History
The company was founded in 1998 as CarsDirect.com, launched from the business incubator Idealab. The company invented a consumer-advocacy approach to selling cars "haggle-free" online, an approach it continues to employ. In 2000, Roger Penske invested in the company and joined the Board of Directors. In 2002, Time Magazine voted the site one of the 50 best in the world.
The company changed its name to Internet Brands in 2005. The company's IPO was in November 2007 on the NASDAQ exchange. INET was added to the NASDAQ Internet Index on March 22, 2010.
Internet Brands is headquartered in El Segundo, California; Autodata is headquartered in London, Ontario.
Internet Brands agreed to be acquired for $640 million by the private equity firm Hellman & Friedman in September 2010, and was thus delisted from NASDAQ.
Read more about this topic: Internet Brands
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