Pan-European Online Car Buying Service Launches in U.K.

U.K. car buyers will be able to save up to
41 per cent on the price of a new car at,
the pan-European online car buying service launched
this week.

Patricia Hewitt, the U.K.’s Minister for e-commerce and small
business, opened for British users. Within
the next few months the site will be rolled out
in France and Germany with the aim of becoming the leading
leading pan-European multi-brand online car sales company.

“The Internet offers a huge opportunity for U.K. business –
something which OneSwoop has realized,” said Hewitt.

A dramatic reduction in the price of cars will surely lead
to even greater road congestion in the U.K., an issue on
which the Government has come under severe criticism recently.

Nonetheless, Hewitt insisted that in today’s fast moving
automotive world, it was necessary to harness the opportunities
provided by new technology. offers a dramatic change for U.K. car purchasers,
with models such as the Land Rover Freelander 1.8 Millennium
softback being sold at £13,989 ($22,382) instead of the
U.K. list price of £23,815 ($38,104). That is a massive
saving of £9,825 ($15,722).

For people who are concerned about paying large sums of money
on the Internet, OneSwoop is introducing eLockBox, which enables
customers to retain full control of their money until their
car is delivered.

OneSwoop will offer the full range of models from Ford, General
Motors, Peugeot, Rover, VW Audi, and Mercedes and BMW from early March.

Many companies are involved in the OneSwoop enterprise. It is backed
with 50 million euros ($49.2 million) from investors including
Atlas Ventures, Oak Investment Partners, InSight Capital Partners,
HarbourVest Partners, AC Ventures, BP Amoco, Credit Suisse First
Boston (CSFB) and Schroders/Salomon Smith Barney.

Andersen Consulting designed the OneSwoop Web site, Fortis Bank is
providing the eLockBox payment system, and cars will be delivered
in showroom condition by Transcars.

18,500 people have already purchased a car from OneSwoop in the
pre-launch period.

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