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Autobytel.com Announces Series C Preferred Stock Financing Investment from MediaOne Interactive Services, Inc.
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| Irvine, CA-January 6, 1999 |
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| Updated |
Jun 10, 2004 22:40:51 |
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Description:
Autobytel.com, the premier online automotive purchasing program, today announced that MediaOne Interactive Services, Inc., a division of MediaOne Group, Inc. (NYSE: UMG), recently became an investor.
MediaOne Interactive Services, the most active Internet investor among its cable peers, makes strategic minority investments with Internet content, commerce and technology companies delivering sports, travel, entertainment, family, business, education and other services. MediaOne Interactive has invested in such leading content and commerce websites as SportsLine USA, Preview Travel and Women.com, as well as cutting edge companies like Quokka Sports, IPIX and Liquid Audio.
"Autobytel.com's unsurpassed success in the automotive e-commerce sector makes the company a great fit with MediaOne Interactive Services' future plans," said Tom Cullen, president of MediaOne Interactive Services. "We believe Autobytel.com is the leader in this market."
"Our relationship with MediaOne Interactive marks a significant strategic move for Autobytel.com," said Mark Lorimer, Autobytel.com's President and CEO. "MediaOne's broadband capabilities will be a significant strategic asset to Autobytel.com as we develop and deploy content that takes better advantage of the speed offered by MediaOne Express, its high-speed Internet access service."
Autobytel.com lets consumers shop for new and pre-owned vehicles via the Internet from the comfort of their homes or offices. Since the company's inception in 1995, it has aided more than two million car buyers and was recently named the third most recognized e-commerce brand by Opinion Research. Autobytel.com's unique business model enables its nationwide network of Accredited Dealers to decrease their costs during the sales process, a savings that is then passed onto the consumer, creating a no-haggle car-buying process.About MediaOne Group
MediaOne Group (NYSE: UMG) is one of the world's largest broadband communications companies, bringing the power of broadband and the Internet to more than seven million customers in the United States, Europe and Asia. The company also has interests in some of the fastest-growing wireless communications businesses outside the U.S., serving more than three million customers. For 1997, the businesses now part of MediaOne Group produced $6.6 billion in proportionate revenue. |
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