Autoweb.com Teams With PeopleFirst.com to Offer Efficient Auto Financing
1 March 2000
Autoweb.com Teams With PeopleFirst.com to Offer Efficient Auto FinancingConsumers to Receive Online Loan Application Approval in as Little As 15 Minutes SANTA CLARA, Calif. and SAN DIEGO, March 1 -- Autoweb.com , the premier consumer automotive Internet service, today announced that it will offer auto financing services through PeopleFirst.com, a leading online auto lender. PeopleFirst.com originates and services its consumer vehicle loans almost entirely over the Internet. As a direct lender, PeopleFirst.com guides the consumer through every stage of the auto financing process, from application to final payment. The agreement gives Autoweb consumers convenient access to highly competitive loan rates and a rapid decision process -- as little as 15 minutes on most applications. "The partnership with PeopleFirst.com is another example of how Autoweb.com continues to put consumers first," said Sam Hedgpeth, president and chief operating officer, Autoweb.com. "PeopleFirst's customer service orientation, convenient financing process, and competitive rates will help us deliver a better loan experience to consumers." "We completely share Autoweb.com's commitment to the customer, and are pleased to be offering our financing products as part of their comprehensive auto buying process," said Gary J. Miller, co-founder and CEO, PeopleFirst.com. The agreement has placed PeopleFirst.com icons and integrated links in both the Autoweb Finance Center and New and Used Car Purchase Request portions of the Autoweb.com site. On the New and Used Car Purchase Request pages, consumers will be given the option to apply for financing when a purchase request is submitted. PeopleFirst.com will process most loan applications within 15 minutes. With the overnight delivery option, approved loans will be fulfilled within one business day, including sending all necessary documentation to the consumer. About Autoweb.com Autoweb.com is the leading consumer automotive Internet service, guiding consumers through every stage of vehicle ownership. From research and buying, to enjoying, maintaining and selling, Autoweb.com delivers what consumers want. Starting with comprehensive, unbiased automotive research, Autoweb.com also provides many options to buy new and used vehicles through its auction and dealer referral commerce channels. Autoweb.com works with more than 5,000 Member Dealers and other commerce partners to provide the best experience at every stage of vehicle ownership. For more information, please visit http://www.autoweb.com. About PeopleFirst.com Founded in 1995, PeopleFirst.com is a leading online lender, originating and servicing its consumer loans almost entirely over the Internet. PeopleFirst.com was the pioneer of "blank check" auto lending, an innovative finance option that gives loan recipients a no-obligation check that can be used for the purchase of a new or used vehicle at most dealerships in the country, as well as lease buyouts and refinancing of existing loans. Motorcycle loans were added in January 2000. Additionally, through an exclusive agreement with Mail Boxes Etc., PeopleFirst.com is the first company on the Internet offering loans for the purchase of vehicles from individuals. PeopleFirst.com has additional relationships with Creditland, Edmunds.com, Insweb, Kelley Blue Book, LendingTree.com, MSN CarPoint, NADA, Telebank, and Yahoo!, among others. The company presently offers auto loans in 47 states plus the District of Columbia. To obtain more information about the company, call PeopleFirst.com at 800-698-1789 or visit the company's Web site, http://www.peoplefirst.com. Statements in this news release, including statements that include words such as "expects," "believes" or other future-oriented statements, contain forward-looking statements that involve risks and uncertainties that could cause actual results to differ from anticipated results. These risks and uncertainties include the difficulties inherent in coordinating the services of the two companies, or changes in the statutory or regulatory environment. Further information on risk factors that could affect the company's results is detailed in Autoweb's filings with the Securities and Exchange Commission, including its Registration Statement on Form S-1 (No. 333-71177) and its Form 10-Q for the quarter ended December 31, 1999.