CarsDirect.com Withdraws Registration Statement for Initial Public Offering.Business Editors LOS ANGELES--(BUSINESS WIRE)--Dec. 6, 2000 Unfavorable Market Conditions Drive Delay Company Remains Well-Capitalized, Poised Technologically and Financially to Expand Market Leadership Position CarsDirect.com, a leading direct online automotive provider, today announced it has withdrawn the registration statement filed with Securities and Exchange Commission relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the initial public offering (IPO (Initial Public Offering) The first time a company offers shares of stock to the public. While not a computer term per se, many founders, employees and insiders of computer companies have found this acronym more exciting than any tech term they ever heard. ) of its common stock. CarsDirect.com's decision to delay its IPO is based on the currently unfavorable conditions in the public equity market. "Market conditions today are simply unreceptive to new offerings, prompting us to delay our IPO," said Bob Brisco, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , CarsDirect.com. "CarsDirect.com remains a strong, healthy and well-capitalized company, and enjoys an excellent position to leverage and expand our market leadership position. Since we launched in May 1999, CarsDirect.com has aggressively built a technology and business infrastructure and a quality reputation among consumers and dealer partners. "While we've been in an official `quiet period' for the last six months, we've spent that time making strategic moves that enable us to continue to drive innovation and change in the automotive industry The automotive industry is the industry involved in the design, development, manufacture, marketing, and sale of motor vehicles. In 2006, more than 69 million motor vehicles, including cars and commercial vehicles were produced worldwide. ," Brisco said. "From these core activities, we're on track to be a profitable, long-term player and to advance the online car buying space for the benefit of all parties." Last month, CarsDirect.com announced the creation of a breakthrough, automated multi-lender service to give its customers unparalleled options to finance or lease vehicles online, combined with added efficiency for participating new premier lenders including AmeriCredit, Chase Manhattan, Union Bank of California Union Bank of California is one of the 30 largest commercial banks in the United States. It has 327 branches, the majority of which are in San Diego, Los Angeles and Orange Counties. and WFS WFS Wegfahrsperre (German: drive away blocking system) WFS Web Feature Service WFS World Future Society WFS World Food Summit WFS Wave Front Sensor WFS Wolfram Syndrome WFS Wire Feed Speed (welding) Financial. Earlier this week, CarsDirect.com launched a new ironclad ironclad, mid-19th-century wooden warship protected from gunfire by iron armor. The success of the ironclad when first employed by the French in the Crimean War sparked a naval armor and armaments race between France and Great Britain. Price Guarantee, underscoring the company's confidence in its convenient and efficient online car-buying process. CarsDirect.com filed its registration statement agency on May 16, 2000, and has raised more than $300 million in private equity financing Equity Financing The act of raising money for company activities by selling common or preferred stock to individual or institutional investors. In return for the money paid, shareholders receive ownership interests in the corporation. since inception. About CarsDirect.com CarsDirect.com (http://www.carsdirect.com) is a leading direct online provider of new automobiles and related products and services, such as loan and lease financing and extended warranties. CarsDirect.com allows consumers to research, price, configure, order, purchase and finance a vehicle online. The company's user-friendly, intuitive Web site offers consumers product information for nearly every make, model and style of new automobile available in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. today, as well as the ability to simultaneously compare the specifications of competing vehicles. CarsDirect.com offers an online shopping experience that features competitive, up-front, no-haggle pricing on new vehicles. The company sources vehicles through a priority dealer network of more than 2,500 automotive dealer franchises nationwide. |
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