TO PROVIDE FINANCING FOR CUSTOMERS OF
CARSDIRECT.COM,
PR Wire
May 17, 1999, 9:20 a.m. PT
One-Stop Online
Auto Purchase Company
PHOENIX, May 17 /PRNewswire/ -- BANK ONE CORPORATION (NYSE: ONE), the
nation's fifth largest bank and one of the nation's largest independent
automotive lenders, today announced that it will provide loan and lease
financing for customers of CarsDirect.com, an online automobile retailer that
enables consumers to select, finance and purchase vehicles via their personal
computer.
"CarsDirect.com represents the smartest strategic application of
e-commerce in auto sales," said Don Winkler, Chairman and CEO of Finance One
Corporation, the BANK ONE subsidiary that includes automotive finance.
"Business models are rapidly changing and BANK ONE is investing heavily in
numerous eCommerce initiatives to be on the leading edge," Winkler added. "In
our auto finance business, it's imperative that both BANK ONE and our dealer
partners leverage a competitive Internet presence. CarsDirect.com gives us
the type of dynamic electronic relationship we need to meet the demands of the
wired consumer segment."
The CarsDirect.com initiative reflects Bank One's increasing emphasis on
electronic commerce. Other recent BANK ONE eCommerce initiatives include
reintroducing today its website, bankone.com, as a new and improved
financial supersite; creating a full-service financial center for Excite,
Inc.'s 17 million monthly users; enabling consumers in 50 states to receive
conditional approval for home equity loans within 50 seconds; becoming one of
five banks on America Online's banking center; offering electronic tax
preparation and filing; and offering electronic bill delivery to its online
bill payment service. BANK ONE's First USA credit card unit sold more than
300,000 credit cards over the Internet in 1998. In addition, the Bank has
numerous partnerships with on-line loan brokers, and websites for mortgage and
education loans.
"BANK ONE will work with CarsDirect.com to establish the company's
preferred dealer network, which will supply the new vehicles for
CarsDirect.com's buyers, perform the pre-delivery services, acquire trade-ins,
and provide warranty repair and service," Winkler said.
In developing an answer to the eCommerce challenge, BANK ONE focused on
three things: protecting its dealer relationships, finding a good technology
partner, and providing what the online buyer is looking for in terms of
service, convenience and pricing.
Here's how the transaction works:
-- Prospective car buyers go to the CarsDirect.com web site,
carsdirect.com, and select the vehicle and options they want
from a choice of more than 2,500 makes and models produced by every
major manufacturer.
-- Consumers then click through the financing package and receive
virtually instant approval for the auto financing, insurance, and
delivery to their home -- all via their personal computer. The
transaction can take as little as 20 minutes.
-- The pre-sold deal is then routed to a participating local dealer who
prepares the vehicle for delivery or pickup.
"eCommerce is a rapidly expanding segment of the automobile industry, and
we will provide a means for the dealers, our traditional customers, to
participate in a significant way," said Edward Tinsley, president and CEO of
Banc One Credit Company, the auto finance subsidiary of BANK ONE. "We expect
that eCommerce will drive changes in the automotive market over the next
several years."
Tinsley said dealers will benefit five ways under the program by:
-- recording incremental sales without the marketing or sales costs
usually associated with automobile transactions (participating dealers
will not be charged sign-up, monthly or referral fees),
-- having the right of first refusal on buying trade-ins, strengthening
their inventory for the profitable sales of previously owned cars,
-- attracting additional warranty service and repair work,
-- collecting income from add-ons, as well as fees from vehicle
preparation, documentation and other delivery-related services, and
-- establishing long-term relationships with new customers.
"This strategy literally drives deals from the information superhighway
right to the dealers," Winkler said.
CarsDirect.com has received significant financial backing from Goldman
Sachs, MCD Partners, Foundation Capital and idealab!, the eCommerce business
incubator that launched eToys, Ticketmaster, CitySearch and Free-PC.
BANK ONE CORPORATION, headquartered in Chicago, is the nation's fifth largest
bank holding company, with assets of more than $250 billion. BANK ONE offers
a full range of financial services to commercial and business customers and
consumers. Information about Bank One can be accessed on the Internet at
bankone.com, BANK ONE's revitalized Web site.
SOURCE BANK ONE CORPORATION
-0- 05/17/99
/CONTACT: Thomas A. Kelly of BANK ONE CORPORATION, 312-732-7007; or
William G. Armstrong Jr. of G.S. Schwartz & Co. Inc., 212-725-4500, ext. 304,
for BANK ONE/
(ONE)
CO: BANK ONE CORPORATION; CarsDirect.com
ST: Arizona
IN: AUT MLM FIN
SU:
-0- May/17/1999 12:05
EOS (PRN) May/17/99 12:05 86
-0- (PRN) May/17/1999 12:20
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