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Thursday, May 28, 2026

Autobytel Rules Out Sale, Weighing Other Options

Irvine-based Autobytel Inc. has ended a three month bid to try and sell the auto marketing company but continues to look at alternatives.

The company said “shareholder value would not be maximized” by pursuing a sale.

It’s unclear if Autobytel received offers that were lower than expected.

The company said it plans to continue looking at other options.

In September, Autobytel announced layoffs and said it hired RBC Capital Markets as an adviser.

At that time, Autobytel said it was looking at a possible sale of the company or some of its assets. It said it also could look at acquisitions or strategic partnerships.

RBC is continuing to work with Autobytel.

Earlier this month, Autobytel said it struck a deal with its largest investor that allows him to acquire more of the automotive marketer in exchange for not seeking changes to the company’s board, management or strategy.

The deal with Chicago-based activist hedge fund investor Clint D. Coghill allows him to acquire more than 15% of Autobytel without triggering provisions of the company’s anti-takeover plan.

His Coghill Capital Management LLC and a related fund now own 9.7% of Autobytel.

In exchange, Coghill agreed not to agitate for changes at Autobytel.

The company’s shares have been in a prolonged slump since 2004, a trend made worse by 2008’s dramatic downturn in auto sales.

The stock is down 80% in the past year on a market value of $18 million.

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