Vehix.com Announces Online Financing Alliance with Ford Motor Credit
24 January 2000
SALT LAKE CITY, Jan. 21 -- Vehix.com, a subsidiary of AT&T Media Services, and Ford Motor Credit Company, the financing division of Ford Motor Company, announced today the formation of a new alliance involving online financing opportunities on the national automotive online buying service website Vehix.com (formerly AutoMallUSA.com). The alliance with Ford Motor Credit Company will offer consumers the opportunity to apply for and receive online financing for Ford and Lincoln-Mercury products through Ford and Lincoln-Mercury dealerships found on the Vehix.com website. The alliance features integrated links to Ford Motor Credit's website from Vehix.com's inventory listings of over 500,000 new and used vehicles. Vehix.com maintains a consumer and dealer-friendly business model by allowing members of its Dealer Network to retain all gross profits from financing and warranty sales. The most current consumer research conducted by J. D. Power and Associates states that online car buyers are more likely to finance vehicles than non-internet users. The findings go on to state that shoppers who purchase vehicles through services such as Vehix.com are more than twice as likely to finance their vehicle purchase online. These two key facts validate this newly formed alliance by delivering consumers an opportunity to apply for and receive financing on the exact vehicle that they are considering even before they visit the dealer. "We are pleased to join Ford Motor Credit to expand our offerings to consumers and dealers through our new website," said John Garff, President and CEO of Vehix.com. "The timing of this announcement coinciding with the launch of our newly updated website will offer consumers a first hand opportunity to witness the power of Vehix.com." "We are very excited about working with Vehix.com to drive more qualified prospects to our dealers in order to facilitate Ford and Lincoln-Mercury vehicle sales", said Tim Dennis, E-Commerce Strategic Alliance Manager at Ford Credit. "We believe Vehix.com has a unique and very dealer-friendly business model that fits directly into our own online automotive strategy."