E-commerce co. expands mortgage-related portfolio

February 3, 2005

CarsDirect buys BestRate.com, LoanApp.com

Inman News

CarsDirect has acquired a number of mortgage-related Web properties from Myers Internet, an online mortgage technology provider, the companies said today.

As part of the agreement, CarsDirect acquires Myers' mortgage lead technology platform and its BestRate.com and LoanApp.com sites.

The acquisition will speed up the growth of CarsDirect's mortgage business and complement its existing LoanStore.com and CheckInterestRates.com Web sites, according to CarsDirect.

CarsDirect currently has six consumer destination sites in the automotive and home financing categories: CarsDirect.com, Autos.com, LoanStore.com, CheckInterestRates.com, LoanApp.com and BestRate.com.

"By expanding the company's footprint in the online mortgage category, CarsDirect is extending its core competency in helping consumers complete high-value, complex transactions on the Web," said Bob Brisco, CarsDirect's chief executive officer, in a statement.

Brisco said the Myers mortgage lead technology platform and its consumer Web sites will enable CarsDirect to draw consumer traffic, mortgage customers and banking partners.

With the addition of LoanApp.com and BestRate.com, visitors to CarsDirect-operated mortgage sites will have more choices in the early stages of the home-buying and financing process, CarsDirect said.

Copyright 2005 Inman News

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