iMotors To Narrow Focus - Lays off 30%

    SAN FRANCISCO--March 23, 2001--iMotors, a struggling online-seller of used vehicles, today announced the restructuring of its operations to focus future investments in its top-producing markets.

    Attempting to put a best face on the company's decision, Lloyd Ward, iMotors's CEO stated, "Our team has made remarkable progress expanding our business across the country. We are now focusing on earning a return on these investments. With this restructuring, iMotors is well-positioned to accelerate the path to profitability through highly-targeted, more efficient customer acquisition activity."

    Going forward, iMotors will focus on serving the west coast and other select markets. The company will reduce its workforce by approximately 30% as a result of these changes.