Stoneage opens used-vehicle loan link

StoneAge.com launched a pre-approved Internet loan service for used-vehicle customers in tandem with subprime lenders WFS Financial Inc. and TransSouth Financial Corp.

Called StoneAge Driver, the link lets shoppers complete their credit application before going to dealerships for delivery of the vehicle and discussion of added F&I products such as extended warranties.

Dealers in StoneAge's network, numbering nearly 900, benefit from the indirect loan aspect of the StoneAge Driver service, says Bud LaCombe, the web site's senior vice-president. Average dealer revenues from StoneAge loans are about $1,800, he adds.

StoneAge Driver began business in 17 states and will add 15 more by year-end, according to StoneAge's Web Call Center director, Gary Hall.

StoneAge claims about 25,000 visitors a day and lists nearly 100,000 vehicles in its dealers' inventory database.