JPMorgan Chase is entering car-buying business. It is tying up with TrueCar, an online car buying site, to launch a digital product using which customers can shop for a car and get financing for their purchase using a computer or smartphone. According to news reports, the new service, called Chase Auto Direct, will be powered by TrueCar. The service is expected to speed up the car-buying process. It is expected that customers needing finance will get logged into Chase.com, navigate to a TrueCar site and then end up back at Chase’s site to apply for the secure financing. Customers will be able to find and look at financing options for new and used cars and get approved for their loan. They can compare prices that other consumers pay and see options among different dealerships that are part of the bank’s network.
