Autobytel Inc. (Nasdaq: ABTL) has acquired AutoUSA.
Fort Lauderdale, Fla.-based AutoUSA provides web-based auto leads and services. The company’s website allows users to search for cars by type, price range and other factors. AutoUSA was sold by AutoNation Inc. (NYSE: AN).
The purchase price included $10 million in cash, a $1 million, 6 percent convertible note, and warrants giving AutoNation the right to purchase about $1 million in Autobytel common stock.
The buyer provides leads and marketing services to car dealers and equipment manufacturers. Autobytel expects the acquisition will increase its new and used car dealer network to more than 5,200 from 3,800, and boost auto manufacturer business.
The transaction was financed through a $9 million senior secured term loan from Union Bank NA, plus Autobytel’s existing working capital revolver.
For more coverage of the auto sector, see “Z Capital Partners LLC Buys Auto Parts Provider MSD Performance Group,” “Winners of the Auto Aftermarket” and “Jalopy Deals Remain Hot.”