Autobytel.com Adds Fourth Continent to International Expansion
15 February 2000
Autobytel.com Adds Fourth Continent to International Expansion with Formation Of Autobytel Australia
Global Automotive E-commerce Powerhouse Joins With St George Bank Limited
And Strategic Partners to Form Autobytel Australia
IRVINE, Calif., Feb. 15 -- Autobytel.com , the
leading international automotive e-commerce provider, today announced the
formation of Autobytel Australia. The Australian partners joining
Autobytel.com and St George Bank Limited in the online venture are Trading
Post, Astre Automotive, RACV (Royal Automobile Club of Victoria), Fortis
Insurance and Strathfield e-technologies. Autobytel.com owns 30% of Autobytel
Australia.
Scheduled to launch mid-2000, Autobytel Australia will allow Australian
car buyers to research, buy, lease, finance and insure vehicles at competitive
prices.
"We are very pleased to continue our rapid global expansion with Autobytel
Australia," said Mark Lorimer, President and CEO of Autobytel.com. "The
strong Australian automotive marketplace, in conjunction with Australia's high
Internet penetration, makes this an ideal venue for us. We have carefully
selected strategic local partners with solid expertise in technology,
automotive distribution, and all aspects of automotive commerce, to ensure
that Autobytel Australia will provide true value for dealers and better
service and haggle-free pricing for consumers."
The partners joining Autobytel.com to form Autobytel Australia are leaders
in their respective industries. St George Bank, with 20 years experience in
the automotive finance industry, intends to provide online car finance
applications and approvals as well as exposure to over 190 new vehicle
dealers. The Trading Post, in both print and online, is Australia's biggest
used car market and this alliance will provide Autobytel Australia with access
to the thousands of listings they receive each week. Astre Automotive,
Australia's largest vehicle distributor and importer, including Hyundai and
Audi, has key industry and marketing expertise.
The alliance with RACV gives Autobytel Australia access to RACV's wealth
of vehicle-related content. RACV has 1.3 million members, and its member
driven Internet strategy will provide a significant introduction source to the
Autobytel Australia car-buying service. Fortis Insurance, one of the
country's largest automotive insurance companies, will be a key contributor to
Autobytel Australia's insurance initiatives and has extensive dealer and
industry contacts. Strathfield e-technologies is a technology based company
specializing in e-commerce sales of auto accessories with extensive automotive
e-commerce knowledge and potential.
"We are thrilled with the opportunity to partner with the global leader in
online automotive e-commerce. Autobytel.com currently controls nearly 50% of
all online car sales in America and we firmly believe Autobytel Australia is
poised for similar success," said Ed O'Neal, St George Bank Managing Director.
"Partnering with Autobytel.com means that we will be able to create the most
progressive, leading edge, and customer-focused automotive Internet service in
Australia."
Autobytel.com created car buying on the Internet in the United States in
1995 and is recognized as one of the most successful Internet brands in
America. "The global marketplace is rapidly adopting e-commerce and we intend
to continue to lead automotive e-commerce internationally," continued Lorimer.
"Our experience in successfully launching Autobytel entities in the UK,
Sweden, Canada, Japan and Europe, combined with the expertise of our
Australian partners, positions Autobytel to take the lead in Australian
automotive e-commerce."
About autobytel.com inc.
Internationally-branded Autobytel.com (http://www.autobytel.com) is the
acknowledged leader in online automotive commerce(1). The most comprehensive
automotive Internet site, Autobytel.com offers consumers a positive purchasing
and ownership experience, while providing its Accredited Dealer Network with
the most efficient way to reach online car buyers. As it assists consumers
through every aspect of the automotive lifecycle, Autobytel.com provides
continuity into the next vehicle purchase. Launched in March 1995,
Autobytel.com's low-cost, no-haggle car-buying program is available in the
U.S., Canada (http://www.autobytel.ca), the United Kingdom (http://www.autobytel.co.uk),
Sweden (http://www.autobytel.se) and Japan (http://www.autobytel-japan.com). In 1999,
Autobytel.com was ranked #1 in Dealer Satisfaction with Online Buying Services
for the second year in a row(2).
The statements contained in this press release that are not historical
facts are forward-looking statements under the federal securities laws. These
forward-looking statements are not guarantees of future performance and
involve certain risks, uncertainties and assumptions that are difficult to
predict. Actual outcomes and results may differ materially from what is
expressed in, or implied by, such forward-looking statements. Autobytel.com
undertakes no obligation to update publicly any forward-looking statements,
whether as a result of new information, future events or otherwise. Among the
important factors that could cause Autobytel.com's actual results to differ
materially from those expressed in, or implied by, the forward-looking
statements are changes in general economic conditions, increased or unexpected
competition, the failure to close the acquisition of A.I.N. Corporation,
changes in A.I.N. Corporation's financial performance, and other matters
disclosed in Autobytel.com's filings with the Securities and Exchange
Commission.
(1) As reported by J.D. Power and Associates, Autobytel.com accounts for
45% of all new vehicles sold through an online service. (8.23.99).
(2) J.D. Power and Associates 1998-1999 Dealer Satisfaction With Online
Buying Services Studies(SM). 1999 study conducted among dealership Internet
specialists who completed 1,024 individual evaluations.