Idealab Company CarsDirect.com Launches as First Nationwide Online Source for Car Purchase, Home Delivery.
LOS LOS Length of stay, see there ANGELES--(BUSINESS WIRE)--May 17, 1999--
First Internet Car Company to Partner with Bank One;
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. , 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., Primedia Ventures
CarsDirect.com -- the only nationwide online source that enables consumers to research, price, select, finance, order and take delivery of a new vehicle, at home or the office -- launches today at http//:www.carsdirect.com.
CarsDirect.com was conceived by entrepreneur Scott Painter and Bill Gross of Idealab, the Pasadena, Calif. incubator incubator, apparatus for the maintenance of controlled conditions in which eggs can be hatched artificially. Incubator houses with double walls of mud, a fireroom, and several compartments each holding about 6,000 hens' eggs were developed in ancient times; the , with more than 20 successful online companies in its portfolio, including eToys, Ticketmaster, CitySearch, Free-PC and GoTo. After becoming frustrated frus·trate
tr.v. frus·trat·ed, frus·trat·ing, frus·trates
a. To prevent from accomplishing a purpose or fulfilling a desire; thwart: with his own efforts at buying a car online, Gross realized current Internet options were not only inadequate but did nothing to leverage available technology on behalf of the car buyer.
CarsDirect.com, a benchmark in the evolution of E-commerce, gives a green light to Internet users Internet user n → internauta m/f
Internet user Internet n → internaute m/f who -- armed with access to complete and objective information -- have decided exactly what they want and are ready to make their vehicle purchase over the Web. Created as a straightforward alternative to the normally time-consuming car buying process, CarsDirect.com is a new model of consumer convenience, unlimited choice and simplified pricing.
According to according to
1. As stated or indicated by; on the authority of: according to historians.
2. In keeping with: according to instructions.
3. industry analysts, nearly half a million vehicles will be sold online by 2003, a dramatic increase from the estimated 15,000 cars expected to be sold online this year.
"No other company, online or off, is committed to providing a more efficient and economical way to buy a car," said Scott Painter, 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. , CarsDirect.com. "We do this by bypassing intermediary Intermediary
See: Financial intermediary
See financial intermediary. steps, relying on volume pricing and using the Internet to cut overhead, and pass the savings on to customers. We place a huge premium on convenience, which puts the car shopper in complete control. That's what we mean by buying cars direct."
Leveraging Strategic Partnerships
Visionary leaders from both inside and outside the auto services sector comprise the strategic partnership backing CarsDirect.com, the first Internet car company.
Bank One, the nation's fifth largest bank and a major automotive lender, is collaborating with CarsDirect.com to fulfill ful·fill also ful·fil
tr.v. ful·filled, ful·fill·ing, ful·fills also ful·fils
1. To bring into actuality; effect: fulfilled their promises.
2. a vision of a comprehensive, one-stop car-buyers' site. The site will ultimately enable Net users to do everything from choose a color and select stereo components to secure financing and insurance, and arrange delivery -- all from their personal computer.
Bank One is also 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.
Edward Tinsley, President of BancOne Credit Company, Bank One's automotive finance division, said, "Auto dealers recognize that a growing segment of the population wants to buy cars in this way. By giving the dealers we serve an opportunity to be partners in the CarsDirect.com enterprise, we will create new business for them and help them prepare for the online future."
CarsDirect.com has received significant investments from Goldman Sachs; MSD Capital L.P.; Foundation Capital; Idealab Capital Partners, the venture capital affiliate of Idealab; and Primedia Ventures, a subsidiary of Primedia, the nation's largest automotive publisher, which includes such brands as Automobile, Wards and Intellichoice -- a leader in supplying comprehensive pricing data to the auto industry and to CarsDirect.com. The company has also formed a strategic relationship with leading industry market researcher J.D. Power & Associates.
In addition, CarsDirect.com has received a jump start in its ability to source cars through its strategic partnership with Autoland, one of the nation's largest credit union auto buying services. During its beta site An organization or group that is beta testing hardware and/or software. See beta test. phase, CarsDirect.com served 600 customers representing more than $20 million in car sales.
Complementing its Web presence, CarsDirect.com will have at launch local offices in nine major U.S. markets, including New York New York, state, United States
New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , 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. , Chicago, San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden , Seattle, Miami, Atlanta, Denver and Washington, D.C. Representatives in these offices will serve customers and local partners alike. The company is planning an aggressive rollout strategy that will include more than 40 cities by the end of the calendar year.
