Raptor Investments will acquire HotAutoWeb
Raptor Investments Inc., a recent entrant into the eBay drop store business, has signed a letter of intent to acquire HotAutoWeb, which operates an online auction site for high-end classic cars and hot rods. HotAutoWeb also lists the autos on eBay.
Raptor, a holding company, earlier signed letters of intent to acquire EZ Auctions & Shipping Inc., a deal expected to close before June 20, and Thrifty Brothers Inc. EZ Auctions is an eBay drop store and worldwide shipping and packing company, and Thrifty Brothers is an asset liquidation business for individuals, estates and corporations, the company says.
Acquisition of HotAutoWeb fits with Raptor’s strategy of acquiring community-centered retail thrift stores and related online businesses that also will serve as local eBay drop store consignment centers and corporate and estate asset disposition offices, the company says.
Since its launch in the fourth quarter of 2002, HotAutoWeb has completed about $9 million in vehicle sales, generating in excess of $90,000 in EBITDA in 2004, Raptor says. The site is expected to generate profits of about $150,000 this year.
The site currently has more than $2.7 million in consignment inventory listed, with approximately $1.2 million in consignment listings on the eBay Motors web site.
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