CarStation.com Completes $32 Million Financing, Led by Goldman Sachs
13 January 2000
CarStation.com Completes $32 Million Financing, Led by Goldman SachsSAN FRANCISCO--Jan. 13, 2000--CarStation.com, the e-commerce hub for the automotive services industry, today announced that it has secured an additional $32 million in venture financing, led by investors Goldman Sachs Group Inc. and Insight Capital Research.
All of CarStation's original investors also participated in this latest round of financing, following investments totaling more than $12 million in 1999. Founded in 1998, CarStation provides e-commerce solutions that reduce the time and cost of vehicle repairs, operating an open-standards collision repair e-commerce hub at www.carstation.com. Its suite of services and applications enable repair professionals, parts vendors, suppliers, insurers and consumers to efficiently and effectively buy, sell and communicate all in one place via the Internet.
The new financing, coupled with a recent series of strategic acquisitions and alliances, and the hiring of top executives from the Internet and automotive worlds, solidifies CarStation's leadership in the automotive services industry and accelerates implementation of its business model and ongoing roll-out of products and services. In addition, Robertson Stephens recently named CarStation to its list of business-to-business e-commerce companies to watch in 2000.
"Our investors, partners and others recognize that the automotive industry is undergoing an unprecedented period of change, brought about by the Internet. The CarStation team is delighted to be at the forefront of the automotive e-business revolution," CarStation Chairman and CEO Dr. Ronald Goldsberry said. Goldsberry recently joined CarStation after 16 years with Ford Motor Company, where he most recently served as Vice President of the Global Services Division.
"The experience and reputation of CarStation's executive team, coupled with a powerful model, is attractive to investors," Goldman Sachs Managing Director Randall Blumenthal said. "The company's aggressiveness and ability to execute its vision of building an open-standards hub for automotive services is generating excitement within the industry and momentum for the company." The latest round of financing falls fast on the heels of CarStation's recent acquisition of FPG International (First Parts Inc.), the leading operator of outsourced sales and purchasing management services to Original Equipment Manufactured (OEM) parts dealers, and alliances with Mitchell International and Caliber Collision Centers. Mitchell International is a leading supplier of information products, software and business solutions for the automotive collision repair industry; Caliber Collision Centers is the leading provider of collision repair facilities in Texas and California.
Founded in 1998, San Francisco-based CarStation.com provides e-commerce solutions to the automotive service industry. CarStation operates a collision repair e-commerce hub at www.carstation.com. The company's suite of services and applications enable repair professionals, parts vendors, suppliers, insurers and consumers to transact, communicate and manage the entire automotive repair process via the Internet. CarStation's investors and business partners include Goldman Sachs, Insight Capital Research and Management Inc., Weiss Peck and Greer, LLP, New Enterprise Associates and Marsh and McClennan Capital.
About Goldman Sachs
Goldman Sachs is a leading global investment banking and securities firm, providing a full range of investing, advisory and financing services worldwide to a substantial and diversified client base, including corporations, financial institutions, governments and high net worth individuals. Founded in 1869, it is one of the oldest and largest investment banking firms. After more than a century as a private partnership, the firm became a public company in 1999. The Goldman Sachs Group Inc. is headquartered in New York and has 41 offices in 23 countries around the globe.
About Insight Capital Research and Management Inc.
Insight Capital Research & Management Inc. was founded in 1988 and specializes in managing growth equity portfolios. Insight is an independent investment advisor, managing over $1.3 billion in assets. The firm manages small, mid, large and all capitalization strategies for institutions and private clients in addition to tax efficient strategies for high net worth private clients.