Autobytel Sells Off Specialty Finance Leads Product to Internet Brands
Autobytel last week completed the sale of its specialty finance leads product to Internet Brands Inc. for $3.2 million in cash and $1.6 million in additional transition licensing income.
IRVINE, Calif. — Digital automotive services provider Autobytel Inc. last week completed the sale of its specialty finance leads product to Internet Brands Inc.
In 2015, Autobytel's specialty leads product generated $6.5 million in revenue with $0.5 million of contribution to operating income. For 2016, those numbers are expected to come in at $6.4 million and $0.5 million, respectively.
Total consideration for the sale includes $3.2 million in cash and an additional transition licensing income totaling $1.6 million over a five-year period, according to the company statement.
Now that it has sold off its specialty finance leads product, Autobytel will be dedicating further resources to its core vehicle lead and click products, the company noted.
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