For Car Buying, A New Model
Now poised to make major inroads inroads
make inroads into to start affecting or reducing: my gambling has made great inroads into my savings
inroads npl to make inroads into [+ among the 80 million Americans online today, the partners behind CarsDirect.com are dedicated to creating for buyers a consumer-friendly environment, offering online comparison shopping, real-time, competitive price quotes -- via a fixed-price quote configurator, which adds option prices to the base price as the customer "builds" the vehicle -- authoritative reviews of popular vehicle makes and models, and a range of direct delivery options including home or office.
"The car-buying experience has remained virtually unchanged since our grandparents grandparents npl → abuelos mpl
grandparents grand npl → grands-parents mpl
grandparents grand npl bought their first cars - it's time It's Time was a successful political campaign run by the Australian Labor Party (ALP) under Gough Whitlam at the 1972 election in Australia. Campaigning on the perceived need for change after 23 years of conservative (Liberal Party of Australia) government, Labor put forward a for an overhaul that puts the consumer in control," Painter said. "We know how difficult car-buying can be. That's why we want to help in every way we can.
"We give buyers unbiased information and unparalleled choices, so they can make informed decisions - and then we provide the capability for them to purchase their vehicle from the comfort of their home in a way that benefits everyone: consumers of course, but also dealers who can now truly expand their businesses online, and manufacturers who get a major headstart in E-commerce," Painter added.
Rather than being confined con·fine
v. con·fined, con·fin·ing, con·fines
1. To keep within bounds; restrict: Please confine your remarks to the issues at hand. See Synonyms at limit. to the specific brands represented on a manufacturer's site or a dealer franchise, CarsDirect.com customers can choose from among more than 2,500 makes and models produced by every major manufacturer -- the first truly objective new car buying experience. For participating dealers, it's an opportunity to capture the traffic generated by a true online auto mall.
CarsDirect.com is more than just an online transition from the "brick-and-mortar" paradigm. As the first Internet car company, CarsDirect.com has changed the very focus of the transaction from car selling to car buying. In this next-generation environment -- with virtually no emphasis on promotion -- cars are bought rather than sold.
Beyond Dealer Referrals
Unlike CarsDirect.com -- which enables buyers to complete the purchase transaction -- other auto Web sites only provide referrals, which are then submitted directly to a large network of dealers for a fee. From these sites, consumers and dealers still need to negotiate the final terms of the purchase. Dealer referral services have recognized that consumers demand more information about their vehicle purchase, and have proven that pent-up demand exists for online buying. They represent a first step toward satisfying that demand; CarsDirect.com provides the rest of the solution.
CarsDirect.com understands that the car-buying process involves many steps beyond research and referral, and it is developing its business to help consumers complete each step more easily. In fact, Internet car-buyers can initiate the actual car purchase in as little as 20 minutes.
The focus is on providing car shoppers with the data and tools they need to consummate To carry into completion; to fulfill; to accomplish.
A Common-Law Marriage is consummated when the parties live in a manner intended to bring about public recognition of their relationship as Husband and Wife. the transaction -- from information on the car itself to full financing, insurance, warranty and documentation support, and the creation of ongoing relationships with customers, through maintenance and service partnerships. Other value-added features will include e-mail service See Internet e-mail service. reminders, online car repair histories, monitored discussion groups and a series of new car-related products designed to leverage both the interactive environment and CarsDirect.com's growing customer relationships.
CarsDirect.com is staging the number of cars available at launch, as a means of ensuring a consistent and high level of customer service for its initial buyers. The company's launch coincides with the closeout closeout, closure
the finalization of a feeding program in a feedlot. The cattle are sold and a balance sheet is struck which includes the costs of feeding and housing or confining them. of the 1999 model year.
"CarsDirect.com was born from my own experience, which clearly proved that despite its fabulous utility, the Internet was still a place where you couldn't purchase one of America's most important commodities - a new car," said Gross. "I decided it was time to change that and CarsDirect.com is how we're going to make it happen."
Bank One Strategy
"The CarsDirect.com initiative reflects Bank One's increasing emphasis on electronic commerce," said Don Winkler Winkler may refer to:
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.
CarsDirect.com (www.carsdirect.com) is a revolutionary new Internet See Web 2.0 and Internet2. company that enables consumers to buy a vehicle 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 is an Idealab company, with investors that include Goldman Sachs, Foundation Capital, Idealab Capital Partners, MSD Capital L.P., and Primedia Ventures, among others.