SALT LAKE CITY, July 28, 2017 (GLOBE NEWSWIRE) -- Overstock.com, Inc. (NASDAQ:OSTK) has announced the launch of the beta version of a new online car-buying platform, Cars by Overstock. The full-service platform helps customers navigate every aspect of the car buying process, starting with the ability to research their purchase using up-to-date vehicle data, popular articles, and in-depth video reviews.
Research data and editorial content for in-depth automotive research is provided through a partnership with TEN: The Enthusiast Network’s award-winning automotive brand Motor Trend.
Once their research is completed, customers can search Cars by Overstock’s database of nearly 4 million new, used, and certified cars from thousands of dealers across the country before negotiating directly with the dealer, in some cases in complete anonymity.
Another beneficial feature of the platform lets customers easily browse and purchase high-quality vehicle protection plans for qualified new or used cars from trusted warranty providers, including plans for their current vehicles.
In addition, the Cars by Overstock platform provides financing and refinancing tools so that customers can find competitive financing options for almost every budget and credit situation. The platform will also include comprehensive insurance offerings in the near future.
“We designed Cars by Overstock to provide the most full-service online car-buying experience available,” said Patrick M. Byrne, Overstock’s CEO and founder. “Our process enables a consumer to conduct superb research efficiently, enter into negotiations, purchase warranty plans, and obtain financing. With Cars by Overstock, we’ve provided a safe and fair platform for both consumers and dealers from a trusted brand with nearly two decades of experience helping customers use technology to find exactly what they want, for less.”
“This partnership is a groundbreaking solution to deliver Motor Trend’s automotive data, research, content, and insight to a new audience, in a new format,” says TEN: The Enthusiast Network’s President, Automotive, Scott Bailey. “Going beyond the traditional retail elements that Overstock.com does so well, we’re excited to bring a wealth of content that in-market shoppers can utilize to enhance the auto shopping and research experience.”
The new service gives consumers the flexibility to negotiate a deal on their own terms, in some cases in complete anonymity, creating an easier and pressure-free car-buying experience. Additionally, the service empowers both consumers and dealers by minimizing the time it takes to complete a vehicle purchase. Consumers will always have the ability to contact the dealership directly if they choose a more traditional experience.
Cars by Overstock is currently housed as its own tab on Overstock.com. For more information, or if you are an automotive dealer that would like to become part of the Cars by Overstock network, visit https://cars.overstock.com/.
Overstock.com, Inc. Common Shares (NASDAQ:OSTK) / Series A Preferred (Medici Ventures’ t0 platform:OSTKP) / Series B Preferred (OTCQB:OSTBP), is an online retailer based in Salt Lake City, Utah that sells a broad range of products at low prices, including furniture, rugs, bedding, electronics, clothing, and jewelry. Additional stores within Overstock include Worldstock.com, dedicated to selling artisan-crafted products to help developing nations around the world and Main Street Revolution, supporting small-scale entrepreneurs in the U.S. by providing them with a national customer base. Other community-focused initiatives include Farmers Market and pet adoptions. Forbes ranked Overstock in its list of the Top 100 Most Trustworthy Companies in 2014. Overstock sells internationally under the name O.co and regularly posts information about the company and other related matters under Investor Relations on its website.
O, Overstock.com, O.com, O.co, Club O, Main Street Revolution, Worldstock and OVillage are registered trademarks of Overstock.com, Inc. O.biz and Space Shift are also trademarks of Overstock.com, Inc. Other service marks, trademarks and trade names which may be referred to herein are the property of their respective owners.
About TEN: The Enthusiast Network
TEN: The Enthusiast Network is the world’s premier transmedia network of enthusiast brands, such as MOTOR TREND, AUTOMOBILE, HOT ROD, SURFER, TRANSWORLD SKATEBOARDING, and GRINDTV. With more than 60 websites, 50 publications, 50 annual events, the Motor Trend OnDemand subscription video-on-demand service, as well as the world’s largest automotive and action/adventure sports media platforms, TEN inspires enthusiasts to pursue their passions. For more information, visit enthusiastnetwork.com.
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements include all statements other than statements of historical fact. Additional information regarding factors that could materially affect results and the accuracy of the forward-looking statements contained herein may be found in the Company's Form 10-K for the quarter ended March 31, 2016, which was filed with the SEC on May 4, 2017, and any subsequent filings with the SEC.