CarsDirect.com Revolutionizes Car Buying Experience with Innovative Online Platform

CarsDirect.com, the pioneering online car buying service, has launched its revolutionary platform, enabling consumers to research, price, select, finance, order, and take delivery of a new vehicle from the comfort of their own homes. Conceived by entrepreneur Scott Painter and Bill Gross of Idealab, the company aims to provide a more efficient, economical, and consumer-friendly car buying experience.

Key Takeaways:

• CarsDirect.com is the first Internet car company to partner with Bank One, a major automotive lender, to provide a comprehensive, one-stop car-buyers' site.
• The platform enables consumers to research, price, select, finance, order, and take delivery of a new vehicle online, with access to over 2,500 makes and models produced by every major manufacturer.
• CarsDirect.com has received significant investments from prominent investors, including Goldman Sachs, MSD Capital L.P., Foundation Capital, and Primedia Ventures.
• The company has formed strategic partnerships with industry leaders, such as J.D. Power & Associates and Autoland, to provide a seamless car buying experience.
• CarsDirect.com's innovative approach has attracted attention from industry analysts, with estimates suggesting that nearly half a million vehicles will be sold online by 2003, a dramatic increase from the estimated 15,000 cars expected to be sold online this year.
• The company's aggressive rollout strategy includes plans to expand to over 40 cities by the end of the calendar year, with local offices in nine major U.S. markets.
• CarsDirect.com's vision is to create a car buying experience that is more efficient, economical, and consumer-friendly, putting the consumer in control of the process.

Statistics:

• Estimated 15,000 cars expected to be sold online in 1999.
• Estimated nearly half a million vehicles to be sold online by 2003.
• 660 customers represented over $20 million in car sales during the beta site phase.
• 20 minutes or less to initiate the actual car purchase online.
• Over 2,500 makes and models produced by every major manufacturer available on the platform.
• 9 major U.S. markets with local offices at launch.
• Expanding to over 40 cities by the end of the calendar year.

Sources:

• Business Wire, May 17, 1999
• CarsDirect.com press release
• Bill Gross, Idealab founder, and CarsDirect.com co-founder
• Scott Painter, CEO, CarsDirect.com
• Bank One Corporation
• Goldman Sachs
• MSD Capital L.P.
• Foundation Capital
• Idealab Capital Partners
• Primedia Ventures
• J.D. Power & Associates
• Autoland