LOS ANGELES–(BUSINESS WIRE)–Sept. 7, 2005–Internet Brands, Inc., a leading operator of media and e-commerce sites for “large ticket” consumer purchases, today announced the acquisition of online vacation rental sites VacationHomes.com and Vamoose.com. This expansion creates the third major category for Internet Brands, which pioneered consumer direct online car buying in 1999 with CarsDirect.com and expanded into the home mortgage lending category in 2004. The new Internet Brands Travel Division will be headed up by John McGanty, who has joined the company as general manager.
“We will bring our expertise in developing world class consumer websites to the huge vacation rental market — a $60 billion segment,” said Bob Brisco, president and CEO, Internet Brands. “Both of these sites, reflecting the quality of their founders, have a history of operational excellence and innovation.”
“I am also delighted to welcome John McGanty to our team,” said Brisco. “John has twenty years of experience in marketing and advertising, including success as an Internet entrepreneur. I’m confident that John has all of the leadership skills to quickly build our newest division.”
Internet Brands’ interest in the vacation rentals market is due to its large size and tight fit with the Internet. Vacation rentals represent approximately 20% of all lodging expenditures worldwide and are gaining share as the Internet makes a highly fragmented market far more accessible to consumers.
Travel Planning Made Easy
Like all Internet Brands’ web sites, VacationHomes.com and Vamoose.com offer consumers the widest selection of quality choices. The web sites not only feature thousands of properties in the most popular destinations, such as Hawaii or Florida, but also rentals off the beaten path, including many locations internationally. On Vamoose.com alone, travelers can compare 150,000 homes and properties worldwide — by far the largest collection of private rental properties anywhere. Vamoose.com offers extensive search criteria, from desired number of bedrooms and bathrooms to accommodations that meet a specific price target, allow smoking, or have a hot tub. At VacationHomes.com, travelers can review properties at over 1,100 national and international destinations, while narrowing their choices down to categories like privately-owned bed and breakfasts, pet-friendly properties or luxury homes. Both sites are free to use and never require users to pay membership fees or commissions.
“We will further expand and improve these websites,” said John McGanty, “and we have identified additional areas of the travel category that are of interest to Internet Brands.”
With these latest acquisitions, Internet Brands continues to expand its portfolio of companies that are benchmarks for consumer choice and convenience in the highest value Internet categories.
About Internet Brands
Los Angeles-based Internet Brands (http://ift.tt/1ScduEd) is a leading operator of media and e-commerce sites for “large ticket” consumer purchases, such as cars and mortgages. With its award winning technology and consumer experience, the company empowers consumers to make better product choices and achieve lower-cost transactions. The company is a pioneer in online media with a flexible e-commerce platform. Internet Brands is selectively expanding into additional, high-value consumer markets where it can leverage its business and technology platforms.
The company’s three largest automotive sites, CarsDirect.com (www.carsdirect.com), Autos.com (www.autos.com) and Autodata Solutions (www.autodata.net) offer industry-leading products and services. In 2004, Internet Brands extended into the home mortgage lending market with the launch of LoanStore.com (www.loanstore.com), a full-service brokerage, and the acquisition of well-known brands LoanApp.com (www.loanapp.com) and BestRate.com (www.bestrate.com). In September 2005 the company announced its entry into the travel market with the acquisition of two premier website properties in the vacation rentals segment: VacationHomes.com (http://ift.tt/1WqYfsV) and Vamoose.com (www.vamoose.com).
Internet Brands was founded in 1998 as CarsDirect and changed its corporate name in June 2005.
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