Greenlight.com Funded:
Leading Car Buying Site Greenlight.com Secures $39 Million in Funding
LIVERMORE, Calif., Aug 21, 2000 (BUSINESS WIRE) --
Investor Group Confident in Greenlight.com's Model of Delivering the Best "Click and Mortar" New Car Buying Experience
Greenlight.com, one of the leading online car buying companies, today announced financing commitments totaling $39 million from both existing and new investors. This investment will fuel Greenlight.com's continued growth, as well as support development of additional services to enhance Greenlight.com's outstanding car buying experience for consumers.
Greenlight.com's original investors, including Silicon Valley's premier venture capital firm Kleiner, Perkins, Caufield & Byers, and Asbury Automotive Group's investors Ripplewood Holdings and Freeman Spogli & Co. participated in this round. In addition, Greenlight.com's business prospects attracted a strong lineup of new investors, including Techno-Venture Co., Ltd., Comdisco Ventures, Pacific Century Cyberworks and Spring Creek Partners.
"We have always focused on sound business planning, strategic partnerships and a deliberate market-by-market national roll-out of our unique services," said Joel Manby, CEO of Greenlight.com. "I believe our investors have signaled their agreement that we understand how to build a company with a long-term view of sustainable profits."
Launched in November 1999, Greenlight.com has established alliances with a number of the largest dealer groups including Asbury Automotive Group, Sonic Automotive and Hendrick Automotive Group (three of the top ten groups in the U.S.) and prominent automotive financing companies including Chase, AmeriCredit and E-LOAN to offer consumers a better way to buy a car. Selected by Amazon.com as its exclusive new car partner, Greenlight.com provides a great online and offline experience by combining low, upfront pricing and an easy-to-use Web site with the support of the nation's leading dealers. With nearly 2,000 dealer partners, Greenlight.com is currently available in 27 major markets and is continuing to expand throughout the country.
About Greenlight.com
Greenlight.com was founded in 1999 to bring to new car buying the same convenience, confidence and simplicity that online shopping has brought to other consumer goods. Greenlight.com goes well beyond the referral model of most online auto sites and lets customers actually purchase their new cars online. Greenlight.com has developed a true click and mortar model -- combining an online buying experience with the nation's strongest network of local fulfillment and service dealer partners. Greenlight.com simplifies the buying process by giving consumers low, upfront pricing, the personalized services of a dedicated live account manager, and support from local partners where and when it is needed.
Greenlight.com is currently available to consumers in 27 major markets across the U.S., including Atlanta, Chicago, Los Angeles, New York City, Seattle, Detroit, Washington D.C., Boston and San Francisco. Greenlight.com has built a network of over 2,000 of the most Internet-savvy, customer service-oriented dealers across the United States. Its investors include Kleiner Perkins Caufield & Byers, a leading Silicon Valley venture capital firm, Asbury Automotive Group and its investors Ripplewood Holdings and Freeman Spogli, among others. Greenlight.com is Amazon.com's exclusive partner in the new car market.
To shop for a car or to get more information about Greenlight.com, visit the company on the web at greenlight.com.
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