Autobytel.com Plans Further Sites in Europe

Online automobile buying network Autobytel.com (Nasdaq:ABTL) revealed plans to launch further online services for car-buyers in Europe this year, as it boosted its revenues from e-commerce in the fourth quarter ended December 31st, 1999.

With alliances already in Japan, Australia, the United Kingdom and Sweden, Autobytel Europe plans to launch similar branded online services in Finland, Denmark, Norway, the Netherlands, and Belgium in 2000.

Sharp Fourth Quarter Rise

Autobytel.com saw revenue for the quarter rise to $12.4 million (US$), a jump of 17 percent over third quarter revenue. The company’s net loss in the quarter was $4.9 million, compared with a net loss of $3.9 million in the comparable period in the previous year, and a net loss of $6.3 million in the third quarter of 1999.

For the year, revenue reached $40.3 million, a 69 percent increase over 1998, while the net loss for the year was $23.3 million, compared with a net loss of $19.4 million in 1998.

Autobytel.com sent 475,000 purchase requests to car dealers in the fourth quarter. The company hopes its new AutobytelDIRECT service, which aims to speed up and simplify the online car-buying process, will draw more customers and continue revenue growth.

“With AutobytelDIRECT, click-and-buy is a reality, making buying a car at Autobytel.com as easy as buying a book at Amazon.com,” said Mark Lorimer, president and chief executive officer (CEO) of Autobytel.com.

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