Autofusion Reports Three Consecutive Months of Profitability
28 August 2000
Autofusion Corporation, Leader in Internet Car-Buying Technology, Reports Three Consecutive Months of Profitability
SAN DIEGO--Aug. 28, 2000--Autofusion Corporation, the leader in Internet car-buying technology, today announced it has reported profits for the past three consecutive months, beginning in May.
The company's revenues come from licensing fees paid for their proprietary automotive e-commerce technology products and from fees and advertising generated through its consumer Web site, CarPrices.com.
"We've demonstrated that it's possible to be profitable in automotive e-commerce," said Louis Urbano, chief executive officer of Autofusion Corporation. "We're now providing scalable technology to the entire industry. I have no doubt we will increase the profitability and effectiveness of auto sales over the Internet for everyone involved."
Autofusion offers two key products that are central to Internet automotive transactions: Select-A-Car(TM) and Reverse-Auction Technology(TM). Both products streamline the process of buying and selling cars over the Web and enable any auto-related business to quickly tap into the sales potential of the Internet.
CarPrices.com, a showcase for the company's products, attracts over 1.5 million visitors a month, and is responsible for more than $2 million in new-car sales each day.
In May of this year, Autofusion, in partnership with Selectica , unveiled Select-A-Car(TM), the company's sophisticated Internet auto selling system. With Select-A-Car, auto dealers, manufacturers, car-buying services and Internet portals have the ability to provide their customers with comprehensive car purchasing capabilities. Autofusion is the exclusive worldwide marketer of Select-A-Car.
Reverse-Auction Technology, branded as PriceWar on CarPrices.com, is a system in which multiple dealers compete for a new-car buyer's business with exact prices on the desired vehicle. The service started in San Diego in November 1999 and expanded to southern California in April 2000. The company expects the Reverse-Auction service to be licensed and available in the nation's top 40 markets by year-end.
"Our technology products are already a hit with both dealers and consumers," said Urbano. "As an independent company, without financial ties to any manufacturer, we're uniquely positioned as a source of consumer-friendly products that add immediate value to any business involved in Internet auto sales."