CarWoo! Revolutionizes Online New Car Marketplace With Comprehensive Transaction Tools Including Lease Negotiation

BURLINGAME, Calif., Feb. 4, 2011 /PRNewswire/ -- San Francisco based CarWoo! announces today the release of CarWoo! Version 2.  Currently the leading online service and marketplace through which dealers are connected to anonymous buyers and are then able to extend offers and sell vehicles, with CarWoo! Version 2 the platform adds lease negotiation, a "name your own price" feature, an "Out The Door Price" estimator, a "Reputation and Rating" system and the ability for buyers to shop or cross-shop for multiple vehicles simultaneously making it the most comprehensive online car buying platform available.

In response to overwhelming demand from both consumers and dealers, the CarWoo! lease negotiation feature allows dealers and buyers to communicate the complex details of automobile leasing in a straightforward, easy to understand format within the CarWoo! interface.

Other new features include:

• "Name Your Own Price" – Once a dealer has extended an offer, the buyer is able is able to name the price at which they would be willing to buy the offered vehicle.  Dealers are able to accept, reject or counter the buyer named price.  CarWoo! marketplace data demonstrates that CarWoo! buyers who choose to negotiate obtain significantly better prices.
• "Out The Door Estimator" – In addition to the sale price of the offered vehicle, with this feature buyers are able to obtain an accurate estimate of the taxes, title, license and registration fees allowing them to understand the actual purchase price before going to the dealership to accept delivery of the vehicle.
• "Dealer Reputation and Rating System" – Buyers are able to comment on and rank their experience with dealers from whom they have received offers or purchased vehicles.  Dealers are able to respond to these comments through CarWoo!.  Because the interaction with the dealer is the leading indicator of whether a buyer with purchase a car from he dealer, with 53% of vehicles sold using CarWoo! are not the lowest offers, this community based reputation system helps appropriately set buyer's expectation regarding the quality of the dealers from whom they are receiving offers.
• "Multiple Deal Support" – Buyers are able to search for multiple cars simultaneously.  This feature allows online shoppers to engage in the common practice of shopping for and comparing different vehicles at the same time.

"Buying a new car is complicated, and selling a car is about a lot more than just the price.  CarWoo! Version 2 incorporates all the great already existing features in a great user interface and layers on tools that vastly simplify the process ensuring that car buyers can make the most informed purchase, get a great deal, save a ton of time and walk away with even greater piece of mind," says Tommy McClung, CEO of CarWoo!.  "The car buying process is made fully transparent and guarantees no surprises for both buyers and sellers.  CarWoo! is the only online platform enabling all of this functionality for consumers and for our network of over 5,000 dealers."

New car buyers are charged a nominal fee to use the CarWoo! portal to access this marketplace, which is free for dealers.  Through the CarWoo! service buyers are able to interact with dealers through any computer, and are able to communicate comfortably and conveniently with their dealers before taking delivery of their new car.  

Buyers receive multiple offers and are able to converse with the actual dealers who have placed offers on existing inventory while retaining their privacy providing a huge leap forward from the stressful process car buyers face today.  CarWoo! provides dealers with referrals for buyers who often fall outside of the traditional automotive lead system.

CarWoo! will be hosting an event for dealers at the NADA 2011 Convention and Expo in San Francisco, CA on Saturday evening, February 5, 2011 at 5:30PM.  Details are available through Support at CarWoo! (http://www.carwoo.com).

About CarWoo!

CarWoo!, simply the best way to buy a new car with buyers saving over an average of $3,500 from MSRP, was founded in 2009 by serial entrepreneurs, Tommy McClung, Erik Landerholm and Michael Young.  It is the first online service that allows buyers to negotiate anonymously with multiple dealers, ensuring the best offers on the car they want.  With early funding by Y Combinator, CarWoo! is based in Burlingame, CA and is now funded by Blumberg Capital, Comcast Interactive Capital and Interwest Partners.  Find us on Facebook at www.facebook.com and on Twitter at twitter.com/carwoo.

SOURCE CarWoo!