AutoWeb Interactive Signs Agreement With Bank of America
5 August 1997
AutoWeb Interactive Signs Agreement With Bank of America
Agreement Results in Online Automobile Financing and Leasing
SANTA CLARA, Calif., Aug. 5 -- AutoWeb Interactive, Inc.
(http://www.autoweb.com), the most comprehensive one-stop automotive shopping
resource for new and used cars on the Internet, today announced an agreement
with Bank of America to provide users online financing options through the
AutoWeb Interactive site. The new arrangement enables AutoWeb Interactive
customers to apply for auto financing or leasing electronically with Bank of
America. AutoWeb Interactive will provide the financing services through Bank
of America in most U.S. states.
"Our overall goal is to make it as easy, convenient and affordable as
possible for customers to buy or lease a vehicle. By expanding our services
through Bank of America our customers are able to complete their entire
automotive purchasing transaction online," said Frank Zamani, president and
CEO of AutoWeb Interactive.
"The Internet has become a key component of the car purchase scenario and
Bank of America's online credit application, available through AutoWeb
Interactive, provides consumers with the ability to apply for auto financing
or leasing within the comforts and privacy of their home," said Anne Tonks,
executive vice president, National Dealer Lending Division, Bank of America.
"We're committed to providing the consumer with the easiest way to arrange
their auto financing, while providing our auto dealer customers with new sales
opportunities."
AutoWeb Interactive's new offering is advantageous to both banks and
member auto dealers as it enables them to expand their distribution channels
and tap the site's extensive user base, which generates more than 15 million
visits monthly.
"AutoWeb Interactive is always seeking new ways to bring added value to
both our customers and dealers. We are optimistic that our agreement with
Bank of America will build more traffic on the site and generate new revenue
for our member dealers, while saving consumers time and money," Zamani added.
To give customers a variety of financing options from which to choose,
AutoWeb Interactive plans to sign additional agreements with other major banks
in the next several months.
AutoWeb Interactive is a fast and easy way for consumers to access
automotive purchasing information on the Internet. With AutoWeb Interactive,
consumers can inquire about car availability and pricing, calculate a payment
schedule, finalize a purchase and schedule delivery of a newly-purchased car
to one's home or office. AutoWeb Interactive is the only automotive site
consecutively named one of PC Magazine's "Top 100 Web Sites" three times.
Founded in November, 1994, AutoWeb Interactive (http://www.autoweb.com)
currently has relationships with 1,100 registered dealers. Accessible 24
hours a day/365 days a year to anyone with an Internet connection, AutoWeb
Interactive receives over 15 million visits per month. AutoWeb Interactive
also is a distinguished provider on Netscape's "Net Search" and serves as a
default automotive site for CNET's "SEARCH.COM." For more information,
contact AutoWeb Interactive, 100 Saratoga Ave., Second Floor, Santa Clara, CA
95051. Telephone: 800-707-9552, Fax: 408-777-9553, or Email:
info@autoweb.com.
Bank of America (http://www.bankamerica.com) is a subsidiary of
BankAmerica Corporation, the third largest bank holding company in the United
States, based on assets of $258 billion as of June 30, 1997. Through its
National Dealer Lending Division (http://www.bankamerica.com/dealer), Bank of
America provides Dealer Financial Services to auto dealerships throughout the
nation.
SOURCE AutoWeb Interactive, Inc.