eBay Revs Up With Saturn and Leading Auto Services Companies
12 June 2000
eBay and AutoTrader.com's Recently Launched Co-Branded Automobile Site To Feature Services From Saturn, escrow.com, E-LOAN, Dependable Auto Shippers And Hagerty
SAN JOSE, Calif. - eBay, the world's leading person-to-person online trading
community, is teaming up with Saturn and its retailers to provide a nationwide
automobile inspection service. The new inspection service, to be developed and
offered by Saturn, is slated to be part of eBay and AutoTrader.com's recently
launched co-branded automobile site, which can be accessed through eBay. eBay
and Saturn plan to implement a program that offers most used vehicle sellers on
the eBay and AutoTrader.com co-branded site the opportunity to purchase a
comprehensive inspection that millions of potential buyers can view online.
The eBay and AutoTrader.com co-branded site already includes services
designed to deliver car buyer "peace-of-mind" and ease the online transaction
process through integrated escrow, finance, insurance options and shipping
services -- from escrow.com, E-LOAN, Dependable Auto Shippers (DAS) and
Hagerty Classic Insurance.
The site is expected to include the following features, some available
today with others planned to be added in the near future:
-- A proposed new feature for the site is expert vehicle inspection
services from participating Saturn retailers nationwide -- so that buyers will
be able to purchase a vehicle online with even more confidence. Under the
program being developed, participating Saturn retailers will inspect used
vehicles from most makers and deliver the award-winning customer service the
company pioneered in the automobile market.
-- Escrow services and transaction management from escrow.com, allowing
buyers to view and inspect their purchased automobile before providing
payment. With this feature, currently available on the site, buyers can
deposit their payment for a vehicle in a secure trust account and, if the
buyer is satisfied with the vehicle, they can authorize the release of funds
to the seller.
-- Competitive financing options from E-LOAN. Providing quotes from five
leading national lenders, E-LOAN's financing options allow buyers to quickly
and easily get a loan to purchase a used car, offering some of the lowest
rates in the industry and online approvals. E-LOAN provides financing for
buyers who purchase cars from individuals and car dealerships. Now up and
running on the site, this is the first time auto financing has been offered as
part of person-to-person transactions at eBay.
-- Safe, secure and prompt shipping services are currently available from
DAS, bringing even more cars within the reach of buyers. Since 1954, DAS has
been providing affordable vehicle relocation services throughout America and
abroad. A leader in the privately owned vehicle relocation market, the company
has recently invested over $22 million in a state-of-the-art, satellite
tracked fleet of transports. DAS delivers affordable shipping for nearly every
type of vehicle and, through its association with specialty carrier Passport,
also provides shipping for high-end, exotic and antique cars -- helping eBay
buyers bring the car of their dreams within easy reach.
-- Affordable collector car insurance from Hagerty Classic Insurance.
Specializing in classic car insurance for antique and vintage autos, modified
and custom cars, and exotic automobiles, Hagerty provides comprehensive
coverage at low rates. Available today, classic car buyers on the site can
save hundreds of dollars on their insurance by working with a company that
understands how classic cars are driven, housed and maintained.
-- New automobile search features, including search by make, model, year
and location -- all delivered in a striking, fun, easy-to-use web page that
navigates the car buyers and sellers through the online auction format.
"We are constantly striving to enhance transaction safety and convenience
on our co-branded site with AutoTrader.com, and are excited about adding
Saturn and our other great service providers as part of this effort," said
Simon Rothman, vice president and general manager for eBay's automobile
business. "eBay is popularizing the online auction format for everything
automotive, giving anyone looking for a used vehicle new levels of control
over what they pay and sellers access to eBay's vibrant community of active
buyers."
eBay launched a dedicated automobile area -- for collector cars, general
used cars, spare parts, and automobilia -- on its site in August 1999,
following a groundswell of auto listings from its community members and the
company's purchase of Kruse International, the world's largest collector car
auction house. Since then, eBay's automobile category has grown exponentially
and now accounts for over 25 percent of the value of the merchandise listed on
the site. In March 2000 the company announced a long-term alliance with
AutoTrader.com, to create the Internet's largest auction-style marketplace to
buy and sell used cars.
About eBay
eBay, the world's personal trading community(TM), pioneered
person-to-person online trading. Founded in 1995, eBay has developed an
efficient and entertaining trading site on the Web that is available 24 hours
a day, seven days a week. eBay has more than 12 million registered users. More
than 600,000 items are added daily in more than 4,300 categories, including:
antiques; automotive; books, movies and music; coins and stamps; collectibles;
computers; dolls and figures; jewelry and gemstones; photos and electronics;
pottery and glass; sports memorabilia; and toys.
About AutoTrader.com
AutoTrader.com, the world's largest used car marketplace, fundamentally
improves the way people buy and sell cars by providing a comprehensive source of
credible information and a selection of more than 1.5 million used vehicles for
sale. AutoTrader.com is the exclusive online distributor of the automotive
listings contained in the Auto Trader(R) and AutoMart(R) print magazines
published by Trader Publishing Company. These magazines are distributed in more
than 136,000 retail outlets with an estimated weekly circulation of 2.5 million
copies. AutoTrader.com is also the exclusive online distributor of used car
listings data collected by Manheim Auctions, Inc. and the Dealer Services Group
of Automatic Data Processing, Inc. AutoTrader.com's investors include Cox
Enterprises, Inc., Manheim Auctions, Inc., Landmark Communications, Inc., the
Dealer Services Group of Automatic Data Processing, Inc., and Kleiner Perkins
Caufield & Byers.
About Saturn Corporation
Saturn Corporation entered the automotive market in 1990, bringing a new
level of customer service to automotive retailing. Saturn's first products
-- the compact SL sedan, SW wagon and SC coupe -- featured innovations such as
space-frame construction and dent resistant polymer body panels. Saturn
recently introduced the world's first and only three-door coupe, followed in
1999 by a new line of mid-size cars, the L-Series. Saturn was created through
a unique partnership between General Motors and the UAW. Saturn and its
retailers, represented by over 425 facilities, share a strong focus on
customer service, a focus that is an integral part of Saturn's e-commerce
initiatives.
Forward Looking Statement
Statements in this press release that relate to future plans, objectives,
expectations, performance, events, and the like are "forward looking
statements" within the meaning of the Private Securities Litigation Reform Act
of 1995 and Securities Exchange Act of 1934. Future events, risks, and
uncertainties, individually and in the aggregate, could cause actual results
to differ materially from those expressed or implied in these statements. The
factors include but are not limited to: timing and costs associated with
developing the programs referenced above; user acceptance of the new site and
features; speed and success of the development and integration efforts;
adoption by Saturn retailers; effects of the "Y2K" problem; the Internet in
general and the economy; general economic conditions; and other factors
discussed in the "Forward Looking Information," "Risk Factors" or
"Management's Discussion and Analysis of Financial Condition and Results of
Operations" sections included in the company's prospectuses, registration
statements on Form S-1, quarterly reports on Form 10-Q, and annual reports on
Form 10-K