Nov
8

Advanced Mobile Acquisition Helps Fuel AutoByTel Share Growth

More on the recent acquisition of Advanced Mobile by AutoByTel.  The following is an excerpt from an article from Wall Street Journal.  ATS was a principal investor of Advanced Mobile and provided a loan to the company. Since the acquisition, AutoByTel stock has increased by over 22%, thus highlighting the power of mobile!

AutoByTel acquisition of Advanced Mobile

AutoByTel acquired Advanced Mobile and its Cars2Go division.

IRVINE, Calif.--(BUSINESS WIRE)--November 07, 2013--

Autobytel Inc. (Nasdaq: ABTL), the company dedicated to connecting automotive consumers with dealers, today announced financial results for the third quarter ended September 30, 2013, that reflect a more than doubling of net income and 24% growth in total revenues, compared with last year’s third quarter.

“We are continuing to execute on our strategic initiatives, including generating high sales conversion rates for our customers from the leads we deliver to them,” said Jeffrey H. Coats, President and Chief Executive Officer. “Our strong revenue for the third quarter, combined with appropriate cost management, allowed Autobytel to post a significant improvement in our financial results compared with last year. With a steadily expanding automotive market and ongoing demand for our high-quality leads from both retail and wholesale customers, we remain enthusiastic about Autobytel’s prospects.

“We recently completed the acquisition of Advanced Mobile, a leader in providing mobile technologies to the automotive industry,” Coats added. “We are excited to be able to provide dealers with a new way to engage with car shoppers through mobile devices, at the time, place and in a manner preferred by consumers. Mobile use has exploded over the last several years, and this acquisition helps us leverage that trend to assist dealers in selling more cars.”

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