Autoby CarSmart

Autobytel.com has announced the closing of its acquisition of A.I.N. Corp., the owner of competing online automotive retailer CarSmart.com. Autobytel now has a database of about 6.5 million customers and 4,800 dealers; relationships with more than 200 credit unions with more than 8.5 million members; and strategic marketing agreements with 10 of the top Internet portals, including AOL, AltaVista and Snap.com, representing a potential reach of a quarter billion, it says. Under terms of the agreement, Autobytel has acquired the outstanding stock of privately held A.I.N. for 1.8 million shares of Autobytel common stock and $3 million in cash. CarSmart President and CEO Mike Gorun will continue as president of the wholly owned subsidiary. In addition to subscription fees from its network of nearly 1,500 dealers, San Ramon, Calif.-based CarSmart receives revenues from its proprietary automotive content, its credit union program, advertising and services such as finance, insurance and vehicle history reports. The Autobytel and CarSmart Web sites will continue to operate independently, says Irvine, Calif.-based Autobytel, although the company says they could share some content, technology infrastructure, marketing programs and dealer support services.