MyCarPage.com Receives Second Round of Financing; Year-End Profitability Expected
25 September 2000
MyCarPage.com Receives Second Round of Financing; Year-End Profitability Expected
SANTA MONICA, Calif.--Sept. 25, 2000--In the topsy-turvy world of dot-com companies, MyCarPage.com(TM) is an anomaly. While many dot-coms have disappeared or are struggling just to survive, MyCarPage.com is succeeding, announcing today the company has received its second-round of financing and, according to CEO C. Bryce Benjamin, "will be in the black by year's end."Not bad for a dot-com that's barely one year old.
Second-round financing for MyCarPage.com, a personalized auto Web page produced by Santa Monica, Calif.-based Interval Inc., has been obtained through existing shareholders along with new investors, according to Benjamin.
MyCarPage.com provides an online e-mail forum for customer-dealer communications that is designed to create long-term relationships. Four of the top 12 auto dealerships in the U.S. are now MyCarPage.com customers, including heavyweights such as Sonic Automotive (ranked No. 5) and Hendrick Automotive Group (No. 6). Dealers are also enlisting Interval's Customer Value Matrix(TM), a data analysis tool that organizes driver and vehicle information, supplying dealers with marketing resources based on customer service frequency, spending patterns, vehicle attributes and demographics.
MyCarPage.com provides consumers with vehicle maintenance reminders, sales and service specials, recall notices, Kelley Blue Book values, traffic and weather reports and more. MyCarPage.com is now managing vehicle information for more than 1 million consumers across the United States, a number that's increasing daily and is part of the company's success.
"It's refreshing to invest in a dot-com and not have to take a deep breath and hold it for five years," said Lou Alpinieri, an existing investor, who also contributed to the second round of financing for MyCarPage.com. "There's a huge market for MyCarPage.com, and it looks like I'm not the only one who believes in the product."
New investor Paul Brinsey, a partner in the law firm of ZBB&F, echoed a similar sentiment. "I was very impressed with what Bryce has done as a senior executive and how he has positioned MyCarPage.com in the market," said Brinsey. "They have a diverse customer base and find solutions for them. In my opinion, that gives them long-term play."
Regarding the second round of financing, Benjamin said, "I'm gratified by the support from our current and new investors. They believe, like we do: MyCarPage.com is built on a solid business model and supplies a product that offers value to its customers."
Interval Inc. (dba MyCarPage.com) specializes in the development of Internet services aimed at building long-term relationships between consumers and auto dealerships. MyCarPage.com and its companion product, the Customer Value Matrix, combine to improve customer satisfaction, which results in increased loyalty to the dealership.