DriveOff.com has shut down.
The Englewood, Colo., car-buying service told its staff on Thursday, Feb. 15, that it was closing its Web site and eliminating its 70-member work force.
It is the second major automotive Internet company to go out of business within 15 days.
A wholly owned subsidiary of CarPoint Inc. of Redmond, Wash., DriveOff.com was considered a direct buying service.
Consumers could order a vehicle online, get financing and arrive at a dealership with a check for the amount of the vehicle.
More than 2,000 dealerships in 43 states subscribed to the service.
'It's safe to say we were some distance away from profitability,' said CarPoint CEO Jeff Dossett.
CarPoint, which is owned by software giant Microsoft Corp., acquired DriveOff from Denver e-commerce company Navidec Inc. last summer for an undisclosed price.
CarPoint also operates a car-buying site, CarPoint.com, which provides Internet sales leads to about 5,000 dealerships.
On Feb. 2, it announced a three-year partnership with AutoNation Inc. of Fort Lauderdale, Fla., for sales leads.
DriveOff.com's departure leaves only a handful of high-traffic car-buying services with a national reach, including CarPoint.com, CarsDirect.com, cars.com, Autobytel.com and Auto-web.com.
CarsDirect.com acquired Greenlight.com on Jan. 31.