Autobytel Inc. has sold certain assets and liabilities of its AVV data extraction and customer relationship management (CRM) software business to Dominion Enterprises for $22.75 million in cash, plus a working capital payment of approximately $1.1 million which remains subject to adjustment. Autobytel expects to record a gain of approximately $8.2 million in connection with the transaction.
Founded in 1995 and headquartered in Westerville, Ohio, AVV provides lead management and polling support to more than 2,300 automotive dealerships nationwide and employs 42 people. AVV was acquired by Autobytel Inc. in 2003.
“The sale of our CRM business continues our strategy of divesting our non-core operations as we complete our transition to a media-centric business,” said Autobytel Inc. President and CEO Jim Riesenbach. “We continue to sharpen our focus on our recently-launched flagship website, MyRide.com, and on capturing the significant growth opportunities that exist in the online automotive market, particularly with dealers and manufacturers who rely on the high quality customers we provide them through our sophisticated lead generation and marketing programs.”
Conrad M. Hall, president and chief executive officer of Dominion Enterprises, said of the acquisition, “At Dominion Enterprises, our goal is to help auto dealers increase sales with innovative products and services. The AVV Web Control tool brings accountability and tracking to the automotive sales process so that dealers can sell more cars. It’s a perfect fit.”
“The increasing number of sales leads coming from the Internet requires dealers to have a system in place to manage those leads. As the top ILM company in the industry, AVV is an excellent solution for dealers and a great complement to other Dominion Enterprises’ automotive businesses such as Autobase and Dealerskins,” said Robert M. Berndt, president of Dominion Enterprises’ automotive group. “We want the Dominion name to be associated with excellent products, and AVV’s Web Control is a premier brand.”