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    AUTO   US05335B1008

AUTOWEB, INC.

(AUTO)
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AUTOWEB, INC. : Other Events (form 8-K)

05/28/2021 | 05:27pm EDT

Item 8.01. Other Events.

On May 24, 2021, AutoWeb, Inc., a Delaware corporation ("AutoWeb" or "Company"), received written notice from Direct Dealer LLC dba FordDirect ("FordDirect") that FordDirect has decided to suspend its new vehicle lead marketing program for the near future. As a result, FordDirect notified AutoWeb that FordDirect is terminating effective September 30, 2021 the new vehicle leads portion of the Lead Agreement ("Lead Agreement"), dated December 1, 2020, between AutoWeb and FordDirect. The used vehicle portion of the Lead Agreement will remain in place pursuant to the terms of the Lead Agreement. The expiration date of the Lead Agreement is November 31, 2021 and either party may terminate it in whole or in part with 120 days prior written notice.

The Lead Agreement provides for the sale of new and used vehicle leads to FordDirect for redistribution or resale to FordDirect's retail franchise dealers. In the first quarter of 2021, FordDirect new vehicle leads accounted for approximately 7% of total revenues and accounts receivable reported for AutoWeb. Leading up to the termination of the new vehicle leads portion of the Lead Agreement on September 30, 2021, AutoWeb anticipates it will transition FordDirect's retail franchise dealers out of AutoWeb's OEM program and begin signing the network of dealers into AutoWeb's retail program.

The statements contained in this Current Report on Form 8-K that are not historical facts are forward-looking statements under the federal securities laws. Words such as "anticipates," "could," "may," "estimates," "expects," "projects," "intends," "pending," "plans," "believes," "will" and words of similar substance, or the negative of those words, used in connection with any discussion of future operations or financial performance identify forward-looking statements. In particular, statements regarding expectations and opportunities, new product expectations and capabilities, projections, statements regarding future events, and our outlook regarding our performance and growth are forward-looking statements. These forward-looking statements, including, that the Company anticipates it will transition FordDirect's retail franchise dealers out of AutoWeb's OEM program and begin signing the network of dealers into AutoWeb's retail program, are not guarantees of future performance and involve assumptions and risks and uncertainties that are difficult to predict. Actual outcomes and results may differ materially from what is expressed in, or implied by, these forward-looking statements. AutoWeb undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise. Among the important factors that could cause actual results to differ materially from those expressed in, or implied by, the forward-looking statements are the responses of federal and state government to the COVID-19 pandemic; the willingness of dealers to enter into AutoWeb's retail program; changes in general economic conditions; the financial condition of automobile manufacturers and dealers; disruptions in automobile production; changes in fuel prices; the economic impact of terrorist attacks, political revolutions or military actions; failure of our internet security measures; dealer attrition; pressure on dealer fees; increased or unexpected competition; the failure of new products and services to meet expectations; failure to retain key employees or attract and integrate new employees; actual costs and expenses exceeding charges taken by AutoWeb; changes in laws and regulations; costs of legal matters, including, defending lawsuits and undertaking investigations and related matters; and other matters disclosed in AutoWeb's filings with the Securities and Exchange Commission. Investors are strongly encouraged to review the Company's Annual Report on Form 10-K for the year ended December 31, 2020 and other filings with the Securities and Exchange Commission for a discussion of risks and uncertainties that could affect the business, operating results or financial condition of AutoWeb and the market price of the Company's stock.

© Edgar Online, source Glimpses

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Analyst Recommendations on AUTOWEB, INC.
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Financials (USD)
Sales 2021 75,1 M - -
Net income 2021 -2,04 M - -
Net Debt 2021 - - -
P/E ratio 2021 -17,2x
Yield 2021 -
Capitalization 35,4 M 35,4 M -
Capi. / Sales 2021 0,47x
Capi. / Sales 2022 0,41x
Nbr of Employees 149
Free-Float 57,9%
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Mean consensus BUY
Number of Analysts 4
Last Close Price 2,63 $
Average target price 4,75 $
Spread / Average Target 80,6%
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Managers and Directors
Jared R. Rowe President, Chief Executive Officer & Director
Michael Sadowski Chief Financial Officer & Executive Vice President
Michael J. Fuchs Chairman
Daniel R. Ingle Chief Operating Officer & Executive Vice President
Glenn Evan Fuller Secretary, Chief Legal & Administrative Officer
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