Monday, March 22, 2010

Zag: 100,000 Cars Sold, Profitable

Santa Monica-based Zag, which develops online car buying software, announced Monday that it has hit the 100,000 cars sold mark on its service. The firm said that the brands using its online car buying software--including USAA, AAA, American Express and Overstock--sold over 100,000 new and used vehicles since launching in 2006. Zag, which also says it reached profitability in August 2009, said consumers saved over $350M over MSRP by using its programs. Zag develops online car configuration and quoting software, used by affiliate organizations, and is backed by over $37.4M in venture funding.