Originally published February 1 2005
E-Loan stock soars after business extension announced
by Mike Adams, the Health Ranger, NaturalNews Editor
Online loan provider E-Loan announced that it would begin offering convenient financing for buyers of vehicles purchased on eBay. The company will not require vehicle inspections or appraisals, giving it a significant advantage over conventional lenders. Shares of E-Loan were up 40% on the announcement, jumping $1.18 to $4.16.
Shares of online consumer lender E-Loan Inc. soared in pre-market trading on Monday, after the company reported it will provide consumers with financing for automobiles and motorcycles purchased on eBay Motors.
E-Loan shares closed Friday at $2.98, but rose $1.18, or 40 percent, to $4.16 in recent Nasdaq activity.
Shares of online auctioneer eBay Inc. closed Friday at $86.05, but rose $1.14 to $87.19 in premarket activity.
Users of eBay Motors can now obtain financing for their vehicle purchases, without the vehicle inspections or appraisals that banks or credit unions frequently require.
The company said that as quickly as 24 hours after they apply, buyers can complete their purchase from private sellers or auto dealers with E-Loan financing.
"When you consider that a vehicle is sold nearly every minute on eBay Motors, the need for an efficient financing option is critical," said Mark Lefanowicz, E-Loan president and chief operating officer.
"Just as eBay Motors changed the paradigm for finding and buying used vehicles, we are changing how individuals finance those vehicles."
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