Carbiz.com Inc. Acquires IndependentDealer.com Assets
Carbiz.com Inc. has completed the acquisition of the assets of IndependentDealer.com, LLC of Columbus, Ohio for cash of $935,000 and 700,000 Carbiz common shares.
Carbiz has also agreed to pay to Independent Dealer a percentage of the revenue generated over the next three years from the assets acquired. IndependentDealer.com is a B2B content portal focused on providing products and services to the 60,000 independent retail automotive dealers in North America.
IndependentDealer.com has positioned itself as a leading content provider for the used motor vehicle industry, with the Website providing everything from legal and business information to training and education materials. The company is also in the process of developing specialized training and education programs, which will be held across the U.S. for dealership personnel.
In addition, IndependentDealer.com is in the process of establishing a network of independent automobile auctions within the Website. This network will enable dealers to directly access information on a real-time basis from participating auctions allowing the dealers to more accurately determine the valuation of vehicles and locate inventory. Auctions within the network will be able to host specially developed IndependentDealer.com training programs at their facility for dealers free of charge, according to company officials.
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