Bank, CarsDirect Team for Auto Financing Site
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Sherman Oaks-based CarsDirect.com and Bank One Corp. today will open an online automobile financing site, including lease, loan and insurance services.
The new firm, called CD1 Financial.com, will be 51% owned by CarsDirect and jointly managed. CarsDirect’s chief operating officer, Greg Brogger, will be chief executive of CD1 Financial.com.
Bank One sells financial products to 10,000 car dealers across the country, and CarsDirect sells vehicles at its Web site.
Together they will develop customizable online financial services available through CarsDirect. A car lease, for example, may have options for 18,000-mile limits, as opposed to the traditional 15,000 or 20,000. They also hope to market their services to other automobile-related Web sites as private-label products.
The company began selling financial services through CarsDirect last week, but it will not be fully automated for three more months.
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