CarsDirect.com and Bank One Create CD1 Financial.com, Internet-Based Automotive Lender.LOS ANGELES Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. and CHICAGO--(BUSINESS WIRE)--June 21, 1999-- Customized Financial Products, Electronic Speed and Simplicity To Be Offered to Customers of First Internet Car Company In a move aimed at redefining the world of online automotive finance, CarsDirect.com, the first Internet car company, has partnered with Bank One, the nation's fifth largest bank and a major automotive lender, to create CD1 Financial.com, a full service Internet automotive lending and leasing company. Launched last month, CarsDirect.com (http://www.carsdirect.com) is the first and only nationwide online source that enables consumers to research, price, select, order, finance and take delivery of a new vehicle, at home or at the office. CD1 Financial.com will provide online buyers with one-stop shopping for a full line of auto loans, leases and insurance. The interactive capabilities of the CarsDirect.com web site will enable consumers to custom-design the financing to suit their specific needs, and to apply and make payments for credit and insurance in the fastest and easiest way possible. The volume of loans and leases could exceed $1 billion during the company's first 24 months of operation, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Greg Brogger, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of the new company. Scott Painter, CEO of CarsDirect.com, heralded the joint venture as "a means to complete our product offering in an unprecedented fashion and a way to empower our customers while dramatically simplifying their ownership experience." According to Don Winkler Winkler may refer to:
Management of the new company will be drawn from both CarsDirect.com and Bank One. CD1 Financial.com CEO Greg Brogger formerly served as chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of CarsDirect.com and prior to that worked closely with Bill Gross as vice president of business development for Idealab, the Internet incubator. "CD1 Financial.com is a platform to revolutionize rev·o·lu·tion·ize tr.v. rev·o·lu·tion·ized, rev·o·lu·tion·iz·ing, rev·o·lu·tion·iz·es 1. To bring about a radical change in: Television has revolutionized news coverage. 2. the way consumers own their cars -- we're building a unique online mall for automotive financial products," Brogger said. He described as "nearly limitless" the opportunity arising from the marriage of CarsDirect.com's Internet technology and marketing reach with Bank One's financial strength and ingenuity. "CD1 Financial.com will customize and automate the process of obtaining the financial and insurance products that every car owner needs," Brogger said. "We will bundle products like loans, insurance, warranties, etc. together, so consumers can deal with a single provider for all their automotive financial and insurance needs. CD1 Financial.com will enable customers to shop for products in a no-pressure, friendly environment at any time of the day. Our forms will be written in plain English Plain English (sometimes known, more broadly, as plain language) is a communication style that focuses on considering the audience's needs when writing. It recommends avoiding unnecessary words and avoiding jargon, technical terms, and long and ambiguous sentences. with online customer service representatives available. Now, obtaining loans, leases and insurance will take 10 minutes rather than two hours." The venture with CarsDirect.com, according to Bank One's Don Winkler, "is one of many Internet initiatives we have under way to bring more customers to our dealers and to serve them electronically. Bank One is pursuing numerous strategic alliances with dynamic companies like CarsDirect.com that help us to be on the leading edge in meeting the demands of the wired consumer. We regard the CarsDirect.com business model as one that strongly benefits dealers and consumers alike." Bank One is working 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 the trade-ins, and provide warranty repair and service. Bank One works with some 10,000 car dealerships This article is about car dealerships. For the indie pop band, see Dealership (band). A car dealership or vehicle local distribution is a business that sells new cars and/or used cars at the retail level, based on a dealership contract with an automaker or around the nation. About CarsDirect.com The fastest-growing company ever to emerge from Idealab, CarsDirect.com (www.carsdirect.com) is a breakthrough new Internet See Web 2.0 and Internet2. company that enables consumers to buy a vehicle entirely over the Internet. With CarsDirect.com, car shoppers can research, price, design, order and take delivery of a new car or truck right from their own computer -- selecting from among more than 2,500 makes and models produced by every major manufacturer. Unlike referral services, which simply point people in the direction of a dealer, CarsDirect.com customers complete the transaction, online, with full financing, insurance, warranty and documentation support. Based in Sherman Oaks, California, CarsDirect.com investors include Goldman Sachs The Goldman Sachs Group, Inc., or simply Goldman Sachs (NYSE: GS) is one of the world's largest global investment banks. Goldman Sachs was founded in 1869, and is headquartered in the Lower Manhattan area of New York City at 85 Broad Street. , Foundation Capital, Idealab Capital Partners, MSD (MicroSoft Diagnostics) A utility that accompanied Windows 3.1 and DOS 6 that reported on the internal configuration of the PC. A variety of information on disks, video, drivers, IRQs and port addresses was provided. Capital L.P., and Primedia Ventures, among others. About Bank One Corporation Bank One Corporation (NYSE NYSE See: New York Stock Exchange :ONE), 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 The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. to commercial and business customers and consumers. Information about Bank One can be accessed on the Internet at www.bankone.com. |
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