BofA Adds Online Auto-Buying Service for Consumers
Bank of America Corp., the biggest U.S. lender by assets, set up an online service that lets customers apply for loans and shop for new and used cars and trucks.
Bank of America’s network of more than 4,000 auto dealers will list their inventory on the website, which uses a platform developed by TrueCar Inc., according to a statement by the Charlotte, North Carolina-based bank.
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.
Dealers using TrueCar’s network, called Zag, sold more than 100,000 new cars this year though Nov. 12, Talati told Bloomberg in a telephone interview.
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