Auto-By-Tel Appoints Lorimer President and CEO
26 June 1998
Mark Lorimer Appointed President and CEO of Auto-By-Tel Corp.; As the Former COO of Auto-By-Tel, Lorimer Has Been Instrumental in Furthering Auto-By-Tel's Position in the Marketplace
IRVINE, Calif.--June 26, 1998--Auto-By-Tel, the premier online car-buying program, Friday announced the promotion of Mark Lorimer to president and chief executive officer.The former chief operating officer of Auto-By-Tel, Lorimer is now responsible for all of Auto-By-Tel's strategy, planning and operations, both domestic and international.
"It gives me great pleasure to announce Mark Lorimer's appointment and I look forward to working with him as he takes Auto-By-Tel to its next level," said Pete Ellis, Auto-By-Tel's founder.
"Mark has been instrumental in facilitating the rapid and successful expansion of Auto-By-Tel. His expertise in building business relationships, combined with strong leadership skills and the ability to make effective decisions within the rapidly changing context of Internet commerce, have helped Auto-By-Tel achieve its pre-eminent position."
Ellis founded the company to pursue his vision to effectively alter the automotive distribution channel. The Auto-By-Tel concept has far exceeded expectations, and, though imitators have followed, Auto-By-Tel is the number 1 Web site for low-cost car buying.
Now that Auto-By-Tel has made its mark on the U.S. auto industry, Ellis will continue to work on Auto-By-Tel's domestic and international strategic initiatives.
At the same time, the company also announced that Michael Fuchs was named chairman of Auto-By-Tel's board of directors. Fuchs formerly served as chairman and CEO of Home Box Office (HBO), and later served as chairman and CEO of Warner Music.
"Michael has had great experience in transforming industries. His experience at HBO has provided, and will continue to provide, an enormous advantage to Auto-By-Tel as we move into the next phase of our development," said Lorimer.
Lorimer joined Auto-By-Tel in December 1996 as general counsel and was promoted to executive vice president, COO, in May 1997. Prior to joining Auto-By-Tel, Lorimer served as a capital markets partner for the international law firm Dewey Ballantine.
From 1993 to 1995, Lorimer served on the faculty of Fordham Graduate School of Business Administration in New York where he taught securities transactions. Lorimer is also a popular lecturer on Internet commerce, strategic alliances and joint-venture formation and, as a spokesman for Auto-By-Tel, has been interviewed in numerous publications on the subject of Internet commerce.
About Auto-By-Tel
Irvine-based Auto-By-Tel (www.autobytel.com) is the leading nationally branded, Internet-based purchasing program for new and certified used vehicles and related consumer services, including automotive financing, leasing and insurance.
According to J.D. Power and Associates 1998 Dealer Satisfaction with Online Buying Services Study, Auto-By-Tel was rated number 1 in dealer satisfaction. Auto-By-Tel's North American Accredited Dealer Network includes more than 2,700 dealerships, representing every major automotive manufacturer. Auto-By-Tel is a registered service mark of Auto-By-Tel Corp.