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American consumers who are frustrated by the traditional way of buying and financing vehicles are turning to the Internet to find hassle-free, convenient alternatives.
PeopleFirst.com, which bills itself as the nation's largest online originator and servicer of vehicle loans, has announced third quarter vehicle loan originations of $223 million, representing more than 13,000 loans. This is an increase of almost 300 percent from a year ago and a 20 percent jump from the second quarter.
"Customers actually enjoy their loan experience with us. Our innovative Blank Check(SM) product gives them the power and convenience of a cash buyer when purchasing a new or used vehicle," said Gary Miller, CEO and co-founder of PeopleFirst.com. "The number of consumers using the Internet to research pricing and financing for vehicles continues to grow exponentially. PeopleFirst.com offers a unique combination of products, technology and customer service that makes us the preferred choice among consumers."
According to a recent study, online financing is on the brink of tremendous growth. The recent report released by The Industry Standard and Forrester states that while only five percent of all online users (about 2.2 million people) researched or applied for their last auto loan online, more than 10 times than many, approximately 30.8 million people, plan to use the Web the next time they need a car loan.
"The market for online vehicle loans is still in its infancy and, as the clear leader in this area, we are ready to take advantage of the tremendous growth forecasted," said Brian Reed, president of PeopleFirst.com. "We have been at this since 1995, having built a unique technology platform to support our innovative product offerings. There is no substitute for experience."
PeopleFirst.com recently added several high-profile partners to its roster, including American Express, Autobytel.com, BestOffer, BJ's, Cyclebytel, duPont Registry, Get(SM)art, Motorcycle.com and PeoplePC, among others.
For more information about PeopleFirst.com, call PeopleFirst.com at (800) 689-1789 or visit www.peoplefirst.com.
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