Overstock.com (NASDAQ:OSTK) has launched a new car-shopping tool complete with finance and warranty services, CEO Patrick Byrne told FOX Business Network.
The online retailer, known for its home furnishings and apparel, added a new beta site on Friday that allows car shoppers to find vehicles available at local dealerships and negotiate with a salesman anonymously.
Overstock lists about 4 million cars for sale, similar to competing services from Cars.com (NYSE:CARS) and Autotrader. Byrne said Overstock has separated itself from competitors by offering one-stop shopping with financing and warranty options, adding that buyers can get a loan approved immediately without speaking to a representative.
“It’s an excellent car site. I have to say, I think it’s as good as anything on the net,” Byrne said in an interview on “Mornings with Maria.” “You can find the car you want at the dealer, and for thousands of dealers, we built an anonymous negotiation tool. So you can negotiate with that guy on the car lot without him ever knowing your name and address.”
Overstock’s expansion into auto sales comes as Amazon.com (NASDAQ:AMZN), the world’s largest e-commerce company, looks to carve out a larger piece of the market for itself. Amazon has partnered with Fiat Chrysler (NYSE:FCAU) to sell three Fiat models in Italy through the website. Reports indicate that Amazon is looking to sell cars elsewhere in Europe. Rival Ebay (NASDA:EBAY) has also expanded its automobile offerings, selling new and used vehicles as well as parts.