Autobytel.com and Continental in Global Strategic Transaction
29 November 2000
Autobytel.com and Continental in Global Strategic Transaction
Investment in Autobytel Europe, Cooperation on Formation of Autobytel Germany
And Development of a New E-commerce Tire Module for Autobytel Sites
IRVINE, Calif., Nov. 29 Autobytel.com , the
global leader in automotive e-commerce, and Continental AG, a global leader in
tire and automotive systems manufacturing, today announced they've entered
into a strategic relationship. Under the agreement, Continental will invest
in Autobytel companies, making the company a shareholder in Autobytel Europe
and Autobytel Sweden. In addition, Continental expects to enter into a
development contract with Autobytel and also become the lead partner in the
formation of Autobytel Germany. The companies' plans include creating an
e-commerce Tire Module for the Autobytel sites, allowing consumers to research
and shop for all makes of tires online. Continental General Tire, makers of
Continental and General Tire brands in the U.S., is a Continental AG group
company.
"Partnering with a leader in the German automotive industry enables
Autobytel to extend its leadership position in European automotive e-commerce
and provides us with a strong automotive relationship in Germany, Europe's
largest car market," said Mark Lorimer, President and CEO of Autobytel.com.
"Continental, with its extensive automotive experience and global presence,
can also enhance the international operations of all Autobytel companies
allowing us to develop additional product lines that will add strength and
diversity to our consumer offerings and financial position." Lorimer added
that the investment by Continental strengthens Autobytel's organization and
infrastructure in Europe and should speed up Autobytel's entry into both the
Belgian and German markets.
"We did not want to simply step into the so-called 'new economy' for the
sake of it but, instead, wanted to find the right partners to fulfill our
vision of the 'true economy' -- the combination of the best of 'bricks' and
'clicks.' In Autobytel we have found a truly successful Internet partner that
allows us to integrate our traditional dealer-based distribution channels into
our Internet strategies," said Dr. Stephan Kessel, President and CEO of
Continental AG.
The planned Tire Module will be available to Autobytel sites worldwide,
including Autobytel.com U.S., Autobytel Canada, Autobytel UK, Autobytel Japan,
Autobytel Australia and Autobytel Sweden. Through the module, consumers will
be able to easily find information about car tires, their specifications,
prices, dealers, etc. The module will be available to all tire brands, making
the process of buying tires easier and more convenient than ever before. The
Tire Module is expected to create additional revenues which will be shared by
Continental and Autobytel.
About autobytel.com inc.
Autobytel.com inc. , the global leader in online automotive
commerce, brings car buyers, owners, and sellers together in a trusted
environment, empowered by the Internet. Through its extensive automotive
content and multiple purchasing, financing, insurance and service options,
Autobytel.com offers consumers choice and peace of mind throughout the
automotive lifecycle, while providing its network of accredited dealers and
automotive services partners the most efficient way to reach online car buyers
and owners. Autobytel.com and its wholly-owned subsidiary, CarSmart.com, have
a network of over 5,000 Dealers nationwide and are the seventh largest
generator of automotive sales in the United States, just behind GM, Ford,
DaimlerChrysler, Toyota, Honda and Nissan. Autobytel.com has been ranked #1
in Dealer Satisfaction with Online Buying Services for three years in a row by
J.D. Power and Associates.* 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), Japan
(http://www.autobytel-japan.com), and Australia (http://www.autobytel.com.au).
Headquartered in Irvine, California, Autobytel.com is recognized as the
company that transformed the $1 trillion new car industry when it invented
online car buying.
*J.D. Power and Associates 1998 -- 2000 Dealer Satisfaction With Online
Buying Services Studies(SM). 2000 study conducted among dealership Internet
specialists who completed 2,144 evaluations of individual services.
http://www.jdpower.com.
About Continental
Continental AG (http://www.conti-online.com), headquartered in Hanover, Germany,
is a systems supplier for chassis components and technology to the automobile
industry with sales of around 9 billion EURO in 1999. With 91 sites worldwide
and more than 63.000 employees, Continental is developing and producing a wide
range of products, from passenger car and truck tires to electronic brake
systems such as ABS and ESP, Air Suspension Systems, Vibration Control and
Brake Actuation. Continental is a leading partner to the automobile industry,
it's products link the driver to the road to provide peace of mind with a
greater level of safety, comfort and fun.
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. Investors are strongly encouraged to review the Company's annual
report on Form 10-K for the year ended December 31, 1999, and quarterly
reports on Form 10-Q on file with the Securities and Exchange Commission for a
discussion of risks and uncertainties that could affect operating results and
the market price of the Company's stock.