New CarWoo! Dealer Premium Offering Leverages Advanced Digital Retailing Tools from DealerTrack

BURLINGAME, Calif., Sept. 5, 2012 /PRNewswire/ -- To provide the most efficient, useful, and comprehensive online marketplace for automotive buyers and dealers alike, CarWoo! today announced that DealerTrack's PaymentDriver and FinanceDriver tools will be directly integrated into CarWoo!'s marketplace and its new Dealer Premium offering.  The DealerTrack advanced digital retailing tools will allow consumers using CarWoo! to see monthly payments and qualify for financing on a specific vehicle with dealers who have signed up for the program.

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"DealerTrack's PaymentDriver and FinanceDriver allow CarWoo! to provide dealers with buyers who are very far down the purchase funnel. These buyers are ready to close the deal and drive off," said Tommy McClung, CarWoo!'s CEO. "CarWoo!'s online marketplace is the best online approximation of the traditional in-dealership experience. It's tailored to the growing population of customers who want to buy everything online and creates efficiencies for dealers that translate into increased profitability."   

As soon as a CarWoo! Premium dealer presents an offer to a buyer, the PaymentDriver tool allows the buyer to see the range of payments they can expect.  With PaymentDriver, the buyer has the ability to enter his or her credit score and trade-in value and then, based on current rates, residuals and rebates along with lenders and terms configured by the dealer, see vehicle-specific loan or lease deals.  With FinanceDriver, the customer can be fully qualified based on a credit application that is filled out online.

"Our digital retailing solutions and tools help streamline the online buying process for consumers while linking it with the dealer's in-store practices," said Amit Maheshwari, general manager, Digital Retailing Solutions, DealerTrack. "The addition of FinanceDriver and PaymentDriver to the CarWoo! marketplace will enhance consumers' online car buying experience, while putting more qualified buyers directly into the hands of dealers."

The DealerTrack PaymentDriver and FinanceDriver functionality will be available to dealers who sign up for CarWoo!'s new Dealer Premium program later this year. Dealer Premium also incorporates all of the features of CarWoo! Dealer Plus to offer the premier collection of dealer tools for online sales:

• In-Market Verification of buyers
• Competitive Market Intelligence (the end to "secret shopping" and unreliable buyer provided information)
• Customized profile pages and improved SEO
• The ability to upload photos, videos and PDFs along with your offer
• Dedicated account management
• Loan or lease payment calculator (NEW)
• Online finance qualification (NEW)

About CarWoo!:

CarWoo! is dedicated to providing the best online marketplace for automotive buyers and sellers. In the CarWoo! MarketPlace, consumers can select the type of car they are interested in, find and communicate anonymously with local dealers from CarWoo!'s more than 10,000 dealers, receive upfront prices, compare offers, and ultimately make a confident, hassle free purchase decision. Dealers have the opportunity to receive never before available competitive intelligence and insight into the behavior of the online buyer. With early funding by Y Combinator, CarWoo! is based in Burlingame, CA and has raised over $12M from Blumberg Capital, Comcast Ventures and InterWest Partners, and others.  CarWoo! is the official "Best Offer" partner with AOL Autos and has active relationships with a variety of online sites.

About DealerTrack

DealerTrack's intuitive and high-value web-based software solutions and services enhance efficiency and profitability for all major segments of the automotive retail industry. In addition to the nation's largest online credit application network, DealerTrack offers Inventory, Sales, F&I and Compliance solutions, its Dealer Management System, a network for vehicle transportation/shipping, electronic vehicle registration and titling applications, paper title storage, and digital document services.

SOURCE CarWoo!