Bank of America (NYSE: BAC), the nation’s largest lender as measured by assets, is venturing into new territory.
The firm has long been committed to offering online services to it’s customers, and they have now announced a service that lets customers apply for loans and shop for new and used cars and trucks. With a network of more than 4,000 auto dealers will list their inventory on the website, this can be a unique opportunity to offer their customers.
TrueCar, an online vehicle-pricing provider based in Santa Monica, California, has network-sharing agreements with other lenders including Capital One Financial Corp. and shopping websites such as those run by EBay Inc. and Overstock.com Inc., said Chintan Talati, a spokesman. However, no other banks have this service, on this scale and Bank of America hopes to tap into a new opportunity to differentiate itself. Dealers using TrueCar’s network, called Zag, sold more than 100,000 new cars this year though Nov. 12, Talati said in a telephone interview.
