The Cobalt Group, a provider of e-business products and services to the automotive industry, announced March 14 that it has secured a $10 million revolving credit facility from Silicon Valley Bank of Santa Clara, Calif. This financing, combined with $15 million in equity received in the fourth quarter of last year, gives Cobalt the capital resources it needs to continue its growth and drive to positive cash flow from operations, according to David Snyder, executive vice president and CFO of The Cobalt Group.

"We are delighted with Silicon Valley Bank's commitment of a $10 million credit facility," Snyder said. "It is a strong vote of confidence from one of the nation's leading technology financial lenders. This additional financing and the continued success of our business model support our confidence in achieving positive cash flow from operations without having to raise new equity."

"We are impressed with Cobalt's business model and commitment to executing it, and we are pleased to extend this financing to help them achieve their financial goals," said Don Chandler, vice president of Silicon Valley Bank's Seattle regional office. "Silicon Valley Bank is focused on financing high-growth technology companies in targeted and lucrative niches. We see Cobalt's growth potential and position in the automotive e-business industry as a good fit for us."

The $10 million loan matures in March 2003. Advances will be limited to 80 percent of Cobalt's eligible resources. Cobalt is paying fees customary for transactions of this type but has not been required to grant any warrants on its shares to Silicon Valley Bank in connection with this loan. Pricing of the financing has not been disclosed.

About The Cobalt Group

The Cobalt Group™, headquartered in Seattle Wash., is a provider of e-business products and services designed to help automotive dealers and manufacturers effectively manage their businesses online. Cobalt's suite of e-business solutions includes Web services, Web site hosting, e-commerce applications, Internet-based customer relationship management applications, data management, and best practices training and consulting.

Nearly half of the nation's auto dealers use Cobalt's technology, including 8,500 Web services clients, and approximately 9,300 PartsVoice® (www.partsvoice.com) clients. Cobalt's e-business products and services are endorsed by 15 automotive manufacturers and more than 50 of the 100 largest dealer groups in the United States. Cobalt is the only e-business provider endorsed by the National Automobile Dealers Association (NADA).

Cobalt operates MotorPlace.com™ (www.MotorPlace.com), an online business management and industry information resource for auto dealers. At MotorPlace.com, dealers utilize Cobalt tools to manage their Web sites, buy wholesale used vehicles through MotorPlace Auto Exchange, locate and market OEM parts, purchase leads through Pick-or-Pass, and access industry information, news, events, and stock quotes.

Cobalt also operates DealerNet® (www.dealernet.com), one of the most widely visited consumer automotive information portals on the Web. IntegraLink Corporation, a Cobalt company, is a provider of automotive data collection and reporting services.

Cobalt has offices in Seattle, Wash.; Portland, Ore.; Detroit, Mich.; Columbus, Ohio; and Austin, Texas.

For more information, visit www.cobaltgroup.com or call (800) 909-8244.

About Silicon Valley Bank

Silicon Valley Bank serves emerging growth and middle market companies in targeted niches, focusing on technology and life sciences, while also addressing other specific industries in which it can provide a higher level of service and better manage credit through specialization and focus.

The bank operates throughout the Silicon Valley: Santa Clara, Palo Alto and Sand Hill, the center of the venture capital community in California. Other regional offices within California include Irvine, Los Angeles, Napa Valley, San Diego, San Francisco, Santa Barbara, and Sonoma.

Office locations outside of California include Phoenix, Ariz.; Boulder, Colo.; West Palm Beach, Fla.; Atlanta, Ga.; Chicago, Ill.; Boston, Mass.; Minneapolis, Minn.; Durham, N.C.a; Portland, Ore.; Philadelphia, Pa.; Austin, Texas; Dallas, Texas; Northern Virginia; and Seattle, Wash.

More information on the bank can be found at www.svb.com.