Carbiz.com Inc. Acquires IndependentDealer.com Assets
29 August 2000
Carbiz.com Inc. Acquires IndependentDealer.com Assets
TORONTO--Aug. 29, 2000--Carbiz.com Inc. (CDNX:CZ.) announces that it has completed the acquisition of the assets of IndependentDealer.com, LLC of Columbus, Ohio for cash of US$935,000 and 700,000 Carbiz common shares.Carbiz has also agreed to pay to Independent Dealer a percentage of the revenue generated over the next three years from the assets acquired. IndependentDealer.com is a Business-to-Business content portal focused on providing products and services to the 60,000 independent retail automotive dealers in North America. IndependentDealer.com has a direct link to the National Independent Automotive Dealers' Association ('NIADA') website and seventeen affiliated states across the United States. The company is in the process of working with additional states to establish similar links.
IndependentDealer.com has quickly positioned itself as the leading content provider for the used motor vehicle industry. The website provides everything from legal and business information to training and education materials. The company is also in the process of developing specialized training and education programs for all dealership personnel, which will be held across the United States.
In addition, IndependentDealer.com is in the process of establishing a network of independent automobile auctions within the website. This network will enable dealers to directly access information on a real-time basis from participating auctions allowing the dealers to more accurately determine the valuation of vehicles and locate inventory. Auctions within the network will be able to host specially developed IndependentDealer.com training and education programs at their facility for dealers free of charge.
The high profile founders of IndependentDealer.com are Keith E. Whann and Chris Leedom. Mr. Whann, a former Assistant Ohio Attorney General, has focused his private law practice since 1987 on the representation of businesses in the motor vehicle industry, including dealerships, automobile auctions and trade associations. Mr. Leedom is the developer of the Independent Dealer Twenty Group program and is also the founder of the National Special Finance and Buy Here-Pay Here Conference. Both Mr. Whann and Mr. Leedom are frequent contributors to various trade publications and have been featured speakers at numerous state and national industry related meetings and conventions.
Carbiz.com is a Toronto-based company that provides software and Internet solutions to financial institutions and the retail automotive industry resulting in cost savings and efficiencies in the research, purchase and financing of car transactions. Its flagship product, Full Spectrum 2000, enables automobile dealers to arrange "on-the-spot" financing for consumers by connecting the dealers to credit bureaus and financial institutions via the Internet.