TROY – Autobytel has acquired Stoneage Corporation, owner of Car.com, for more than $48 million. The deal with expand in 2004 Autobytels market share of new car buyers from 7 to 9 percent, increase by 1 million the number of Purchase Requests processed through Autobytel, and add more than 6,000 retail and enterprise dealer relationships.
“The acquisition of Stoneage Corporation and its Car.com website further extends Autobytel’s leadership in the rapidly growing automotive Internet by increasing our reach with consumers, dealers, and automotive manufacturers,” said Autobytel CEO Jeffrey Schwartz. “This transaction is a superb fit and is consistent with our acquisition criteria and business strategy. We are very comfortable with our ability to realize synergies and financial benefits from this transaction.”
Autobytel anticipates that the acquisition will grow its business to more than $40 billion in gross market sales for dealers. The Company now anticipates that in 2005, approximately 10 percent of all new car buyers will submit a request through Autobytel. The acquisition adds approximately 1,300 retail dealer relationships, of which approximately 75 percent are unique and do not overlap with a current Autobytel dealers. The acquisition also will add approximately 50,000 used cars to Autobytel’s current inventory of approximately 250,000.
Founded in 1996, Stoneage Corporation has approximately 70 employees and is headquartered in Troy. Autobytel will continue to operate and finance, CarTV, and DBOT businesses from Detroit as well as locate representatives from its advertising and enterprise sales groups at the Stoneages offices.
“Stoneage shares Autobytel’s commitment to provide automotive dealers and manufacturers with best in class integrated marketing services,” said Mark Campbell, founder and CEO of Stoneage Corporation. “This deal should expand and deepen Autobytel’s customer relationships and, as we leverage the best practices of each company’s lead routing and validation systems, increase the quantity and the quality of the Purchase Requests Autobytel sends to its dealers.”
Campbell will remain a consultant for Autobytel, working on new product initiatives and business development.
TheCarConnection.Com contributed to this article.
