Auto-By-Tel Completes Stock Placement

Auto-By-Tel Corp., operator of a major Internet automobile information, purchasing and leasing program, said Thursday it has completed a $13-million private placement of preferred stock. The sale is the third in the last 15 months and brings the company’s total private equity capital investment to $37 million. Investors included General Electric Capital Corp., the American International Group Inc. subsidiary of National Union Fire Insurance Co. of Pittsburgh, and London-based auto importer and distributor Inchcape Motors International Ltd.

Separately, Auto-By-Tel said Thursday it has signed as sole sponsor of AT&T; Corp.’s Internet automobile information page, AT&T; WorldNet Service Auto Page. As sponsor, Auto-By-Tel will process all requests for new and used vehicles submitted via the AT&T; WorldNet Service and will refer the requests to dealers who belong to the Auto-By-Tel system.