Autobytel.com drives $27m into Euro-expansion

NEWS Online car broker, Autobytel.com, has secured $27m of funding to boost its expansion into Europe. UK car importer, Inchcape, is backing the expansion with $10m, which brings it a 7.3 per cent stake in the venture. Pon Holdings - a Dutch vehicle distributor - is also contributing $2m for a 1.5 per cent stake. The venture - to be called Autobytel.Europe - will be headquartered in Amsterdam with additional offices in France, Germany, Italy, Portugal and Spain. The company has reportedly spent two years studying these markets in preparation for the expansion.