CarsDirect.com Becomes Exclusive Buying Service for Pentagon Credit
1 March 2000
CarsDirect.com Becomes Exclusive Online New-Car Buying Service for Pentagon Federal Credit Union Members
LOS ANGELES--March 1, 2000--to U.S. military/DoD personnel and their families
CarsDirect.com, the leading automotive e-tailer, today announced that it will become the exclusive online provider of new car-buying and leasing services for Pentagon Federal Credit Union, the third largest credit union in the United States.
Beginning this month, CarsDirect.com (www.carsdirect.com) will roll out a special co-branded area on the Pentagon Federal Web site (www.PenFed.org), which will make it easier for eligible American military personnel in the United States and overseas to purchase new automobiles online.
Pentagon Federal provides market-leading financial services to Army and Air Force personnel, Department of Defense employees and contractors, and their families worldwide, 24 hours a day. The credit union has more than 400,000 members worldwide and more than $3 billion in assets.
"Pentagon Federal Credit Union's members -- drawn from the nation's Army, Air Force, and Department of Defense communities -- will now be able to enjoy the speed, simplicity, convenience and great prices that the CarsDirect.com experience delivers," said Bob Brisco, CEO, CarsDirect.com. "We're continuously seeking marketing partners like Pentagon Federal Credit Union that can connect our services with a qualified and loyal base of consumers who value e-commerce."
The alliance between CarsDirect.com and Pentagon Federal will especially benefit credit union members who are stationed overseas, many of whom order cars that await them upon their return from active duty. For uniformed personnel, the process traditionally has been handled through PX/BX sales and has required significant advance planning. Now, with the CarsDirect.com co-branded area on the Pentagon Federal Web site, credit union members will be able to find the right car quickly and easily.
"Pentagon Federal Credit Union proudly embraces the Internet's possibilities to offer valuable solutions to our members, and our strategic alliance with CarsDirect.com is a prime example of the benefits of membership in our credit union," said Frank R. Pollack, Pentagon Federal president. "Now, our members can apply for a car loan from the credit union online, and then immediately research and order a new car through CarsDirect.com without leaving www.PenFed.org."
About CarsDirect.com
With CarsDirect.com (http://www.carsdirect.com), shoppers can research, price, customize, order and finance a new car or truck over the Web -- selecting from among 2,500 makes and models by every major manufacturer. More than 2,000 franchised dealers are a part of CarsDirect.com's Priority Dealer Network.
Based in Los Angeles, CarsDirect.com is an idealab! company. The company is also funded by idealab! Capital Partners, Primedia Ventures, Foundation Capital, MSD Capital LP, Goldman Sachs, Morgan Stanley Dean Witter, Hambrecht & Quist, E*O Investors, LLC, Oracle Corp., Liberty Digital, TMCT Ventures, East Peak Partners, L.P, Hikari Tsushin and Soros Private Equity Partners LLC.
