THOUSAND OAKS, CA. - Homestore.com, Inc., (Nasdaq: HOMS) the largest home and real estate network on the Internet, has successfully expanded its ongoing relationship with GMAC Real Estate, GMAC Global Relocation and GMAC Mortgage - the home ownership brands of GMAC. Homestore.com will receive an additional $10.0 million as part of the expanded relationship. The agreement calls for Homestore.com to support the expansion of GMAC's real estate, relocation and home finance units with a variety of strategic marketing and e-business initiatives.
Through this substantially increased relationship with GMAC, Homestore.com will provide advertising and professional services for GMAC to market its professional and consumer based products and services to the millions of visitors using the Homestore.com network of sites each month. Homestore.com entered into the original $20 million, two-year partnership with GMAC in November of 1999.
"Clearly Homestore.com has the most consumers and best technology and that's the place we need to be," stated Mike O'Brien, president of GMAC's residential group. "In such a short time, we are happy to expand our relationship and we expect to do more in the future. We have a lot of work ahead of us to assure that the GMAC brand will be equally recognized by consumers for real estate and relocation as it is for auto finance. We are pleased to affirm that Homestore.com is our preferred Internet partner in helping us achieve this goal."
Homestore.com and GMAC Sign Expansion Deal for $10 Million Marketing Alliance
"GMAC is a leader in the real estate market and is clearly on the move," explained Stuart Wolff, chairman and chief executive officer of Homestore.com, Inc. "We are excited to further expand our relationship with them."
GMAC's growth into home related services began in 1985 with the addition of mortgage services. The company began expansion of the initiative when GMAC Home Services was founded in June of 1998. GMAC has created a presence in real estate brokerage services, broker network services and relocation services. The newly re-named GMAC Real Estate division (formerly the Better Homes and Gardens Real Estate Network) is comprised of both the national franchise network and company-owned real estate brokerage companies, with more than 1,450 offices and 24,000 agents. GMAC's home ownership brands (GMAC Real Estate, GMAC Global Relocation and GMAC Mortgage) will provide services to more than 2.5 million customers this year.
About Homestore.com, Inc.
Homestore.com, Inc. (Nasdaq: HOMS) is the leading network of sites on the Internet for home and real estate-related information. Homestore.com, Inc.'s family of web sites include the Homestore.com, Realtor.com®, HomeBuilder.com™, SpringStreet.com™, Remodel.com™ and HomeFair.com™ web sites. Consumers can view over 1.3 million new and existing homes for sale and find broker and agent services on Realtor.com®, the official Internet site of the National Association of Realtors®. Consumers searching for new homes can find more than 130,000 models, new homes and built to suit plans on HomeBuilder.com™, the official new homes site of the National Association of Home Builders. Consumers interested in renting an apartment will find listing information from more than 45,000 properties in more than 6,000 cities on SpringStreet.com™. Homestore.com's remodeling area covers home improvement needs for both consumers and remodeling professionals. Comprehensive moving and relocation information on the Internet is available from HomeFair.com™. Homestore.com also has content distribution relationships with America Online; Excite @Home and Go Network/Infoseek.
This press release contains forward-looking information within the meaning of Section 27A of the Securities Exchange Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and is subject to the safe harbors created by those sections. Actual results may differ materially. The matters discussed in this press release also involve risks and uncertainties described from time to time in Homestore.com, Inc.'s filings with the Securities and Exchange Commission (SEC). In particular, see "Risk Factors" in the Final Prospectus included in the Company's Registration Statement on Form S-1 declared effective by the SEC on August 4, 1999 (www.sec.gov).