CarDomain acquires StreetFire.net
CarDomain Network, an online automotive community has acquired StreetFire.net, a site for automotive video file sharing. Financial terms of the deal were not disclosed.The acquisition comes months after Glenn Rogers took over StreetFire as CEO. After Rogers took the helm, he called long-time friend Alex Algard, the founder and chairman of CarDomain, to discuss the business.
“CarDomain is the MySpace of automotive, and StreetFire is the YouTube,” said Rogers. “I thought that both sites could benefit from scale. This acquisition gets us closer to about 9 million unique users.”
Beyond scale, the goal is to increase advertising opportunities.
“The main goal of the combined company is to create better reach for advertisers, a better experience for consumers and create better financial security for the company,” added Rogers.
Rogers will run the combined company. StreetFire will keep its offices in Los Angeles, and CarDomain will remain in Seattle.
