Contact Us          Submit a News Story          News Archives          Home
   


E-Commerce News

eBay Motors forges partnership with e-Loan


January 25, 2005

Looking at propelling its motor vehicle business to the top, eBay Motors inked a partnership with e-Loan, which will provide financing services for the online auction portal.

Users of eBay Motors will now be able to obtain cars and motorcycles without jumping through the traditional hoops of vehicle inspections or appraisals that most banks or credit unions require, according to E-Loan. Both companies estimate that consumers looking to finance a vehicle purchased from eBay Motors will be able to complete the transactions within 24 hours.

Financial terms of the deal were not immediately disclosed. The companies' stock reacted positively to the news on Monday. E-Loan shares were up 88 cents, to $3.88, while eBay shares jumped 59 cents to $86.63.

Mark Lefanowicz, president and COO of the California-based E-Loan, said a vehicle is sold nearly every minute on eBay, making the need for efficient financing critical.

"Just as eBay Motors changed the paradigm for finding and buying used vehicles, we are changing how individuals finance those vehicles," Lefanowicz said in a statement. "Instead of waiting long periods of time and jumping through hoops for high interest rate loans, E-Loan provides consumers with a faster and easier way."

EBay Motors is the fastest growing division of eBay. The company claims the distinction of being the top-ranked automotive site on the Web and annually delivers $11.1 billion in worldwide sales.

As reported last week by internetnews.com, shares of eBay stock took a nose-dive after the company's earnings came in short of expectations. The announcement of its disappointing results followed closely behind its recent decision to raise fees.


Source: Internet News



Advertise on E-Commerce News

Advertise on E-Commerce News and increase your site's visibility while boosting your sales.

If you have a product or service that deals with the ecommerce or ebusiness field, advertising on E-Commerce News can bring you new sales leads and close new marketing channels. This news portal is read by over 25,000 people a week.

Businessmen and woman that either own an ecommerce website, an ebusiness franchise, a B2B commercial exchange or by people in all walks of life that need to keep abreast of this fast-changing field. For more information on the many advantages of advertising on our news portal or to request pricing information, please send us an email and a marketing representative will be glad to answer you promptly.

Contact | Submit News | News Archives | Home



Copyright E-Commerce News, 2005. All rights reserved.

 
Avantex offers professional Web hosting services at wholesale-only prices. Get the best Linux or Windows hosting package for your eCommerce website. Learn more by clicking here.