Wells Fargo Launches Auto Purchasing Over the Internet; From Research to Auto Financing, Wells Fargo Makes Purchasing a Car Online Easy and Convenient
11 December 2000
Wells Fargo Launches Auto Purchasing Over the Internet; From Research to Auto Financing, Wells Fargo Makes Purchasing a Car Online Easy and Convenient
SAN FRANCISCO--Dec. 11, 2000--Further simplifying automobile purchasing and financing, Wells Fargo & Co. announced today the launch of the Auto Finance Group E-Commerce product lines. The E-Commerce product lines include the AutoXpress Lane(SM) Internet site for new car purchases, Certified Pre-Owned Autos for pre-owned vehicle sales and the Auto Finance Web site for auto loans. Today's announcement further enhances Wells Fargo's online consumer offerings for key financial and life decisions.Through Wells Fargo's new AutoXpress Lane service, customers can purchase or lease a new car in a hassle-free environment. This new service is a comprehensive shopping solution, providing everything from research tools and comparison shopping to purchasing and auto financing, giving consumers control over the entire auto purchasing process. Wells Fargo customers can access the AutoXpress Lane Internet site through wellsfargo.com under Auto Finance & Sales.
This past September, Wells Fargo launched its innovative Certified Pre-Owned vehicle sales Web site where customers can also buy or lease quality pre-owned vehicles from Wells Fargo's inventory of lease return cars. Wells Fargo will also be launching a stand-alone auto financing Web site shortly. Through this new Auto Finance Web site, customers can apply for a new or used auto loan completely online and receive a credit decision in seconds. Once approved, the customer receives a "blank check" in the mail that can then be used at any franchised dealership.
"Wells Fargo is dedicated to delivering products and services that make our customer's lives easier. Offering a one-stop shop for purchasing autos online is another example of our dedication to customers," said Dick Schliesmann, executive vice president and group head, Wells Fargo Auto Finance Group. "The tools available to consumers via the Internet has affected the way they research and purchase autos. Wells Fargo can help make auto ownership fast and easy with the convenience of online sales, insurance and financing."
Studies indicate more and more consumers are turning to the Internet as a channel to research and purchase new or pre-owned vehicles:
| -- | According to Jupiter Communications, online-influenced and online-direct auto sales will be worth $128 billion by 2004. Currently, 38 percent of car buyers are doing research online. |
| -- | J.D. Power & Associates reports that consumers who use online car buying services save an average of nearly $500 on the purchase of a new vehicle. |
A leader in online banking, Wells Fargo is one of the first major banks to offer online auto purchasing capabilities. And, because the company offers auto finance services in its brick-and-mortar stores, customers are offered convenience, flexibility, and choice when it comes to purchasing an automobile.
"We picked up our brand new car on Friday, and it's beautiful," said Brian Dunleavy, AutoXpress Lane customer. "The experience was great; the entire purchasing process was very smooth from beginning to end."
As the first major financial services company in the U.S. to launch Internet banking services in 1995 (www.wellsfargo.com), Wells Fargo has blazed the trail in providing interactive tools and features for customers. Wells Fargo introduced consumer online services in 1989, and over the last decade has added a wide range of easy-to-use online services. Nielsen/Net Ratings named Wells Fargo the top Internet bank in August, with more than 1.4 million unique visitors.
About Wells Fargo
Wells Fargo and Company is a $263.5 billion diversified financial services company providing banking, insurance, investments, mortgage and consumer finance services through 5,700 stores, its Internet site (www.wellsfargo.com) and other distribution channels across North America as well as internationally.