Autobytel.com Announces Over $3.4 Billion in Online Car Sales
28 March 2000
Autobytel.com Announces Over $3.4 Billion in Online Car Sales and Over 3 Million Users for Q1 2000
IRVINE, Calif., March 28 Autobytel.com , the
company that controls nearly 50% of online vehicle sales, today released
metrics confirming its continued dominance of the online car sales market.
The company's Q1 car sales, generated through its member dealers, have already
topped $3.4 billion. The car sales were effected through Autobytel.com's
three distinct sales processes catering to consumer needs. Unique users of
the company's two branded auto portals, Autobytel.com and CarSmart.com, are
expected to exceed a record-breaking three million for the quarter.
"We are particularly pleased with the results of AutobytelDIRECT and
CarSmart.com's Personal Shopper," said Mark Lorimer, President and CEO of
Autobytel.com. "Direct sales generated through Autobytel.com web properties
have exceeded $8.5 million in the few weeks since we launched and have taken
place in over 35 states, further evidence that our leadership in online car
sales is extending into the 'direct' end of the business. We are pleased that
our 4800+ member dealer body has embraced AutobytelDIRECT and CarSmart.com
Personal Shopper. We look forward to posting over a hundred thousand more
vehicles with upfront pricing on AutobytelDIRECT by the summer."
Autobytel.com offers consumers three car-buying options. In addition to
the hugely successful Autobytel.com Purchase Request process, consumers can
bid on vehicles at the Autobytel.com Auction or buy direct online either
through the "Click-and-Buy" posted inventory at AutobytelDIRECT or by working
through one of the CarSmart.com Personal Shoppers. Unlike some online car
sales strategies that confuse consumers by sending them from brand to brand in
search of the appropriate purchasing process, Autobytel.com has developed its
purchasing processes in ways that ensure consumers a consistent quality
experience no matter how they choose to buy.
"Consumer acceptance of the Autobytel.com approach whether in direct sales
or our traditional process allows us not only to build on a market share that
is more than three times that of our nearest competitor, but also to continue
to innovate in the space," continued Lorimer. "That, coupled with a strong
cash reserve of $85 million and a committed dealer network that has ranked us
number one for two years in a row, gives us the freedom to continue to offer
online consumers what they demand without diluting our powerful brand name or,
more importantly, compromising its integrity."
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, 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.