Growth in eCommerce Auto Financing

Within the past year, there has been a remarkable growth in competition within the auto financing industry, according to a recent issue of Auto Financing Update. Until recently, financing had not been generally available on the Internet. Ford has acquired Triad with four brands of financing for all models. Daimler/Chrysler provides financing through its Giggo.com. Two banks have entered the field: Chase offers financing with Chase.com and Bank of America has taken an equity position in E-Loan.com. Bank One Credit Corp. has a joint venture with CarsDirect.com and has exclusive rights to provide financing to its auto buyers. In addition, Bank One has an on-line auction for selling off-lease vehicles to dealers.