Auto-By-Tel and GE Capital Auto Financial Services Announce Online Leasing Program for New and Used Cars
13 August 1997
Auto-By-Tel and GE Capital Auto Financial Services Announce Online Leasing Program for New and Used Cars
IRVINE, Calif., Aug. 13 -- GE Capital's Auto Financial
Services and Auto-By-Tel (http://www.autobytel.com) have teamed up to bring online
car shoppers low-cost automobile leasing for both new and used cars. With the
addition of leasing, Auto-By-Tel, the largest automotive purchasing program on
the Internet, becomes the only program to give consumers every option and tool
they need to make the right vehicle acquisition choice.
"By adding GE Capital leasing services to the Auto-By-Tel website, GE is
taking its relationship and commitment to this cutting-edge, Internet-based
company one step further," said Sandy Derickson, President, GE Capital Auto
Financial Services. "We look forward to providing Auto-By-Tel customers the
most competitive leasing rate possible," she said.
Auto-By-Tel knows both new and used car buyers are keen on avoiding
frustrations and delays at the dealership level, and J.D. Power and Associates
says that financing concerns are at the top of consumers' list of car-buying
frustrations. That's why Auto-By-Tel launched Auto-By-Tel Acceptance
Corporation (ABTAC), its financing subsidiary, earlier this year. Pre-
approved financing and leasing through ABTAC, combined with the Auto-By-Tel
Accredited Dealer's commitment to customer satisfaction, results in a vehicle
delivery process that may take less than an hour. At the close of 1997, Auto-
By-Tel expects it will have processed more than one million Purchase Requests
for new and used cars.
Flexible Leasing: New and Used Cars
Because of the advantages offered by this technology-driven approach to
leasing, Auto-By-Tel and GE Capital Services can offer very competitive lease
rates. "GE Capital Services has designed this program to be extremely
flexible and able to meet individual consumer demands," said GE Capital's
Derickson.
The popularity of leasing over the past few years means a tremendous
number of quality used cars are coming off lease, creating an extremely strong
used car leasing market. Auto-By-Tel plans to take advantage of this by
offering GE Capital Service's used car leasing option through its recently
launched Certified Used Car CyberStore.
"I'm extremely pleased with the timing of this product," said Mark
Lorimer, Chief Operating Officer of Auto-By-Tel. "Leasing is not only a very
popular option for new car acquisition, but, with today's burgeoning used car
market, used car leasing is becoming increasingly viable. By adding leasing
to Auto-By-Tel, our Accredited Dealer Network has all the tools they need to
finalize transactions with Auto-By-Tel customers."
Auto-By-Tel and GE Capital Services Take the Mystery Out of Auto Leasing
"There seems to be a significant amount of confusion among consumers when
it comes to choosing between leasing and buying a car," said Peter Ellis,
President and Chief Executive Officer of Auto-By-Tel. "We, want to take the
mystery out of this process and show car buyers that leasing may be the best
way to get into a new or used car."
Auto-By-Tel's site will offer consumers comparison scenarios between
buying and leasing as well as a list of Frequently Asked Questions relating to
new and used car leasing.
With ABTAC, financing and leasing approvals often come within minutes
after an application is submitted -- which means consumers can avoid waiting
around the dealership for approval. It's free, it's easy, it's private and
the rates are very competitive.
How ABTAC and GE Capital Services Online Leasing Works
After consumers submit a Purchase Request for a new or used vehicle via
Auto-By-Tel, they are able to complete a partially pre-filled credit
application which will be forwarded to GE Capital Services. To ensure the
security of its customer's personal financial information, Auto-By-Tel
utilizes a double firewall and state-of-the-art encryption technology.
Once approved, the consumer receives notification along with an estimated
monthly payment and capitalized cost. Because GE Capital Services is one of
the largest leasing companies in the U.S., it is already working with the
majority of Auto-By-Tel's Accredited Dealers. This ensures that nearly every
Accredited Dealer will be able to facilitate a lease through GE Capital and
Auto-By-Tel Acceptance Corporation.
About Auto-By-Tel Corporation
Auto-By-Tel is the leading nationally-branded Internet-based purchasing
program for new and used vehicles and related consumer services, including
automotive financing and insurance. Through the company's website
(http://www.autobytel.com), consumers are able to gather valuable information on
automobiles and light-duty trucks and shop for vehicles and related consumer
services from the convenience of their home or office -- at no charge.
Since the Company introduced its services in 1995, it has received over
750,000 vehicle Purchase Requests from consumers. Auto-By-Tel's Accredited
Dealer Network totals over 1,900 franchises. Auto-By-Tel and ABTAC are
registered service marks of Auto-By-Tel Corporation.
About GE Capital's Auto Financial Services
GE Capital's Auto Financial Services is a leading provider of financial
services to automotive customers, dealers and manufacturers worldwide. GE
Capital Services, which has assets over $225 billion, is a global, diversified
financial services company with 27 specialized businesses. A wholly-owned
subsidiary of General Electric Company (GE), GE Capital Services, based in
Stamford, Connecticut, provides equipment management, mid-market, and
specialized financing, specialty insurance and a variety of consumer services,
such as car leasing, home mortgages and credit cards, to businesses and
individuals around the world. GE is a diversified manufacturing, technology
and services company with operations worldwide.
SOURCE Auto-By-Tel Corporation