CarsDirect.com Unveils `Version 2.0' of Direct Online Car Buying With Enhanced Web Site; Exceptional Tools Fuel Next Generation Auto Buying Experience

Business Wire, Jan 27, 2000

Business Editors &Automotive Writers

LOS ANGELES--(AutomotiveWire)--Jan. 27, 2000

From its inception last spring, CarsDirect.com has been an innovator of online car buying.

Today, with the launch of its enhanced, dynamic Web site, CarsDirect.com continues to transform the way Americans buy and own cars.

The new CarsDirect.com site makes it easier than ever for customers to find the right car and get a great price, while continuing to enjoy unmatched service and convenience. The site, at www.carsdirect.com, empowers the buyer with new ways to support all aspects of the decision making process -- from shopping and getting a quote to ordering, financing and delivery.

The outgrowth of a worldwide collaboration of partners that extends from Los Angeles to Silicon Valley to Canada and China, the newly enhanced CarsDirect.com Web site includes:

--   A choice of ways to research vehicles according to various
     criteria -- by price, vehicle type or manufacturer -- or any
     combination of the three criteria.
--   A new side-by-side loan vs. lease calculator that enables
     shoppers to compare typical loan and lease payments for a
     particular vehicle.  Shoppers can adjust fields in the calculator
     to approximate the desired lease or financing terms, local sales
     tax rate and credit profile and watch the calculator dynamically
     update the monthly payment estimate.
--   A &uot;How Much Car Can I Afford&uot; feature that enables car shoppers
     to instantly define purchase parameters based on a weighting of
     annual income vs. expenses.
--   A real-time &uot;eLive Advisor&uot; that walks shoppers through the site,
     assisting the purchase process by actually filling in required
     data as needed.  Employing live online customer service
     technology from Path LLC of Venice, Calif., the instant
     messaging capability uniquely pushes entire Web pages to vehicle
     shoppers and can link them with customer service representatives
     who are available 24 hours a day, 7 days a week.
--   A &uot;My Saved Cars&uot; component that saves a specific vehicle
     configuration and facilitates both research and comparative
     shopping.
--   A dynamic brochure showcasing click-to-describe options that
     redefines virtual shopping with 360-degree views of select
     models, supported by unbiased, exclusive reviews of every make
     and model.

&uot;CarsDirect.com is all about speed, simplicity, convenience and great prices, and our new Web site delivers on all of that,&uot; said Bob Brisco, chief executive officer, CarsDirect.com.

Proprietary Technology is Key

The site represents the most visible showcase to date of CarsDirect.com's mid-summer acquisition of Autodata Solutions as a wholly owned subsidiary. Autodata, which is based in Ontario, Canada, collects information on vehicles, creates software solutions and develops Web-based businesses and products for automobile manufacturers, fleet management companies and auto dealers in Canada and the United States. Its customers include virtually every auto manufacturer in North America.

Also instrumental in the new site design and implementation were Full Moon Interactive of Los Angeles, and Fish Interactive in Shanghai, China. The two firms provided creative, software development and performance testing support, respectively.

&uot;Everything about this Web site says 'next generation,'&uot; said Jerry Popek, chief technology officer, CarsDirect.com. &uot;At the same time we're increasing our level of automation and bandwidth to facilitate back-end processes, the company is making the search and purchase transaction more accessible to the consumer.

&uot;With this new technology, the CarsDirect.com site enables our customers to build cars that fit their lifestyles and their budgets.&uot;

About CarsDirect.com

CarsDirect.com (http://www.carsdirect.com) is a new Internet company that lets consumers complete the vehicle purchase transaction. With CarsDirect.com, shoppers can research, price, customize, order and finance a new car or truck over the Web -- selecting from among 2,500 makes and models by every major manufacturer. Unlike referral services, which point people to a dealer to accomplish the transaction, CarsDirect.com takes the customer from inquiry through financing right up to delivery.

Based in Los Angeles, CarsDirect.com is an idealab! company. The company is also funded by idealab! Capital Partners, Primedia Ventures, Foundation Capital, MSD Capital LP, Goldman Sachs, Morgan Stanley Dean Witter, Hambrecht &Quist, E*O Investors, LLC, Oracle Corp., Liberty Digital, TMCT Ventures, East Peak Partners, L.P, Hikari Tsushin and Soros Private Equity Partners LLC.