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Autobytel.com Closes $13 Million Series C Preferred Stock Financing, Raising Total Private Equity Ca
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| Investors include General Electric Capital Corporation, Inchcape plc, and A |
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| Updated |
Jun 10, 2004 22:40:04 |
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Description:
IRVINE, CALIFORNIA - October 30, 1997 - autobytel.com, inc., which operates the
leading nationally branded Internet-based purchasing program for
new and used vehicles and related consumer services, today announced
it has raised an additional $13 million of preferred stock financing.
Autobytel.com has completed three rounds of financing during the
past 15 months, raising a total of $37 million in private equity
capital.
The investors in the Series C financing are GE Capital Services,
American International Group, Inc. (AIG) affiliate National Union
Fire Insurance Company of Pittsburgh, PA, and international distribution
group Inchcape Motors International plc, a subsidiary of Inchcape
plc. Inchcape Motors is the world's largest independent importer
and distributor of motor vehicles, and also has significant motor
retailing interests. Its motors business operates in 35 countries
throughout Europe, Asia Pacific and South America, where it represents
35 car and 16 commercial/industrial/agricultural vehicle manufacturers.
The Series C investment represents London-based Inchcape Motors'
initial investment in Autobytel.com. GE Capital Services and AIG
have participated in all rounds of Autobytel.com's equity financings.
"Alongside more traditional methods of retailing, we are developing
a number of innovative initiatives which use new technology, notably
the Internet, to focus on meeting customer needs, as well as assisting
our dealers and manufacturers," said Peter Johnson, Chief Executive
of Inchcape Motors International plc. "Autobytel.com is the leader
in its field, and we are pleased that this investment will enable
them to extend further the service they provide. "
"Autobytel.com is unique in that it understands both the Internet
and the automotive businesses," said Jeff Coats, Managing Director
of GE Capital's Equity Capital Group. "The company's consumer-driven
model and its dealer training efforts insure its position as the
quality provider in the automotive Internet arena. We believe
Autobytel.com is the long-term player in the automotive Internet
market."
Autobytel.com is responsible for over $300 million in vehicle sales
per month, according to its recent Purchase Request volume and
sales closing ratios as determined by its customer surveys.
Pete Ellis, Autobytel.com's President and Chief Executive Officer,
stated, "It is gratifying that investors such as GE, AIG and now
Inchcape recognize the value of our consumer-driven car buying
process. This latest investment helps to insure that Autobytel.com
will be able to maintain and expand its position as the premier
Internet vehicle purchasing program."
The proceeds of the Series C financing will be used to fund the
company's dealer training programs, marketing efforts, technological
infrastructure expansion and new program and content development. |
| Similar articles: | - Autobytel.com Announces Series C Preferred Stock Financing Investment from MediaOne Interactive Services, Inc. - Irvine, CA-January 6, 1999
- Autobytel.com, inc. Completes $15 Million Series A Preferred Financing With GE Capital Services, American International Group, Inc., ContiFinancial Corporation, and Mr. Michael Fuchs - Corona del Mar, CA
- Autobytel Completes $27.0 Million Common Stock Private Placement - Irvine, CA - June 24, 2003
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