Brand New From Priceline.com: Name Your Own Price For A Rental Car.
Business/Technology Editors
NORWALK, Conn.--(BUSINESS WIRE)--Feb. 3, 2000--
-- Newest priceline.com service taps into $17.2 billion auto
rental industry
-- 27% of those who buy priceline.com airline tickets say they
want a rental car
First airline tickets, then hotel rooms, and now rental cars.
Priceline.com (Nasdaq: PCLN) today announced its newest way to save
travelers money - name your own price(TM) for a rental car. Beginning
today, priceline.com customers can visit the Company's Web site and
drive away with a wide variety of vehicles from brand-name rental car
companies.
With its new service for rental cars, priceline.com taps into the
growing U.S. market for auto rentals, projected as a $17.2
billion-plus industry. In its own customer surveys, priceline.com has
found that 27% of its airline ticket customers said they also would be
interested in renting a car at their destination.
Priceline.com's auto rental service is fast, easy and convenient.
Travelers tell priceline.com where and when they want to pick up and
drop off the vehicle. They can choose from many types of vehicles,
including economy, compact, mid-size, full-size, convertible, luxury,
mini-van, full-size van and sport utility. (As with other
priceline.com services, travelers agree to rent from any top-quality
rental company affiliated with priceline.com). Then they name the
per-day price they want to pay. Priceline.com automatically figures
out any applicable taxes and fees and gives the traveler the
all-inclusive total. Priceline.com then goes to work to try to find a
vehicle for the traveler at that price and responds with a yes/no
answer in an hour or less.
&uot;We're pleased to be able to offer this new name your own
price(TM) car rental service in response to the requests we've
received from our traveling customers,&uot; said Daniel H. Schulman,
president and COO of priceline.com. &uot;Now, priceline.com offers a full
lineup of money-saving services for the leisure traveler - airline
tickets, hotel rooms and, now, rental cars.&uot;
About Priceline.com
Priceline.com is the patented Internet pricing system that
enables consumers to achieve significant savings for goods and
services. Priceline.com takes consumer offers and then presents them
to sellers who can fill as much of that guaranteed demand as they wish
at price points determined by buyers.
Priceline.com's &uot;virtual&uot; business model allows for rapid scaling
using the Internet. Because the Company electronically collects
consumer demand, it can fill this demand directly with sellers or by
using proprietary databases. Priceline.com does not maintain or
warehouse inventories in any of its product lines.
Priceline.com's business system currently sells multiple services
to customers across three product categories: Priceline Travel
Services that offer leisure airline tickets, hotel rooms and rental
cars; Priceline Personal Finance Services that offer home mortgages,
refinancing and home equity loans, Priceline Automotive Services that
lets consumers make purchase offers for new cars.
Priceline.com also licensed its business model to two privately
owned companies -- Priceline WebHouse Club, which offers
Name-Your-Own-Price(TM) retail goods, beginning with groceries in the
New York metro and greater Philadelphia areas, and Priceline Perfect
YardSale, a local-market selling service for used household items. In
return for granting licenses to the WebHouse Club and Perfect
YardSale, priceline.com receives royalties and has also received
warrants allowing it to purchase an equity stake in the companies
under certain contingent conditions. Prior to the exercise of those
warrants, the results of WebHouse Club and Perfect YardSale operations
will not be included in priceline.com's financial statements.
This press release may contain forward-looking statements that
are made pursuant to the safe-harbor provisions of the Private
Securities Litigation Reform Act of 1995. Expressions of future goals
and similar expressions including, without limitation, &uot;may,&uot;
&uot;will,&uot;
&uot;believes,&uot; &uot;should,&uot; &uot;could,&uot; &uot;hope,&uot;
&uot;expects,&uot; &uot;expected,&uot; &uot;does
not currently expect,&uot; &uot;anticipates,&uot; &uot;predicts,&uot;
&uot;potential,&uot; and
&uot;forecast,&uot; reflecting something other than historical fact are
intended to identify forward-looking statements, but are not the
exclusive means of identifying such statements. These forward-looking
statements involve a number of risks and uncertainties, including the
timely development and market acceptance of products and technologies
and other factors described in the Company's filings with the
Securities and Exchange Commission. The actual results may differ
materially from any forward-looking statements due to such risks and
uncertainties. The Company undertakes no obligations to revise or
update any forward-looking statements in order to reflect events or
circumstances that may arise after the date.
--30--es/ny*
CONTACT: Brian Ek at priceline.com
203/299-8167
brian.ek@priceline.com
or
Mike Darcy at priceline.com
203/299-8168
mike.darcy@priceline.com
or
Karen Rappaport at Connors Communications
212/807-7500
karen@connors.com
KEYWORD: CONNECTICUT
INDUSTRY KEYWORD: INTERNET COMPUTERS/ELECTRONICS AUTOMOTIVE
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