CarsDirect.com Withdraws Registration Statement for Initial Public Offering
6 December 2000
CarsDirect.com Withdraws Registration Statement for Initial Public Offering
LOS ANGELES--Dec. 6, 2000--CarsDirect.com, a leading direct online automotive provider, today announced it has withdrawn the registration statement filed with Securities and Exchange Commission relating to the initial public offering (IPO) of its common stock.
CarsDirect.com's decision to delay its IPO is based on the currently unfavorable conditions in the public equity market.
"Market conditions today are simply unreceptive to new offerings, prompting us to delay our IPO," said Bob Brisco, CEO, CarsDirect.com. "CarsDirect.com remains a strong, healthy and well-capitalized company, and enjoys an excellent position to leverage and expand our market leadership position. Since we launched in May 1999, CarsDirect.com has aggressively built a technology and business infrastructure and a quality reputation among consumers and dealer partners.
"While we've been in an official `quiet period' for the last six months, we've spent that time making strategic moves that enable us to continue to drive innovation and change in the automotive industry," Brisco said. "From these core activities, we're on track to be a profitable, long-term player and to advance the online car buying space for the benefit of all parties." Last month, CarsDirect.com announced the creation of a breakthrough, automated multi-lender service to give its customers unparalleled options to finance or lease vehicles online, combined with added efficiency for participating new premier lenders including AmeriCredit, Chase Manhattan, Union Bank of California and WFS Financial.
Earlier this week, CarsDirect.com launched a new ironclad Price Guarantee, underscoring the company's confidence in its convenient and efficient online car-buying process.
CarsDirect.com filed its registration statement agency on May 16, 2000, and has raised more than $300 million in private equity financing since inception.
About CarsDirect.com
CarsDirect.com (http://www.carsdirect.com) is a leading direct online provider of new automobiles and related products and services, such as loan and lease financing and extended warranties. CarsDirect.com allows consumers to research, price, configure, order, purchase and finance a vehicle online. The company's user-friendly, intuitive Web site offers consumers product information for nearly every make, model and style of new automobile available in the United States today, as well as the ability to simultaneously compare the specifications of competing vehicles. CarsDirect.com offers an online shopping experience that features competitive, up-front, no-haggle pricing on new vehicles. The company sources vehicles through a priority dealer network of more than 2,500 automotive dealer franchises nationwide.