Autobytel Inc. Extends Global Presence Into Korea With Neoplan License of Autobytel.com Brand
Autobytel.com brand enters eighth country
Updated
Jun 10, 2004 21:51:08
Rating
173 ( -12 -6.93% )
Description: Irvine, CA-October 24, 2001 - Autobytel Inc. (Nasdaq:ABTL), the diversified online automotive marketing and information company, today announced that it has signed a 10-year agreement for its Autobytel.com brand with leading Korean automotive portal Neoplan. With this agreement, the expanding Korean automotive e-commerce sector becomes the eighth national market into which Autobytel.com has extended its brand. Autobytel Inc. currently has licensed websites on four continents. While the Autobytel.com websites in Japan (), Australia (, Canada (), the Netherlands (), Sweden () the UK (), and the USA (), have been operating for some time, Autobytel Inc.'s agreement with Neoplan, marks the company's first brand license agreement with an international independent automotive e-commerce portal. "This license demonstrates that the Autobytel.com brand name remains attractive to investors and consumers internationally," said Mark Lorimer, President and CEO of Autobytel Inc. "Our agreement with Neoplan represents an opportunity to further build our brand globally by extending our presence into the 4th largest automotive market in the world." With 1.2 million new car sales and three million used car sales per year, the Korean automotive market currently ranks only behind the U.S., Japan and the European Union. Since its inception in 1999, Neoplan has risen to a position of dominance in the Korean auto e-commerce sector, controlling approximately 65% of the country's new car referral market. The company has recently made impressive strides into used cars, financing, insurance and accessories. Major Neoplan investors include Hyundai Investment Corp. (a division of Hyundai Motors), Samsung Capital, Daum Communications and SK Corp. In addition to bolstering its marketing efforts by branding itself as an Autobytel site, Neoplan can also benefit from the cross-pollination of the best practices among the Autobytel branded websites. Neoplan and Autobytel Inc. may also enter into arrangements under which Neoplan will acquire proprietary Autobytel Inc. services and technologies to supplement its own operational efficiencies and consumer offerings. "Autobytel Inc. and Neoplan share a commitment to utilize the Internet to improve automotive commerce," adds Mr. Deuk Yoo, CEO of Neoplan. "We look forward to working with the most extensive and trusted automotive e-commerce network in the world." About Neoplan Incorporated on October 26, 1999, Neoplan currently employs 46 professionals and has completed its third round of funding. As the most visited automotive e-commerce site in Korea, Neoplan currently controls 65% of the nation's auto referral market, and has expanded to provide customers with online access to used cars, insurance, accessories and financing. Neoplan investors include several of Korea's largest corporations and investment groups. The Korean Daily News recently cited Neoplan as the "Best Website in Korea" in the automotive sector.
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173 ( -12 -6.93% )