iSalvage.com Secures $7.5 Million in First-Round Funding

14 February 2000

iSalvage.com Secures $7.5 Million in First-Round Funding

    NEW YORK--Feb. 14, 2000--iSalvage.com, a business-to-business Internet company connecting buyers and sellers of recycled and rebuilt auto parts, announced today that it has raised $7.5 million in its first round of institutional funding. Investors include Chicago-based divine interVentures, inc., an Internet operating company actively engaged in business-to-business e-commerce through a network of partner companies, New York-based Sentinel Capital Partners, and private individuals.
    "The recycled and rebuilt auto parts markets are large but very fragmented," explains Jeff Stotland, CEO of iSalvage. "That makes them great candidates for strong branding and electronic consolidation using the Internet. That's what iSalvage is all about: We want to help parts suppliers reach more potential buyers - and make it easier for parts buyers to find the parts they need."
    Gary Linhart, President and COO of iSalvage, notes that the funds will be used for continued investment in technology, operations, marketing programs, and key personnel. "We're excited to secure this funding," Mr. Linhart says, "and continue our development of the premier marketplace for recycled and rebuilt auto parts."
    iSalvage has begun a targeted pilot phase of its Web site using parts suppliers located in the Southeast and mid-Atlantic States. The Company plans to expand nationally in the coming months.
    iSalvage's goal is to become a leading marketplace connecting buyers and sellers of the $7.5 billion recycled and $15 billion-plus rebuilt auto parts markets. The Company's investors and advisors include an auto insurance company, the former general manager of a salvage yard inventory management software company, and experienced early stage Internet and private equity investors. Founded in 1999 and based in New York, iSalvage has already secured supplier agreements with several large recycling facilities in the country and has gained buying commitments from insurance companies and collision repair consolidators.
    More information is available either at www.iSalvage.com or by contacting iSalvage at 212-417-9330.