Two Zap announcements: financing and new $1m order
Anyway, the latest news from Zap is that they have received a million dollar order for electric vehicles from Canadian company New Fuel Systems Inc. (Canadian dollars or US? Unclear). New Fuel Systems wants to showcase these zero-emission EVs during the 2010 Olympics in Vancouver, British Columbia. The vehicles include "electric cars, trucks, mopeds, scooters and other electric vehicles." Considering that Zap actually has these trucks, mopeds and scooters to sell, this order might actually be met. It'd be really cool to see a Zap Alias cruising Vancouver in 2010, but who wants to bet on that happening?
The other bit of news from Zap last week is the company's new partnership with netLoan, which aims to "provide ZAP customers with one-stop Internet financing for electric vehicle and electric car purchases" (read Zap's official statement on the partnership after the jump). For now, netLoan will "offer ZAP customers a variety of unsecured personal loan options to make their purchases, with additional secured loan and lease options to be rolled out in the coming months." That's the press release version. If you go to the Zap/netLoan page, you'll instead see in the fine print, "Not all lenders offer vehicle financing. Some lenders may offer unsecured personal loans instead." Some lenders here meaning netLoan, I'm guessing.
ZAP Offers Full Service Financing for Electric Vehicle and Car Purchases
SANTA ROSA, Calif., Aug. 23 /PRNewswire-FirstCall/ -- Electric car pioneer ZAP (BULLETIN BOARD: ZAAP) announced today that it has partnered with netLoan Funding, LLC to provide ZAP customers with one-stop Internet financing for electric vehicle and electric car purchases. netLoan Funding provides lender management services and a diversity of loan and lease options for on-line or point-of-sale purchases of almost any asset.
Although ZAP has already sold over 100,000 electric vehicles in 75 foreign countries, it now has the capability -- with the netLoan Funding finance platform -- to offer its customers multiple finance options to purchase any ZAP electric vehicle or to get pre-qualified by a lender prior to purchase. netLoan will initially offer ZAP customers a variety of unsecured personal loan options to make their purchases, with additional secured loan and lease options to be rolled out in the coming months.
"The majority of automobiles are purchased through monthly payments," said ZAP CEO Steve Schneider. "This association removes the barrier for average consumers to be able to afford a ZAP electric car, truck or scooter."
ZAP's goal is to provide customers with unparalleled on-line access to electric vehicles, and to offer the widest variety of consumer and commercial financing products for those vehicles, including secured loans and leases, and unsecured loans for consumers and businesses. Now with the relationship with netLoan funding, ZAP can increase the affordability of its full line of electric vehicles. To apply for funding, go to http://www.zapworld.com/ and select any electric vehicle.
ZAP has been a leader in advanced transportation technologies since 1994, delivering over 100,000 vehicles to consumers in more than 75 countries. At the forefront of fuel-efficient transportation with new technologies including energy efficient gas systems, hydrogen, electric, fuel cell, ethanol, hybrid and other innovative power systems, ZAP is developing a high-performance crossover SUV electric car concept called ZAP-X engineered by Lotus Engineering. The Company recently launched a new portable energy technology that manages power for mobile electronics from cell phones to laptops. For product, dealer, and investor information, visit http://www.zapworld.com/.
Since 2005 netLoan Funding has provided consumer and commercial financing solutions to sale and auction websites. Originally established to provide these lender management services to eBay Motors (see http://www.netloanfunding.com/) the netLoan model has since expanded to include the development and management of customized finance programs for dealers and sellers of all types of consumer and commercial products.
Forward-looking statements in this release are made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including, without limitation, continued acceptance of the Company's products, increased levels of competition for the Company, new products and technological changes, the Company's dependence upon third-party suppliers, intellectual property rights, and other risks detailed from time to time in the Company's periodic reports filed with the Securities and Exchange Commission.
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