Carsdirect looks for customers in place they find their money.BOB Brisco figures so many consumers are buying their cars with money from mortgage refinancing Refinancing An extension and/or increase in amount of existing debt. that he might as well develop a toehold in both areas. Brisco is chief executive of the online auto retailer CarsDirect Inc., which last week acquired BestRate.com and LoanApp.com. "We find the mortgage businesses to be very complementary with our auto business," he said. "An increasing number of consumers are looking to the equity in their homes as a less expensive way to finance their auto purchases, and there is overlap o·ver·lap n. 1. A part or portion of a structure that extends or projects over another. 2. The suturing of one layer of tissue above or under another layer to provide additional strength, often used in dental surgery. v. in lending institutions Noun 1. lending institution - a financial institution that makes loans financial institution, financial organisation, financial organization - an institution (public or private) that collects funds (from the public or other institutions) and invests them in ." He said the new sites will streamline the process of searching online for the best interest rates on a home mortgage. The sites were purchased from Myers Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the Inc. of San Jose San Jose, city, United States San Jose (sănəzā`, săn hōzā`), city (1990 pop. 782,248), seat of Santa Clara co., W central Calif.; founded 1777, inc. 1850. . El Segundo-based CarsDirect, a venture-funded company best known for its two automotive Web sites, CarsDirect.com and Autos.com last year launched an online brokerage service called Loanstore.com. Another of its six Web sites, CheckInterestRates.com, displays the lowest interest rates from a host of lenders. Privately held CarsDirect received $280 million in venture capital in 1999 and has a number of top-flight investors, including Amazon.com, Idealab, Kleiner Perkins Caufield & Byers, Liberty Media, Oracle Corp. and Soros Private Equity Partners. |
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