Strong First Quarter for

Online automobile buying service (Nasdaq: ABTL) reinforced its leadership position in the industry on Thursday when it announced its first-quarter results. The company announced record first-quarter revenues of $8 million, 73 percent higher than the $4.6 million (US$) reported for the same quarter last year. also reported a net loss of 68 per share, compared to 83 cents per share for the same quarter last year.

On March 25th, J.D. Power and Associates reported that “generates nearly as many new-vehicle sales as its two closest competitors combined.” According to the study, ranked highest in dealer satisfaction for the second year in a row, generating the highest volume of purchase requests for both new and used vehicles as well as the highest closing ratio among online automobile buying services.

During March, traffic on grew to 19.2 million page views, up 21 percent from December, according to Media Metrix. The increase in total Internet usage over the same period was just eight percent. The number of unique users that visited grew 48 percent from December to more than a million in March.

Focus on Global Expansion

In the first quarter, more than 174 paying automobile dealers joined the network, which grew by 45 percent. The company is now focusing on going global.

“In addition to completing our initial public offering, during the first quarter, we progressed in building our international presence, launching in Sweden, preparing for the second-quarter launch of in the United Kingdom, and signing a letter of intent to launch in Japan with several Japanese partners,” said Mark Lorimer, president and CEO of

New Auction Service

On Monday, launched an auction service that allows its 2,700 accredited dealers to bid on used wholesale vehicles at The service will soon be open to dealers, fleet, rental, and lease companies.

In addition to saving dealers time and money, the service also provides security for dealers. Before any automobile is posted on the auction site, the vehicle will undergo an inspection where a Vehicle Condition Report will be generated. Transactions are completed with an escrow process.

Stock Impact

Shares of were up 1-9/16 to 30-9/16 in early trading today. just went public in March, and the stock is now significantly off its high of 58.

Leave a Comment

Please sign in to post or reply to a comment. New users create a free account.

E-Commerce Times Channels