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Chrome Data Secures Almost $22 Million in Second Round Funding

25 July 2000

Wells Fargo SBIC and Advance Publications Lead Investors Backing Chrome

    PORTLAND, Ore. - Chrome Data Corporation, the automotive industry's most accurate independent business-to-business provider of data and software for selling cars online, today announced that it has received $21,875,000 in funding from four investors: Wells Fargo Small Business Investment Co., Inc., Advance Publications, Inc., FBR CoMotion Venture Capital and Net Market Partners, LP. These funds will enable Chrome to expand the company's Internet strategy through intensified sales and marketing efforts and expanded product development.

    "Our vision is to make it easier to buy, sell, finance and insure vehicles -- both online and on the lot -- by providing accurate and unbiased automotive pricing and specification data," said Bob Navarre, CEO of Chrome. "Fueled by this funding, Chrome now has the resources to build on its existing technology and drive this vision into the market."

    Founded in 1986, Chrome Data has amassed customers across the automotive industry including more than 7,400 automotive dealer franchises; 1,200 credit unions; 500 corporate and fleet accounts; 30 online services and portals; and 15 of the 17 largest fleet management/leasing companies. As more car dealers and Internet portals look to generate auto sales leads, provide accurate price quotes and enable automobile transactions online, Chrome provides the critical data, software and communication tools to meet these market needs.

    "Chrome has built a reputation as an accurate and independent provider of data for the automotive industry," said Dick Schliesmann, executive vice president of Wells Fargo Bank. "We see an opportunity for Chrome to consolidate its position as a `standards-driver' to connect all aspects of the automotive e-commerce industry, from financial institutions to dealerships and to portals."

    An independent study conducted by CNW Marketing/Research concluded Chrome is the most accurate provider of data and configuration software available on the Internet today. The study found Chrome's MSRP pricing accuracy was 99.64%, only one-third of one percent discrepancy -- less than the study's margin of error. Chrome was the only one of eight major online car configuration data providers surveyed in the study to finish below the margin of error.

    About Chrome Data

    Chrome Data pioneered the technology behind electronic vehicle configuration and for the past 14 years has collected, analyzed and enhanced "raw" automotive data from all manufacturers. Chrome's flagship product, the desktop research, pricing and ordering tool PC Carbook(R), is widely accepted as the standard in automotive data. Chrome's Internet-based product, Chrome Carbook(TM), allows dealers, Internet portals, financial institutions and insurance and warranty companies to provide visitors to their Web sites with a tool to configure cars online -- including specifications on all new vehicle makes and models, standard and optional equipment, vehicle pictures and accurate pricing. This information precisely matches manufacturers' data, enabling users to configure and order any vehicle sold in the U.S. with the confidence that the delivered product and price are exactly what was expected. The company is based in Portland, Oregon.

    Chrome's investors:

-- Wells Fargo Small Business Investment Company, Inc., a subsidiary of Wells Fargo & Company, provides funding for promising business ventures. Founded in 1852, Wells Fargo & Company is a $222 billion diversified financial services company providing banking, insurance, investments, mortgage and consumer finance through almost 6,000 stores, the Internet (www.wellsfargo.com) and other distribution channels across North America, including all 50 states and elsewhere.
-- Advance Publications, Inc. owns daily newspapers in 26 markets as well as Conde Nast magazines, American City Business Journals, Parade, CondeNet and Advance Internet. Advance Internet is a leading creator of highly interactive, online community-based news and information Web sites, created in alliance with newspapers owned and operated by Advance Publications Inc. The local brands engage consumers, giving them information that is relevant to their day-to-day lives, as well as empower them to share their opinions with others in their communities within contextual environments. Advance Internet owns and operates 10 regional Web sites, including New Jersey Online, Alabama Live, Cleveland Live, Michigan Live, Oregon Live, MassLive, Syracuse Online, Staten Island Live, PennLive and NOLA Live, as well as two specialty Web sites, Mardigras.com and RainorShine.com.
-- FBR CoMotion Venture Capital: With offices in Portland and Seattle, FBR CoMotion Venture Capital is a VC firm providing early stage investments and incubation services for Northwest technology companies. FBR CoMotion is led by managing partners David Billstrom and Will Neuhauser. The firm focuses on Internet infrastructure companies and Internet-based start-ups in the business-to-business sector, wireless and e-commerce sectors. Recent portfolio companies include MeasureCast.com, RuleSpace and MyHealthBank. Additional company information is available at www.CoMotionVC.com.
-- Net Market Partners, LP is the leading accelerator for Net Markets. Founded to catapult companies into market leadership positions, Net Market Partners offers value-added services including strategic advice, market knowledge, best practices and access to software partners, venture capitalists, industry influencers and investment firms. Net Market Partners forms the business bridge from industry expertise to the B2B Internet community.