AutoTrader.com agrees to purchase HomeNet Automotive for an undiclosed sum. At the time of the sale HomeNet has $16 million in annual revenues, 135 employees and more than 18,000 dealers. AutoTrader.com plans to operate HomeNet as an independent subsidiary run by Bob Landers, a 10-year AutoTrader.com veteran sales executive.
It is reported that in documents filed with the Securities and Exchange Commission the company writes that in December 2010, AutoTrader “acquired certain assets of HomeNet in a business combination for cash consideration of $61.6 million.” Biter calls that number “inaccurate,” but says he is bound by contract not to discuss details of the transaction.
It was enough money to retire for the rest of my life. But that’s not me. I wouldn’t know what to do with myself.