Wednesday, June 10, 2009

Zag: 50,000 Cars Sold

Santa Monica-based Zag.com, the online auto buying technology firm headed by Scott Painter, said Wednesday that the firm has sold its 50,000th car through its online auto-buying affinity programs. The firm, which develops technology that allows consumers to fully configure and price autos from affinity groups like credit unions, AAAs, and other groups, claimed that the firm has saved its buyers over $83.5M over MSRP on their autos. Zag's technology provides a level of customization and detail on "fleet" style, pre-negotiated sales of autos, down to the accessory level; the firm has deals with USAA, Capital One, Overstock.com, AAA groups, and others to provide its service. Painter is the former CEO of CarsDirect.com. Zag has received funding from USAA, Capricorn Investment Group, LLC, GRP Partners and Anthem Venture Partners.