REDMOND, Wash., Oct. 3, 2000 — Carpoint Inc., the most-visited online automotive marketplace, today announced that it has completed the acquisition of automotive e-commerce company DriveOff.com Inc. The acquisition reinforces Carpoint’s commitment to make it easier for consumers to buy and own their cars.
As a wholly owned subsidiary of Carpoint, DriveOff.com will continue to operate its dealer-endorsed, direct auto-buying site and will enhance its focus on powering the auto-buying programs of large membership organizations, buying clubs and financial institutions. The first steps toward integrating the two sites have begun, and plans for more extensive integration are being developed.
With more than 5,000 franchised dealers, Carpoint now boasts one of the Internet’s largest and most dedicated dealer support networks. In addition to offering consumers more choices for finding a car they love at a great price, the sites will drive increased sales and service relationships for participating dealers.
“By complementing Carpoint’s successful buying and ownership services with the industry’s leading direct car-buying site, we are offering consumers a comprehensive selection of online car-buying options,”
said Jeff Dossett, CEO of Carpoint.
“Together, we will provide consumers and dealers with the best technology and services to simplify every aspect of buying and maintaining a vehicle.”
“This acquisition validates the strength and viability of our business model,”
said Michael Kranitz, president and co-founder of DriveOff.com.
“Together we are leading the next generation of online auto-buying services by combining a complement of buying options with a dedication to helping dealers establish more beneficial relationships with Internet consumers.”
DriveOff.com, formerly a subsidiary of e-business solutions provider Navidec Inc. (Nasdaq
), enables consumers to research, select and finance vehicles online. By originating financing through Westar Financial Services Inc. (OTC
) before vehicle delivery, DriveOff.com removes costs from the auto-buying transaction, saving consumers and dealers time and money. DriveOff.com’s business model allows it to operate nationwide.
online automotive service is the most-visited online car-buying service in the United States, reaching more than 6 million consumers monthly and generating nearly $8 billion in annual automobile sales to more than 5,000 auto dealers. Carpoint also licenses DealerPoint, its customer management tool, to individual dealers and leading manufacturers including Ford Motor Co., Honda Motor Co. Inc. and Acura.
DriveOff.com Inc., a wholly owned subsidiary of Carpoint Inc., is an automotive e-commerce company that provides 100 percent online automotive Web sites that simplify vehicle sales for both consumers and dealers. Based in Denver, Colo., DriveOff.com’s technology powers the auto-buying programs of national buying clubs, membership organizations and financial institutions. DriveOff.com was launched in September 1999 and is available to more than 90 percent of the U.S. car-buying population, the broadest availability of any direct-to-consumer online auto-buying service. Through a 10-year relationship with the Internet Auto Dealers Marketing Association, DriveOff.com offers more than 2,700 dealers an effective way to sell cars and establish long-term relationships with Internet shoppers.
About Carpoint Inc.
Launched in October 1995, Carpoint Inc. ( http://www.carpoint.com/ ) is the leading online automotive marketplace, receiving more than 6 million consumer visits each month. From product reviews and surround video features to new- and used-car pricing, the Carpoint site helps consumers find the car they love at a price they can afford. With details on more than 10,000 models and 100,000 used vehicles, visitors can research and compare cars of virtually every make and model, identify local dealers and receive instructions for post-purchase service and maintenance.
Carpoint generates more than $8 billion (U.S.) in auto sales each year for its network of more than 5,000 affiliated dealers nationwide. Carpoint is exclusively endorsed by the American International Automobile Dealers Association. Carpoint also powers the Autos Channel on the MSN® network of Internet services ( http://www.msn.com/ ). MSN is the most popular destination on the Internet, attracting 201 million unique monthly visitors worldwide.
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