Canadian Internet auto portal Carbiz.com buys U.S. site

Toronto-based Internet portal Carbiz.com has signed a letter of intent to purchase Columbus, Ohio Net service IndependentDealer.com.

IndependentDealer.com is a business to business content portal, where independent dealers and other auto industry participants source business information.

Carbiz.com provides e-commerce software and services connecting financial institutions and the retail automotive industry.

The purchase price of IndependentDealer.com is U.S. $750,000 in cash, plus 700,000 shares of Carbiz.com.