PeopleFirst Changes Brand to Capital One Auto Finance
MCLEAN, Va., June 27 /PRNewswire-FirstCall/ -- America's largest online vehicle lender, PeopleFirst Finance LLC, is changing its brand to Capital One Auto Finance. The move includes a new Web site address, www.capitaloneautofinance.com , which offers consumers access to vehicle loans across the full credit spectrum from one of the world's most recognized financial services brands, Capital One.
Changing the brand is part of an integration process that began when Capital One Financial Corporation (NYSE: COF), with its existing auto finance business Capital One Auto Finance, acquired PeopleFirst in October 2001. The change will leverage the strengths of PeopleFirst's online business model with Capital One Auto Finance's proven ability to provide customized consumer and dealer products and services. Now, in addition to offering dealer and direct- mail auto financing programs, Capital One Auto Finance will also provide the convenience, ease and value of PeopleFirst's direct-to-consumer online auto loans.
"Capital One is one of the most well-recognized names in the financial services industry and PeopleFirst is a leader in online auto loans. By combining our talents and unique expertise, we have developed successful, integrated lending solutions that deliver low rate loans across the full credit spectrum," said Dave Lawson, Capital One Auto Finance CEO. "By marketing our Internet, direct mail and dealer channels under a single banner we now have unprecedented depth in the auto finance marketplace and can offer consumers the best service -- and some of the most competitive rates -- online."
Brian Reed, president of PeopleFirst, said "We've revolutionized auto lending by leveraging the Web to provide outstanding consumer value, a hassle- free process and dynamic customer service. Our dedication to putting people first has allowed us to grow from an Internet start-up to an integral part of Capital One's financial services portfolio. So, while our Internet address has changed, our customer commitment is stronger than ever and our ability to serve and grow has been enhanced by Capital One."
The Web address change reflects the efforts of both executive management teams to combine capabilities and resources to provide fully integrated, multi-channel auto-financing under a single brand identity.
PeopleFirst will migrate to its new Web address, www.capitaloneautofinance.com , beginning June 27, 2003; during an interim changeover period, the www.peoplefirst.com Web site will remain operational.
About Capital One Auto Finance
Capital One entered the auto finance business in July 1998 when it acquired Summit Acceptance Corporation, which became a wholly owned subsidiary of Capital One Financial Corporation and later changed its name to Capital One Auto Finance, Inc. in December 2000.
PeopleFirst LLC, which has provided the Capital One auto finance Internet channel, was founded in 1997 to broaden the auto buying process by innovating a loan system that pre-qualifies and empowers consumers as cash buyers. Today, it is the nation's largest online vehicle lender, serving customers across the full credit spectrum in a secure, efficient online environment. Loan applications are usually responded to within 15 minutes during business hours. Those approved receive a Blank Check(R) as early as the next day, which is used just like a personal check to purchase the new or used vehicle of their choice, or for auto loan refinancing or lease buyouts.
About Capital One
Headquartered in McLean, Virginia, Capital One Financial Corporation ( www.capitalone.com ) is a holding company whose principal subsidiaries, Capital One Bank and Capital One, F.S.B., offer consumer lending products. Capital One's subsidiaries collectively had 46.4 million managed accounts and $59.2 billion in managed loans outstanding as of March 31, 2003. Capital One, a Fortune 500 company, is one of the largest providers of MasterCard and Visa credit cards in the world. Capital One trades on the New York Stock Exchange under the symbol "COF" and is included in the S&P 500 index.
SOURCE Capital One Financial Corporation