Capital One launches site for online auto purchases
Capital One Auto Finance, the auto lending division of Capital One Financial Corp., has launched DriveOne.com, a web site that allows consumers to purchase autos online. The program is available in Los Angeles, Miami, Atlanta and Indianapolis.
The DriveOne program enables consumers to shop for their car at a price guaranteed by a participating dealer no higher than Kelley Blue Book’s New Car Blue Book Value, or what the car is currently selling for. Consumers also can locate a participating dealer and arrange financing at the site.
Under the program, consumers configure their vehicle online at the DriveOne.com site. After the car is configured, they receive a Blue Book price value for a new vehicle, or a used car quote from a participating dealer. At the dealership, consumers will choose the vehicle they specified and then have the option of funding their loan online directly through Capital One or seek alternative financing.
The DriveOne program also offers consumers a $250 cash rebate for new vehicles and a $400 cash rebate for used vehicles.
“DriveOne was designed to meet the changing needs of the industry,” said Dave Lawson, CEO of Capital One Auto Finance. “Consumers get a simplified auto-buying process, with the convenience of online shopping and the elimination of frustrations associated with haggling over price. Dealers get an incremental sales base to build their business and expand their offering.”
The program will be available in the majority of California markets by the end of August, Capital One said.
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