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CarPrices.com Declares The First Online Price War For New Car Buyers; - Dealers Bid For The Consumer's Business -

18 November 1999

CarPrices.com Declares The First Online Price War For New Car Buyers; - Dealers Bid For The Consumer's Business -

    SAN DIEGO---Nov. 15, 1999--CarPrices.com, one of the largest and most-trafficked automotive Web sites, announced today the implementation of the industry's first online "Reverse Auction" for new car buyers, called the New Car Price War.
    This revolutionary new technology allows dealers to bid against each other for the consumer's business. The New Car Price War has started in San Diego, where nearly 80 percent of all new car dealers are participating in the program, with a nationwide rollout to follow.
    "This is a revolution in car buying," said Ahmed Ghouri, CarPrices.com's co-founder and vice president. "The New Car Price War puts the power in the hands of the buyer. The buyer configures the exact car he/she wants, and reputable dealers compete for the sale. Each dealer offers their lowest price. End of story. You just sit back and choose."
    To provide the buyer with a point of reference, CarPrices.com also provides the buyer with the dealer invoice price, the price the dealer paid for the car the buyer specifies. The bidding process lasts one business day, and the buyer can access his/her account at anytime to see what bids have been received. At the end of the bidding process the buyer has the option to accept a bid, and with a single click notifies the selected dealer. Buyers also will be able to rate the buying experience with any given dealer.
    "Everyone wants to get the best deal on a car," Ghouri said. "The New Car Price War and our dealer rating system give consumers exactly what they want."

    About CarPrices.com

    CarPrices.com is a San Diego-based company, founded in early 1998. Since its inception, the company has pioneered new business models and new technologies related to automotive commerce.

     CarPrices.com is the first automotive Web site to: 

--   Offer free new- and used-car prices to consumers on the Internet

--   Develop an affiliate program in the auto category

--   Introduce a two-tiered affiliate program

--   Allow users to obtain all available new-car brochures from a
     single Web site, free of charge

    CarPrices.com is one of the most successful automotive sites on the Internet, generating more than $105 million in auto sales per month. In addition, CarPrices.com currently is developing Co-Branded automotive content for dozens of the largest Web sites on the Internet.
    For more information about CarPrices.com, contact Emile Barrios at The Townsend Agency, (858) 457-4888 ext. 113. E-mail: emileb@townsendagency.com.