Wednesday, September 18, 2013
Autobytel Invests In AutoWeb
Irvine-based online auto information and leads site Autobytel announced Wednesday afternoon that it has invested $2.5M in AutoWeb, a new, pay-per-click automotive advertising marketplace. Autobytel said it also has the option to invest an additional, $2.5M in AutoWeb as it grows. As part of the deal, AutoWeb also acquired the AutoWeb trademark and domain name from Autobytel, for $1.5M in AutoWeb stock. Autobytel says that as a result of the investment, it now owns approximately 16% of AutoWeb, and that President and CEO Jeffrey Coats has also joined the company's board of directors.