Priceline Auto Services Expands New Car Service Nationally
20 April 2000
Priceline Auto Services Expands New Car Service Nationally To 48 States; Celebrates Launch With Web-Based Video Preview Of 2000 New York International Automobile Show
NORWALK, Conn. & NEW YORK--April 20, 2000--Services to set their price for a vehicle and then buy it
through local dealerships
. . . On Friday, April 21, come to the priceline.com Web site and
see this year's hottest new vehicle models
. . . John Davis, host of PBS' MotorWeek, will take you on a
"sneak-peek" tour of the 2000 New York International Auto Show -
before the doors open
Priceline.com (Nasdaq: PCLN), the Internet pricing service that helps consumers save money on a variety of goods and services, is now making it possible for new car buyers in 48 states to set their own price for a new vehicle and then get that vehicle from a local car dealership.
To celebrate the expansion of Priceline Auto Services (a wholly owned priceline.com Incorporated subsidiary), the company is taking new car buffs on a sneak-peek guided tour of this weekend's 2000 New York International Automobile Show, with John H. Davis of PBS' MotorWeek as tour host. The video tour will be available on the priceline.com Web site starting the afternoon of Friday, April 21st. The 2000 New York International Auto Show opens on Saturday, April 22nd, and runs through next week. The New York Auto Show highlights many 2001 models which will be in new car showrooms later this year.
"Given the large number of `concept' cars and other innovations at the show, it's fitting that Priceline Auto Services sponsor this tour," said Mr. Davis, who has hosted MotorWeek for several years. "Priceline Auto Services is an innovator on the automotive scene, providing consumers with a fast, convenient way to save time and money on the purchase of a new car."
Mr. Davis will be joined in his New York Auto Show Tour at New York City's Jacob Javits Center by Maryann Keller, president of priceline.com's Automotive Services Group and former award-winning Wall Street auto industry analyst. Together, they will preview the show's new vehicles in nine different categories, including concept cars, sport-utility vehicles, luxury cars, hybrid vehicles, minivans, light trucks, sports cars, luxury cars, family sedans and small cars. To take the video tour, go to priceline.com on the Web and select the video segments you'd like to view.
"We're pleased to bring the New York Auto Show to our new national consumer audience," said Ms. Keller. "This will give everyone, including those who can't make the show, an opportunity to see what the automotive industry has in store for the driving public. We're also pleased to expand to 48 states our unique, hassle-free way to buy a new car or truck."
Priceline Auto Services is unique among Internet car-buying services because it enables you to set the price for your new vehicle. Priceline Auto Services' enhanced auto-buying Web site is easy to use - just choose the car and options you want and the price you are willing to pay, and Priceline Auto Services will let you know in one business day whether a local dealership accepted your offer.
Choosing the car you want is simple. In a graphically-enhanced format, Priceline Auto Services displays popular car models and suggests option configurations that are most popular. To help choose a price, Priceline Auto Services shows the list price, dealer invoice and typical selling price for new car models.
Once you give Priceline Auto Services your offer price, you will be asked to select the local counties where you would be willing to pick up your new car. Priceline Auto Services circulates your offer to dealerships in your selected counties. Dealers can either accept your offer on the spot or respond with counter-offers for your review.
In addition to having control over the entire purchase process, Priceline Auto Services' most unique feature is its confidentiality. Dealers always accept a consumers' offers in writing before receiving the name of the customer. By keeping customers' identities anonymous, Priceline Auto Services levels the playing field so that every consumer, particularly those who don't like to negotiate with salespersons, have the same opportunity to get a good deal on a new car, with no dinnertime phone calls and no pressure to accept someone else's price.
About priceline.com
Priceline.com, parent of Priceline Auto Services, is the Name Your Own Pricesm patented Internet pricing system that enables consumers to achieve significant savings on a variety of goods and services. Priceline.com takes consumer offers and then either communicates these offers to participating sellers or accesses participating sellers' private databases to determine whether it can fulfill the customer's offer. Priceline.com's "virtual" business model allows for rapid scaling using the Internet.
Priceline.com is currently selling multiple services to its sellers across four distinct product categories: a travel service that offers leisure airline tickets, hotel rooms and rental cars; a personal finance service (powered by pricelinemortgage) that offers home refinancing and home equity loans; and an automotive service that offers new cars. Priceline.com also announced that it would offer new credit card, telecommunications and business-to-business services later this year.
Priceline.com also licensed its business model to two privately held companies - Priceline WebHouse Club Inc., which offers Name Your Own Pricesm retail goods, beginning with groceries, and Priceline Perfect YardSale Inc., a local-market selling service for used household items. In return for granting licenses to the WebHouse Club and Perfect YardSale, priceline.com receives royalties and has also received warrants allowing it to purchase an equity stake in the companies under certain contingent conditions. Prior to the exercise of those warrants, the results of WebHouse Club and Perfect YardSale operations will not be included in priceline.com's financial statements.
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