Bank of America Opens Car Buying Website

Bank of America has gotten into the car selling business as it announces the opening of a car buying website. The bank says customers will now be able to take advantage of Bank of America's car buying power as a leading auto financier and benefit from the low price guarantee on new cars purchased through the site. This new online research and purchase tool is powered by Zag, a division of TrueCar Inc. and a leading provider of private-label online and mobile car buying programs.

Bank of America Car Buying Website

The site is going to be open to both new and used car buyers. "At our online Car Buying Center, you can compare prices, see photos and read user reviews, customize your options, get a low price guarantee from certified dealers, and apply for a loan on a new or used car. It's all in one place," said Ellie Clarke, president, Bank of America Dealer Financial Services, in a news release.

In other words, Bank of America is seeking to become a car-buying site like Edmunds.Com or KBB.com to name a couple. It could quickly become a powerhouse because it will be a one-stop shopping destination for a lot of new and used car buyers who already have a relationship with the bank, which serves approximately 57 million consumer and small business relationships with approximately 5,900 retail banking offices and approximately 18,000 ATMs and online banking with 29 million active users.

According to Bank of America, the Car Buying Center enhances the car buying experience for customers by making it easy to research inventory and get:

  • A competitive, upfront price in writing, which will be honored by Bank of America certified dealers.
  • The ability to lock in a haggle-free price with a local Bank of America certified dealer while online.
  • Average savings of $4,356* off MSRP (Note:Prices vary by area. Savings are based on actual customer transactions reported by Zag as of October 1).
  • The ability to apply for a loan to finance a new or used car purchase.

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