eBay Assurance Program Available on eBay Motors

SAN JOSE, Calif.--Jan. 30, 2002--eBay Motors today announced the launch of the eBay Assurance Program for Vehicles, making it safer and more convenient for people to buy and sell cars online. Providing coverage to buyers and sellers alike, the program consists of four main features: Limited Warranty, Purchase Insurance, Payment Protection and Mobile Vehicle Inspection. According to Jupiter Media Metrix, eBay Motors logged a record 4.78 million unique visitors in December 2001, making it the most highly-trafficked automotive site on the Web.

``We want eBay Motors to be the safest place -- online or offline -- to buy or sell a used car,'' said Simon Rothman, vice president and general manager, eBay Motors. ``We developed the four components of this program in direct response to our users' requests and input. Our goal is to ensure that eBay Motors is the first place people think of when they want to buy or sell a used car at a great price.''

The eBay Assurance Program was created in order to build further protection into each step of the vehicle buying and selling process. It covers cars bought or sold on eBay Motors only. The four main features of the program are:

Limited Warranty, administered by 1SourceAutoWarranty.com, offers sight-unseen coverage for free to buyers of eligible passenger vehicles, protecting against failure of major mechanical components of the powertrain for one month or 1000 miles -- whichever comes first. 1SourceAutoWarranty.com has sold and administered more than one million consumer warranties and has one of the highest customer satisfaction ratings in the industry. Purchase Insurance, available at no cost through a third-party provider, protects buyers against fraud or material misrepresentation on any passenger vehicle listed on eBay Motors. The coverage maximum is $20,000 with a $500 deductible. Payment Protection benefits both buyers and sellers as they arrange for the exchange of funds and the vehicle after the auction closes. Available as an option to eBay Motors' customers, Payment Protection consists of Fast Deposit and Secure Pay. Fast Deposit, provided by eBay Payments, will allow a seller to collect a $200 deposit from the winning bidder using Checkout and eBay Payments, solidifying the commitment between the buyer and the seller. Provided by Escrow.com, Secure Pay offers secure, flexible and fast funds transfer via escrow for $22. This service allows the seller to know that the buyer's payment has been secured and collected in full, and it enables the buyer to know that the vehicle has been shipped. Sellers who accept Secure Pay receive a special icon that highlights their listing. Affiliated with the world's largest escrow company, Escrow.com offers a comprehensive suite of online transaction management services that provide consumers with one of the most secure ways to buy or sell vehicles online. Mobile Vehicle Inspection offers a bumper-to-bumper vehicle assessment by a professional inspector at the seller's home or place of business within 48 hours of scheduling. The inspection report is posted online the same day the examination is completed by the third-party provider. Mobile Vehicle Inspection can be initiated by either buyer or seller and costs $99.95. The seller can elect to attach the completed inspection report to his listing where a special icon will highlight it to potential buyers.