Autobytel has changed its name and stock symbol on Nasdaq.
The company has reportedly renamed itself AutoWeb Inc. (NASDAQ:AUTO). AutoWeb has been around since 1995, serving as an automotive marketing services company that helps automotive retail dealers and car manufacturers market and sell new and used vehicles to consumers.
The company does so through its programs for online lead referrals, dealer marketing products and services, as well as online advertising programs and mobile products. AutoWeb is part of the automotive marketing services segment.
One of its advertising outlets is its website Autobytel.com, which may change its name soon. The site offers consumers information and tools to help them determine which car or vehicle is right for them.
Consumers also have the option of submitting inquiries to dealers, who then contact these consumers regarding the purchase or lease of certain vehicles. An AutoWeb pay-per-click advertising marketplace program bolsters the company’s business, using technology to refer consumer traffic to dealers and manufacturer websites.
“We believe the rebranding and name change to AutoWeb Inc. better aligns with our operations and corporate strategy, particularly as we look to further expand our Internet leads and clicks businesses,” CEO Jeff Coats said in a statement.
AutoWeb has a market value of $89.3 million, and the company expects its 2017 revenue to be in the range of $144 million to $148 million, below the $150.4 million from a year ago.
AUTO stock surged 4.1% Monday