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Capital One Survey Says: Atlanta's Drivers Can't Live Without Their Sedans

June 26, 2007 at 8:02 AM EDT

Atlanta Drivers Prefer Practicality on the Road, and Less Time at the Dealership - Capital One Auto Buying Program Saves Time and Money

MCLEAN, Va.--(BUSINESS WIRE)--June 26, 2007--When it comes to the rules of the road in Atlanta, a recent survey from Capital One Auto Finance, the auto lending division of Capital One Financial Corporation (NYSE:COF), finds that 40 percent of the area's drivers prefer sedans more than any other type of car. But while they prefer practical wheels, they want power when it comes to the deal - when asked which celebrity they would want to have negotiate for their next car, 55 percent chose Donald Trump over Simon Cowell, Howie Mandel and Suze Orman.

"The Donald" may want to read up on the latest trends in silver sedans, because the same survey also finds Atlanta drivers dreaming of silver - more than 40 percent report silver as the color they would choose for their dream car, followed by black (25 percent of drivers).

"The kind of car we drive says a lot of about our personality - and the celebrity we'd choose to negotiate our deal sheds light on the magnitude of a car's purchase - it's often the second largest purchase people will make next to that of a home," said Steve Schooff of Capital One Auto Finance.

The survey from Capital One asked how Atlanta drivers are approaching the car buying process today, and found that the trend of using the Internet to research and compare options before purchasing continues to grow. Nearly everyone in Atlanta (94 percent) uses the Internet in the research phase of the car-buying process - most often to look up prices, compare vehicles and look at pictures of cars. Forty percent of those surveyed spend more than 11 hours on the Internet gathering information before they buy a car.

The survey also found that Atlanta drivers would like to spend less time at the dealership. Most would prefer to spend a total of just one hour or less at the actual dealership. New technologies like the Capital One Auto Buying Program (www.capitaloneautobuying.com) are turning this preference into reality. Capital One launched its Auto Buying Program online program in Atlanta last year. It enables consumers to shop for their car of choice, locate a participating dealer and secure a great price...all via the Web. The program puts the purchasing power in the hands of consumers and has a number of benefits:

  • No-Hassle environment - The Capital One Auto Buying Program is automated and eliminates common consumer frustrations such as dealer and financing negotiation.
  • Time-saving tools - Consumers can research vehicles, incentives, financing and price all in one place, all online.
  • Preferred vehicle pricing and price confidence - Consumers are assured a fair-market price - Capital One Auto Buying customers save an average of $450 below Kelley Blue Book New Car Blue Book(R) Value.*
  • Easy integrated financing - Consumers can choose their preferred method of financing using Capital One's Blank Check(R) or alternative financing.

    "Capital One's Auto Buying Program offers buyers all of the conveniences of online shopping without any of the frustrations and hassles commonly associated with the car-buying process," said Schooff. "Now consumers can shop for a car, locate a nearby dealer, secure a fair-market price, and arrange financing all from the comfort of their own living room and before even stepping into the dealership."

    To learn more about Capital One's Auto Buying Program, visit www.capitaloneautobuying.com.

    * Savings based on information available from Kelly Blue Book new car pricing as of 03/31/07 for Capital One Auto Buying Program customers. Actual savings may vary.

    About Capital One

    Headquartered in McLean, Virginia, Capital One Financial Corporation (www.capitalone.com) is a financial holding company, with more than 720 locations in New York, New Jersey, Connecticut, Texas and Louisiana that offer that offer a broad spectrum of financial products and services to consumers, small businesses and commercial clients. Its principal subsidiaries, Capital One Bank, Capital One, F.S.B., Capital One Auto Finance, Inc., Capital One, N.A., and North Fork Bank offer a broad spectrum of financial products and services to consumers, small businesses and commercial clients.

    Headquartered in Plano, Texas, Capital One Auto Finance, Inc., (www.capitalone.com/autoloans), is a full-credit spectrum auto lender which offers a wide-range of auto finance products. Capital One Auto Finance is the nation's third largest independent auto lender as well as the nation's largest direct mail and online vehicle financing provider with managed outstandings of $23.9 billion. Capital One Auto Finance has a nationwide dealer network of over 18,000 dealers. Capital One Auto Finance is a subsidiary of Capital One Financial Corporation (NYSE:COF).

    CONTACT: Capital One, McLean
    Stephen Schooff, 972-378-8105
    stephen.schooff@capitalone.com
    SOURCE: Capital One Financial Corporation