The Cobalt Group (Nasdaq: CBLT), a provider of Internet business-to-business (B2B) services to the automotive industry, said late Monday that its first quarter revenues increased 11 percent over the fourth quarter of 1999 to $9.3 million, driven in large part by its Web hosting and applications services.
The Seattle, Washington-based company provides Web sites and B2B solutions to National Automobile Dealers Association members and currently has over 5,600 dealer clients. The Cobalt Group also said the sale of its YachtWorld division for $6.4 million gave it net income of $3 million for the quarter. Excluding the sale, it has a net loss of $3.4 million.
In February, the company announced a series of CRM initiatives designed to help auto dealers capture and retain online customers.