Autobytel.com Moves Into Parts Market
Bloomberg News
Internet car-shopping service Autobytel.com Inc. said Thursday that it has created an online store to sell auto parts and accessories as it broadens its business in response to added competition.
The Irvine-based company said it formed partnerships with other e-commerce sites, including Amazon.com Inc. and closely held Carparts.com to sell the merchandise.
Autobytel.com went public in March as an online broker of consumer purchases from new-car dealers. Its shares have since fallen 37% as rivals such as Priceline.com Inc. and closely held CarsDirect.com offered direct online auto sales or auctions and as auto makers expanded their own buying sites.
On Thursday, the stock rose $1, or 7.4%, to $14.50 a share in Nasdaq trading.
