Autoweb Soups Up Site with $20 Million Acquisition
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AutoSite.com is run by Automotive Information Center, a division of the Thomson Corp.'s Gale Group. Autoweb.com (AWEB) will purchase AIC for $16 million in cash and approximately $4 million in stock.
AutoSite.com provides information on new and used cars and trucks, aiming to equip potential buyers with knowledge before making a purchase. It features a comprehensive auto database, pricing tools, a troubleshooting guide, recommended pre-owned cars and trucks, repair information and an automotive encyclopedia.
AIC's resources will be incorporated into a variety of channels on Autoweb.com's site, the companies said.
"AIC will become a key ingredient in the company's multi-channel expansion strategy, differentiating us further by enabling entry into new related online automotive markets, and adding even greater value to our existing offerings."