Bank of America Launches No-Hassle Online Car Buying Center for Customers

SANTA MONICA, Calif., Nov. 23, 2010 /PRNewswire/ -- Zag, a division of TrueCar, Inc., and the leading provider of private-label online and mobile car buying programs for more than 40 of the nation's foremost membership-based organizations, announced today that it has partnered with Bank of America, the nation's largest bank, to power their new online Car Buying Center.

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The Car Buying Center is accessible by all Bank of America customers and employees at www.bankofamerica.com/carbuyingcenter. Customers are now able to research an extensive inventory of new and used vehicles, get product and safety information, pictures, videos and receive competitive upfront price quotes from certified dealers in their local area. Zag's platform is unique in that consumers do not have to provide their contact information to dealers in order to receive a price quote—all price quotes are offered online and upfront(ii). This empowers consumers to be able to research price quotes anonymously prior to walking into a dealership.  

"The Car Buying Center is a valuable online resource that will make the car buying experience easier and more convenient for Bank of America customers," said Ellie Clarke, President, Bank of America Dealer Financial Services. "The ability to do comprehensive vehicle research, including seeing an upfront no-haggle price quote, will be immensely useful for our customers."

Bank of America customers will also benefit from the considerable cost savings and first-class customer service standards required of all certified dealers on Zag's platform. Zag leverages the group purchasing power of its more than 40 private-label car buying programs with its 4,000-plus certified dealers to provide consumers with competitive price quotes. Consumers using Zag's programs save on average more than $4,356 off of the MSRP(i) on cars. Zag has also earned a 95% customer approval rating from its existing partners.

"The brands that Zag partners with are dedicated to improving the customer experience, and recognize the value that our car buying platform offers," said Stewart Easterby, GM of Zag. "As one of the leading financial institutions, Bank of America has always placed the utmost value and focus on their customers' needs. The launch of the Car Buying Center reinforces that commitment to excellence."

About Zag

Zag (www.zag.com), a division of TrueCar, Inc., has created a better way to buy a car. Zag powers online and mobile car buying programs for more than 40 of the nation's leading membership-based organizations including USAA, AAA Clubs, American Express and Upromise. Zag leverages group-buying power with its nationwide network of over 4,000 certified dealers to provide car shoppers with competitive, upfront price quotes and a no-haggle, no-hassle, car buying experience. Over 150,000 new and used cars have been sold by Zag certified dealers since the launch of the first program in 2006. TrueCar, Inc., was recently ranked #209 on the 2010 Inc. 500 list of the fastest growing private companies in the country, and was ranked #11 on the Los Angeles Business Journal's 2010 list of the fastest growing private companies in Los Angles County.

(i) Including Incentives. As of October 2010.

(ii) Not applicable in Texas.

SOURCE Zag