Driveitaway.com Joins eCarCredit.com To Offer Online Financing for High-Quality Used Cars
8 January 2001
Driveitaway.com Joins eCarCredit.com To Offer Online Financing for High-Quality Used Cars
AUDUBON, N.J., Jan. 8 A strategic alliance between
Driveitaway.com (http://www.driveitaway.com), the first Web site to focus on dealer-
to-consumer used car auctions, and eCarCredit.com (http://www.ecarcredit.com), the
Web's leading online subprime finance site, now makes it easy to find a high-
quality used car and to finance the purchase online.
Under the agreement, consumers bidding on cars through Driveitaway.com's
unique auction site can apply for and receive a loan online at eCarCredit.com
before they even bid on a car. Because the consumer rather than the specific
vehicle is approved, the loan can be used towards any car on the site and need
not be renewed for each specific auction. The vehicles for sale at the
Driveitaway.com site are all offered by respected dealers and typically start
the bidding process well under retail price. The company recently entered
into a relationship with Ford that greatly expands its dealer network to
include 28 dealerships operated by the Ford Dealer Development group from
Maine to North Carolina.
The addition of eCarCredit.com to the Driveitaway.com roster of partners
means even more choices for car shoppers visiting the growing network of
participating dealers.
"As we build the reach and profile of Driveitaway.com, developing
alliances with industry leaders is vital, and eCarCredit.com is the recognized
leader in the online subprime lending space," says Stacy Ratner, President of
Driveitaway.com. "This alliance lets us offer online financing for more
bidders than ever before, particularly those who might not have an easy time
securing it through traditional channels."
Subprime loan candidates -- those who have little or no credit history and
those with negative histories -- comprise 40 to 60 percent of Web consumers,
according to Driveitaway.com Director of Strategic Development John Possumato.
These people include those who once had strong credit but lost that rating for
reasons having little or nothing to do with their current earnings or ability
to make payments.
"Driveitaway.com fills a large void in the used auto market and attracts
just the sort of consumers we serve," says Steve Maxey, CEO and founder of
eCarCredit.com. "Many of their customers need special financing of the type
we specialize in because of their credit status. This alliance not only
increases recognition for both parties, but enables us to direct business to
one another, which is the real key to any commercial relationship."
About eCarCredit.com
eCarCredit.com is the first Internet auto sales and financing firm focused
on the underserved subprime marketplace. As a B2B e-commerce and financing
provider, eCarCredit.com is the first online service that provides traditional
and Internet-based auto dealers with a complete, outsourced "Virtual Special
Finance Department," allowing dealers to sell cars to the approximately 30
percent of car buyers classified as subprime or nonprime, which 75 percent of
dealers do not adequately service. As a B2C e-dealer for subprime and
nonprime consumers, eCarCredit.com is the easiest and most confidential way to
buy and finance a new or late model vehicle.
eCarCredit.com has assembled a team of professionals with expertise from
companies such as GE Capital, GMAC, Nuvell, and Bank One, who possess a unique
combination of automotive experience and knowledge of lending practices.
eCarCredit.com received its first round of funding from iBelay
(http://www.ibelay.com), a $100 million early stage venture capital firm, and
is currently located in the FastIdeas accelerator in Westminster, Colorado.
About Driveitaway.com
Driveitaway.com (http://www.driveitaway.com) is the first Web site to specialize
in dealer/fleet-to-consumer used car auctions via the Internet. At
Driveitaway.com, consumers set their prices online through bidding and gain
the security of buying the vehicle from a local, respected dealership. The
site revolutionizes the used car market through its innovative partnership
with local auto dealers who post their inventory of late model vehicles on
Driveitaway.com's online auto auction and its unique supply of prime off-lease
units, retailed from the country's largest fleets directly to consumers via
the participating dealer network.
Consumers who go to the site can preview a wide array of used vehicles,
all available locally at some of the largest auto dealerships. They can
search by make, location, dealer, and mileage. Car shoppers then choose the
car they like participate in the online auction. The auctions usually run
from three to seven days. During that time, consumers are encouraged to visit
participating dealerships for an inspection or a test drive.
For more information contact Peter Winicov, Gregory FCA Communications,
Inc. 610/642-8253 or peter@gregoryfca.com.