iMotors shutters site
The online car retailer has run out of gas, according to a note posted on its Web site, becoming the latest online car site to shut down.
iMotors shut down its operations because it didn't have enough cash to grow its business, according to the note. The company, which sold used cars over the Internet after refurbishing them, said it would refund deposits placed with it and honor car warranties on vehicles it had already sold.
"We offer our gratitude to our customers for the opportunity to serve them, to our employees and their families for their passion, hard work, and tremendous support, and to our partners for their faith in our innovative model," the note read.
Phone calls to company employees were not returned. At least one outgoing message on a machine there said the company has gone out of business.
San Francisco-based iMotors is only the latest online car site to shut down. In February, Trilogy Software shut down its CarOrder.com e-tail site. The closure came one month after the company relaunched its Web site under a new business plan after originally shuttering the site last summer.
In January, Amazon.com-backed Greenlight.com closed its Livermore, Calif., offices, laid off most of its staff, and sold its assets to CarsDirect.com.
iMotors cut 30 percent of its staff last month as part of a restructuring. The company raised at least $139 million in venture funding, including a $62.5 million round last August.