Dominion Enterprises Acquires Cross-Sell, Inc.
Makes Second Acquisition Since Company Formation; Invests $70 Million in Web and Information Services Businesses
NORFOLK, Va., Oct. 13 -- Dominion Enterprises, a leading media and information services company, today said that it has acquired Cross- Sell, Inc., Lexington, Kentucky, the country's top provider of sales data on new and used cars with 6,000 customers nationwide.
Cross-Sell compiles title and registration information from state departments of motor vehicles, covering approximately 70 percent of all vehicles sold in the United States.
The all-cash purchase represents Dominion's second acquisition in the last four weeks. On September 21st, as previously announced, the company purchased Advanced Access, a real estate web services business, based in Anaheim, Calif.
Dominion said the aggregate purchase price of these two acquisitions is approximately $70 million.
"Since finalizing the formation of Dominion as a new company on September 12th, we have gotten off to a fast start by purchasing two businesses that round out our offering in web hosting and design, as well as in information and data services," said Chief Executive Officer, Conrad M. Hall. "The purchase of Cross-Sell is an important addition to our current portfolio of services for the automotive sector. It also represents a further step in our long-term corporate strategy to acquire properties that leverage our strengths in operating media and information businesses with a goal of doubling the company's current $850 million in annual revenue within the next five years."
Cross-Sell sells monthly market analysis reports and tailors each report to the customer's specifications in terms of area of responsibility, competitors and vehicle type.
Auto dealers use this data to help manage inventory, focus advertising, and identify market share. In addition, media companies, financing companies and automotive consultants purchase data from Cross-Sell.
"Cross-Sell helps auto dealers determine sales trends by vehicle make and model," said Sean Conley, general manager of Cross-Sell. "It's a powerful information tool that enables dealers to make critical changes in inventory to meet sales demand for a particular vehicle. We are excited about the growth opportunity for Cross-Sell and expanding our existing portfolio of information and data services for the automotive marketplace."
About Cross-Sell, Inc.
Founded in 1989, Cross-Sell, Inc., Lexington, Kentucky, is the nation's leading provider of accurate and quick-to-market sales data for new and used cars. The company compiles title and registration information from state departments of motor vehicles covering approximately 70 percent of all vehicles sold in the United States.
Cross-Sell has 19 employees in Lexington and Louisville, Kentucky. For more information and sample analysis reports, please visit www.cross-sell.com
About Dominion Enterprises
Dominion Enterprises, headquartered in Norfolk, Va., is a leading media and information services company serving employment, real estate, recreation, and industrial markets in the United States. The company has 503 paid and free magazine titles such as For Rent, Harmon Homes, The Employment Guide, Boat Trader, Cycle Trader and RV Trader with a combined weekly circulation of nearly 6 million; over 40 market-leading websites such as ForRent.com, HarmonHomes.com, Homes.com, and Traderonline.com reaching over 8 million monthly visitors; data capture and distribution businesses such as Dealer Specialties; and web services businesses across all the company's industry categories. The company has 6,600 employees nationwide and estimated 2006 annual revenue of $850 million. For more information on Dominion Enterprises, visit www.dominionenterprises.com