Autofusion Corporation, Leader in Internet Car-Buying Technology, Promotes Louis Urbano to CEO
21 August 2000
Company continues growth by leveraging b-to-b partnerships and successful consumer site
SAN DIEGO - Autofusion Corporation, the leader in Internet car-buying technology, today announced that Louis Urbano has been promoted to chief executive officer.Urbano, formerly the company's chief operating officer, helped drive the company to profitability through the development of its suite of proprietary technologies for Internet auto sales and the success of CarPrices.com, the company's consumer Web site.
Autofusion offers sophisticated car configuration and reverse-auction products that increase the profitability and streamline automotive e-commerce for companies involved in Internet auto sales.
Urbano was named CEO to formalize his leadership in the company as it strengthens its business-to-business positioning, according to Safi Qureshey, chairman of the board for Autofusion Corporation, and co-founder and CEO emeritus of AST Research.
"We showcased our products first on CarPrices.com and made it one of the fastest growing sites on the Internet," Qureshey said. "The technology we have, which has been so successful for car buyers and dealers is also a boon to the auto industry and Lou is the person to lead the completion of that expansion."
Urbano was key in establishing Autofusion's recent partnerships, including relationships with Selectica , Group 1 Automotive and Digital Insight Corporation . Unlike many Internet ventures, Autofusion had a clear path to profitability, and did so in May 2000 under Urbano's leadership. In addition, the consumer-oriented CarPrices.com site is one of the Web's most popular auto-related sites, with more than 1.5 million visitors per month, 70 co-branded partners and 70,000 affiliates.
"Consumers obviously recognize we have tremendous products that not only take the hassle out of car buying, but also help them find the best value in the auto market," Urbano said. "We are now poised to provide our scalable technology to the industry. I have no doubt we will increase the profitability and effectiveness of auto sales over the Internet for everyone involved."
Urbano, who holds a master's degree in economics from New York University, has more than 30 years experience in marketing and management. Before joining Autofusion, Urbano was an executive director for Zip2 Corporation, an Internet company purchased by AltaVisa for $318 million, and was executive vice president of Nest Egg Mortgage, a financial services company affiliated with Donaldson Lufkin & Jenrette .
Autofusion's two key products, Select-A-Car(TM) and Reverse-Auction Technology(TM), were recently made available to the automotive industry.
In May of this year, Autofusion and Selectica unveiled Select-A-Car, the company's sophisticated Internet auto selling system. With Select-A-Car, auto dealers, manufacturers, car-buying services and Internet portals have the ability to provide their consumers with customized, comprehensive car purchasing capabilities. Autofusion is the exclusive world-wide marketer of Select-A-Car.
Autofusion started a revolution for buying automobiles online in November 1999 when it launched its Reverse-Auction Technology, branded as PriceWar(TM) on CarPrices.com in San Diego.
Reverse-Auction Technology is a system in which multiple dealers compete for a new car-buyer's business with exact, binding, out-the-door prices on the desired vehicle. The service was expanded to southern California in April 2000. The company expects the Reverse-Auction service will be available in the nation's top 40 markets by year-end.
About Autofusion Corporation
AutoFusion Corporation, headquartered in San Diego, provides e-commerce technology products that enable any auto-related business to quickly tap into the sales potential of the Internet. CarPrices.com, Autofusion's consumer Web site, serves as a showcase for its products and is one of the fastest growing sites on the Internet. CarPrices.com attracts over 1.5 million visitors a month and is responsible for more than $2 million in new-car sales each day.
