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
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