Autobytel.com And Toyota Team Up In Precedent-Setting Agreement
Factory-backed extended service contracts now available through online buying service
Updated
Jun 10, 2004 22:54:06
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Description: Irvine, CA, Torrance, CA - July 6, 1999 - Autobytel.com (Nasdaq:ABTL), the leader in automotive e-commerce and services, and Toyota Motor Sales U.S.A., Inc. (TMS), the fourth largest automaker in the United States, announced today that they have teamed up to test the viability of marketing Toyota Extra Care Factory-Backed extended service contracts on vehicles purchased through Autobytel.com. The agreement between Autobytel.com () and Toyota Motor Insurance Services, Inc. (TMIS), a subsidiary of TMS, marks the first time an automotive e-commerce company and a manufacturer have developed a strategic venture to market factory-backed extended service contracts online. "With this precedent-setting agreement, TMIS proves itself a pioneer in developing e-commerce initiatives," said Mark Lorimer, autobytel.com inc.'s President and CEO. "This is the first time a manufacturer's offerings have been integrated into an online buying service's purchasing process. We hope other manufacturers will follow Toyota's lead in empowering online car buyers with easy access to their products and services." "Our partnership with Autobytel.com has two goals: First, to provide consumers with online information to make an informed purchasing decision and second, to increase the extended service contract sales of Toyota dealers in the Autobytel.com Accredited Dealer Network," said Jane Beseda, vice president and general manager of TMIS. "Working with an online buying service provides the best avenue to position our products direct to online consumers." The service contract information is fully integrated into the Autobytel.com purchasing process. A consumer submitting a purchase request for a new Toyota vehicle can simultaneously review the different levels of coverage and compare features & benefits. The Suggested Retail Prices specific to the vehicle, as well as "Frequently Asked Questions," are also available. The consumer selects the specific Toyota Extra Care extended service contract desired and submits that information along with their purchase request to an Autobytel.com Accredited Dealer. This helps to expedite the in-dealership process for the consumer --- which is key to the Internet buyer. Through its Accredited Dealer Network, Autobytel.com generates over $1 million an hour (or $9 billion per year) in vehicle sales. Toyota Motor Sales, U.S.A., Inc. recently reported its best-ever second-quarter vehicle sales of 367,437, and calendar-year-to-date sales of 707,747, an increase of 11.4 percent compared to the same period last year. About Toyota Motor Insurance Services, Inc. (TMIS) Toyota Motor Insurance Services, Inc. (TMIS) provides Toyota and Lexus dealerships with a full lineup of factory-backed insurance services products designed to enhance customers' ownership experience. TMIS offers the most innovative factory-backed products to fit customers' needs and works with dealers to ensure ongoing success. TMIS is an indirect subsidiary of Toyota Motor Sales, U.S.A., Inc. (TMS), Toyota's sales and marketing arm in the United States. Toyota has been selling cars in the U.S. since 1957 and manufacturing vehicles here since 1984. For more information on TMIS products and TMS visit
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