PeopleFirst.com Introduces New Concept in Used Auto Financing
23 November 1999
PeopleFirst.com Introduces New Concept in Used Auto Financing; Agreement With Mail Boxes Etc. Gives PeopleFirst Customers Ability to Buy Used Cars From Individuals
SAN DIEGO--Nov. 23, 1999--Online auto loan leader PeopleFirst.com (http://www.peoplefirst.com) today announced the introduction of the first online auto financing program by an Internet company that supports private-party used vehicle purchases.Through PeopleFirst.com's agreement with Mail Boxes Etc. (MBE) -- the world's largest franchisor of retail business, communications and postal service centers -- MBE franchisees will provide notary, copying and faxing services for PeopleFirst.com auto loan customers.
The new, innovative program provides PeopleFirst.com's customers with the ability to buy and finance used vehicles from private parties (individuals), and effectively expands PeopleFirst.com's present suite of product offerings, which includes loans for new or used vehicle purchases from dealers, along with refinancings and lease buyouts. The new loan program is currently offered in 31 states, with additional states expected during the next several weeks.
PeopleFirst.com utilizes the Internet to allow customers to conveniently complete the entire vehicle loan process online in just minutes. Upon approval, customers receive from PeopleFirst.com a check good for an amount up to the maximum approved value of their loan, effectively turning them into cash buyers.
"The private used vehicle market is enormous, significantly larger than the dealer used vehicle market," said Gary J. Miller, chief executive officer and co-founder of PeopleFirst.com. "Our customers and strategic partners have been clamoring for an Internet financing solution to service this market.
"Through our exclusive relationship with Mail Boxes Etc., we have provided them with a seamless solution. We continue to re-engineer products, deliver them over the Internet, and back them with unmatched customer service."
"Our strategic partnership with MBE gives our customers the convenience of completing the vehicle purchasing process at the MBE location of their choice," said David G. Zeller, president and co-founder of PeopleFirst. "In addition, we make sure that our customer and the seller are on their way in just 10-15 minutes."
"Our strategic partnership with PeopleFirst.com is an excellent example of `click and mortar,' the combination of Internet companies and those with traditional storefronts, often called `brick and mortar' establishments," said James Amos, MBE president and CEO. "With MBE's physical presence of more than 3,300 retail locations in the U.S., PeopleFirst.com's customers will be able to complete their vehicle purchase at a convenient, local MBE."
About PeopleFirst.com
PeopleFirst.com is a privately held company located in San Diego. Founded in 1995, the company spent over 18 months internally building its customized Internet lending delivery systems, and has been offering auto loans via the Internet since August 1997.
The company was named one of the five "Best of the Web" financial innovators in 1998 by Online Banking Report, citing PeopleFirst.com as the "pioneer of blank check auto lending." The company presently offers auto loans in 40 states plus the District of Columbia, with plans to expand to all 50 states as soon as possible.
About Mail Boxes Etc.
Mail Boxes Etc., a wholly owned subsidiary of U.S. Office Products Co. , is the world's largest franchisor of retail business, communication and postal service centers. There are more than 4,000 MBE locations operating worldwide, with master licensing agreements in place for the development of the MBE business in 60 countries around the world.
In the United States, MBE centers are owned and operated by licensed franchisees of Mail Boxes Etc., USA, Inc. Outside the United States, MBE centers are owned and operated by MBE master licensees or their franchisees. MBE maintains a Web site at http://www.mbe.com.
About U.S. Office Products
U.S. Office Products is one of North America's leading providers of office supplies, office furniture, and office coffee and vending services. In addition to MBE, USOP owns Blue Star Group Limited, a leading supplier of office products and business services in New Zealand and Australia, and a 49 percent interest in Dudley Stationery Limited, the second-largest contract stationer in the United Kingdom.
USOP's Web site address is www.usop.com.