MCLEAN, Va.--(BUSINESS WIRE)--July 18, 2006--The process of
purchasing a vehicle is a common frustration among consumers. In fact,
a recent survey conducted by Capital One Auto Finance, the auto
lending division of Capital One Financial Corporation (NYSE:COF),
finds that 70 percent of Atlanta-area car buyers are frustrated by the
purchasing process. Sixty-six percent of those surveyed said they
found price negotiation and financing to be the most stressful aspects
of buying a car and 90 percent of Atlanta-area car buyers indicated a
preference to conduct the entire auto purchasing process online, if
provided with a one-stop purchasing resource.
To meet the overwhelming consumer preference for a no hassle
auto-buying experience, Capital One Auto Finance recently launched
DriveOne in Atlanta. The online program enables consumers to shop for
their car of choice at a price guaranteed by a participating dealer no
higher than Kelley Blue Book's New Car Blue Book(R) Value; locate a
participating dealer; and arrange financing...all via the DriveOne
"Consumers are increasingly using online tools to research various
aspects of a car's purchase making more informed buying decisions,"
said Jack R. Nerad, executive editorial director and market analyst at
Kelley Blue Book, America's trusted resource for vehicle pricing,
values and information. "Capital One's DriveOne process puts the
purchasing power in the hands of car buyers by moving vital parts of
the transaction - from research to financing - online. This is a
significant evolution in the online auto-buying process."
How It Works: The DriveOne program facilitates the car buying
process by allowing consumers to 'build' their vehicle of choice via
the DriveOne website - www.driveone.com. After consumers 'build' or
configure their vehicle online, they will receive a Kelley Blue Book
New Car Blue Book(R) Value price for a new vehicle, or a used car
quote, from a participating dealer. At the dealership, consumers will
choose the vehicle they have specified and then qualified consumers
will have the option of funding their loan online directly through
Capital One or using alternative financing. Additionally, the DriveOne
program offers consumers a $250 cash rebate for new vehicles and a
$400 cash rebate for used vehicles.
"DriveOne was designed to meet the changing needs of the industry,
and offers a win - win for both consumers and dealers. Consumers get a
simplified auto-buying process, with the convenience of online
shopping and the elimination of frustrations associated with haggling
over price. Dealers get an incremental sales base to build their
business and expand their offering," said CEO and President of Capital
One Auto Finance Dave Lawson.
- Hassle-free environment - The DriveOne process is automated
and eliminates common consumer frustrations such as dealer and
- Time-saving tools - Consumers can research vehicles,
incentives, financing and price all online.
- Easy integrated financing - Consumers can choose their
preferred method of financing using Capital One's Blank
Check(R) or alternative financing.
- Preferred vehicle pricing and price confidence - Consumers are
assured a fair-market price - guaranteed at or below the
Kelley Blue Book New Car Blue Book(R) Value. In addition, the
DriveOne program offers a $250 cash rebate for new vehicles
and a $400 cash rebate for used vehicles.
- Simple sales opportunities - Dealers benefit from the
assurance of sales and price simplicity.
- Increased business - Less time spent on a vehicle's
transaction gives a dealer time to focus on increased
Additional survey findings indicate that 92 percent of Atlanta
consumers will use the Internet to research their next car purchase
(29 percent expect to search up to five different sources), but are
missing an opportunity to impact what's most important to them...cost.
More than six out of 10 Atlanta-area car buyers say the most important
purchasing factor when buying a vehicle is their ability to obtain a
fair price, but only seven percent are turning to online resources to
shop around to determine aspects such as price and financing rates.
"The survey suggests that area car buyers aren't taking advantage
of the online tools that can impact their wallets," said Brian Reed,
vice president of Capital One Auto Finance. "And we know that shopping
around for financing, in particular, can uncover significant
opportunities to save money and hassles. The savvy consumer is one who
is equally as aware of their financing options as their vehicle
The DriveOne program is currently available in Los Angeles, Miami,
Atlanta and Indianapolis. For more information, visit
For the Capital One study, Braun Research was engaged to conduct
2015 interviews with adults, 18 years of age or older. 805 interviews
were conducted nationally. In addition, interviews were conducted in
each of the following four markets; Miami-303, Los Angeles-300,
Indianapolis-306, and Atlanta-301. Surveys were conducted by telephone
from April 3rd through April 6th, 2006 and online April 5th through
April 6th. The margin of error for the interview is plus or minus 2.19
percentage points. Interviews were monitored at random.
Sampling for this study was conducted using a national probability
sample of all exchanges and area codes across the United States, as
well as targeted emails in the four media markets and nationally,
overall. Interviews were conducted using a computer assisted telephone
interviewing system and online links. Statistical weights were
designed from United States Census Bureau statistics.
About Capital One
Headquartered in McLean, Virginia, Capital One Financial
Corporation (www.capitalone.com) is a financial holding company, with
more than 316 locations in Texas and Louisiana. Its principal
subsidiaries, Capital One Bank, Capital One, F.S.B., Capital One Auto
Finance, Inc., and Capital One, N.A., offer a broad spectrum of
financial products and services to consumers, small businesses and
Headquartered in Plano, Texas, Capital One Auto Finance, Inc., is
a full-spectrum auto lender which offers a wide-range of auto finance
products. Capital One Auto Finance is the nation's second largest
independent auto lender as well as the nation's largest direct mail
and online vehicle financing provider with serviced outstandings of
$19.8 billion. COAF has a nationwide dealer network of over 20,000
dealers while recently becoming the first large-scale vehicle
financing company to offer its expertise to banks through its Agent
Banking Auto Finance program. Capital One Auto Finance is a subsidiary
of Capital One Financial Corporation. Capital One Auto Finance has
partnered with Zag, Inc. to leverage a technology and services
platform that enables consumers to locate their desired vehicle and
arrange financing online - which allows the consumer to complete the
auto buying process.
CONTACT: Capital One Financial Corporation
Steve Schooff, 972-378-8105
SOURCE: Capital One Financial Corporation