The Cobalt Group rose 1 5/8 to 13 7/16 after the company, which provides B2B services to the auto industry, said it added CarTrackers.com and Usedcars.com to its network of partner Web sites.
Cobalt said that sharing its 200,000 used car listings with the sites will “dramatically” expand auto dealers’ reach on the Internet. Cobalt already has agreements with DealerNet, Yahoo!, InfoSpace, [email protected], BuySellBid.com and AutoVantage. According to Forrester Research, online sales of new cars will rise to 500,000 by 2003 from 15,000 in 1999, and dealers are trying to capitalize on the boom.
Reports Thursday also said Cobalt is working with the National Association of Auto Dealers on a new Web site for the trade group that will list the prices that dealers pay for cars.