Autobytel.com and Continental in Global Strategic Transaction
Investment in Autobytel Europe, Cooperation on Formation of Autobytel Germany and Development of a New E-commerce Tire Module for Autobytel Sites
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Jul 7, 2004 20:31:32
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Description: Irvine, CA, November 29, 2000 - Autobytel.com (Nasdaq: ABTL), the global leader in automotive e-commerce, and Continental AG, a global leader in tire and automotive systems manufacturing, today announced they've entered into a strategic relationship. Under the agreement, Continental will invest in Autobytel companies, making the company a shareholder in Autobytel Europe and Autobytel Sweden. In addition, Continental expects to enter into a development contract with Autobytel and also become the lead partner in the formation of Autobytel Germany. The companies' plans include creating an e-commerce Tire Module for the Autobytel sites, allowing consumers to research and shop for all makes of tires online. Continental General Tire, makers of Continental and General Tire brands in the U.S., is a Continental AG group company. "Partnering with a leader in the German automotive industry enables Autobytel to extend its leadership position in European automotive e-commerce and provides us with a strong automotive relationship in Germany, Europe's largest car market," said Mark Lorimer, President and CEO of Autobytel.com. "Continental, with its extensive automotive experience and global presence, can also enhance the international operations of all Autobytel companies allowing us to develop additional product lines that will add strength and diversity to our consumer offerings and financial position." Lorimer added that the investment by Continental strengthens Autobytel's organization and infrastructure in Europe and should speed up Autobytel's entry into both the Belgian and German markets. "We did not want to simply step into the so-called 'new economy' for the sake of it but, instead, wanted to find the right partners to fulfill our vision of the 'true economy'-the combination of the best of 'bricks' and 'clicks.' In Autobytel we have found a truly successful Internet partner that allows us to integrate our traditional dealer-based distribution channels into our Internet strategies," said Dr. Stephan Kessel, President and CEO of Continental AG. The planned Tire Module will be available to Autobytel sites worldwide, including Autobytel.com U.S., Autobytel Canada, Autobytel UK, Autobytel Japan, Autobytel Australia and Autobytel Sweden. Through the module, consumers will be able to easily find information about car tires, their specifications, prices, dealers, etc. The module will be available to all tire brands, making the process of buying tires easier and more convenient than ever before. The Tire Module is expected to create additional revenues which will be shared by Continental and Autobytel. About Continental Continental AG (), headquartered in Hanover, Germany, is a systems supplier for chassis components and technology to the automobile industry with sales of around 9 billion EURO in 1999. With 91 sites worldwide and more than 63.000 employees, Continental is developing and producing a wide range of products, from passenger car and truck tires to electronic brake systems such as ABS and ESP, Air Suspension Systems, Vibration Control and Brake Actuation. Continental is a leading partner to the automobile industry, it's products link the driver to the road to provide peace of mind with a greater level of safety, comfort and fun.
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