Online Car Dealer Files for IPO

Autoweb.com Inc. filed for a $50-million initial public offering, the second online automotive service this year to seek the benefits of going public amid a hot market for Internet-related shares. The Santa Clara-based company operates a Web site that permits consumers to research and buy new and used cars and related products such as insurance. Autoweb.com has a network of 3,900 dealers who pay to be part of the service. Consumers can access the information for free. Autoweb.com will use proceeds from the stock sale to increase advertising and for other general corporate purposes, including possible acquisitions, according to a Securities and Exchange Commission filing.