Autobytel Sells Specialty ProductTuesday, December 20, 2016
Autobytel Inc. in Irvine sold its specialty finance leads product to El Segundo-based Internet Brands Inc. for $3.2 million. The deal is expected to close on Dec. 31.
Autobytel, which provides consumer leads and marketing services to auto dealers and manufacturers, also anticipates $1.6 million in “transition licensing income” to be generated over the next five years.
“This divestiture will enable us to further dedicate time and resources to our fastest-growing business initiatives—our core vehicle lead and click products,” said President and Chief Executive Jeff Coats.
The company also promoted Executive Vice President William Ferriolo to the new position of chief operating officer.
Autobytel has a market value of about $154 million. Its third-quarter revenue was $43.9 million, up 9% from a year earlier. Its earnings were up 70% to $2.7 million.