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
Updated
Jun 10, 2004 22:41:51
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41 ( -6 -14.63% )
Description: , September 4, 1996 -- Autobytel.com, a leading on-line automotive and information program, has raised $15 million in its initial preferred stock financing.
Investors are GE Capital Services, the financial services unit of General Electric Company; American International Group, Inc. (AIG), the leading U.S.-based international insurance organization; ContiFinancial Corporation, a leading consumer and commercial finance company; and Mr. Michael Fuchs, former Chairman and CEO of HBO and former Chairman and CEO of the Warner Music Group.
"As the exclusive provider of automobile insurance on the Autobytel.com Web site, AIG is quite pleased to be a part of this initial preferred stock financing," said AIG Executive Vice President, Robert M. Sandler.
Pete Ellis, Autobytel.com's President and CEO, said, "Autobytel.com has had tremendous success during its first 1 1/2 years of business and I'm extremely pleased that Michael Fuchs and these highly-regarded institutions have committed themselves to our future."
The $15 million investment will be used to enhance existing service offerings and continue the development of future programs.
autobytel.com, inc. runs the leading on-line automotive purchasing program, having processed in excess of 200,000 Purchase Requests to date.
The company believes it has one of the largest commercial Web sites, accounting for a substantial volume of Internet-based commerce. The program is available on the Internet at or on any of the major on-line services and can be used by U.S. and Canadian residents. ABT commenced operations in March 1995.
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41 ( -6 -14.63% )