StoneAge.com Partners With Dominant Finance Company: WFS Financial, and Launches Its ``Stoneage Driver'' Program
23 August 2000
StoneAge.com Partners With Dominant Finance Company: WFS Financial, and Launches Its ``Stoneage Driver'' Program
TROY, Mich.--Aug. 23, 2000--In a strategic move that will benefit all online auto buyers, StoneAge.com recently secured a relationship with one of the largest non-captive lenders in the automotive industry. The agreement between StoneAge.com and WFS Financial will provide a diverse and broad finance arm for StoneAge.com's newest program, the "StoneAge Driver."
The announcement was made today by StoneAge.com Chairman and CEO, Mark Campbell.
"Every day millions of people are using the Internet to buy pre-owned cars and to get auto financing," explains Campbell. "Often consumers can't get approved for various reasons, and dealers spend a lot of their resources trying to close deals only to discover that a potential buyer is unable to get financed. At StoneAge.com we've spear-headed those challenges and developed a complete, integrated solution that benefits both business-to-consumer and business-to-business needs in the pre-owned arena."
The solution is called the "StoneAge Driver," and it's a program where the entire auto sales process is handled through StoneAge.com, including management of the financing funds. "Adding financing to our model allows us to expand our third-party consumer advocacy position," explains Bud LaCombe, senior vice president of StoneAge.com. "We aren't concerned with what kind of car people buy. We do, however, want to make sure that consumers are properly advised so that their decisions are right for them, and then we help them facilitate."
How the "StoneAge Driver" program works is simple. Consumers need to visit the web site, www.stoneage.com, click on the "Used Car" section, and submit a purchase request on a pre-owned vehicle of their choice. A StoneAge Auto Advisor will follow up with them in less than 12 hours, and assist them throughout the entire sales process. After consumers are approved for their auto loans, the Auto Advisor will schedule a test drive at a participating dealership nearby, as well as coordinate the delivery of the vehicle. "StoneAge.com is no longer just a lead referral model," says LaCombe, "We are a licensed sales finance company in 17 states."
Since the program launched, it's received positive feedback from StoneAge customers across the United States. M. Anello of Oregon comments, "With no effort on my part whatsoever, I got a car in two days! I spent an hour at the dealership...and was out so fast I couldn't believe it!" L. Tucker of Florida states, "StoneAge's flexibility and relationship with the dealer made the overall experience very enjoyable."
The "StoneAge Driver" program also provides benefits to dealers. "Our process is dealer centric," explains Gary Hall, vice president of the StoneAge.com Web Call Center. "Since we are delivering financed buyers, almost all the upfront work is done on the dealers behalf, and they earn 80% of the revenue. As a result, we have developed lasting relationships with them."
About WFS Financial
WFS is one of the nation's largest independent automobile finance companies. WFS specializes in originating, securitizing and servicing new and used prime credit quality automobile contracts through its nationwide relationships with automobile dealers. Since 1985, WFS has securitized $16.6 billion of automobile contracts in 48 transactions making it the fourth largest issuer in the U.S. Information about WFS can be found at its web site at http://www.wfsfinancial.com.
About StoneAge.com
Established in 1996, this Motor-City based company is recognized for its innovative features and entrepreneurial leadership in the online auto industry. StoneAge.com has experienced significant and profitable growth in the last year and currently serves approximately 750,000 customers each month. Its mission is to be a third party advocate for the consumer, and provides people a broad range of research information so that they can make informed buying decisions for both new and used vehicles. In addition, StoneAge.com maintains an extensive network of top-related auto dealerships in the U.S. and Canada; and was recently awarded an overall rating of EXCELLENT by PC Magazine. For more information about StoneAge.com, visit the web site at www.stoneage.com, or call 1-800-STONEAGE.