Edmunds auto research site to lay off 122 employees at Santa Monica office
Edmunds, which offers online automotive reviews as well as car-buying services and appraisals, plans to lay off more than 100 employees, according to a notice filed with the state — and used-car retail giant CarMax Inc. announced Wednesday that it is buying a minority stake in the company.
Founded as an automotive pricing guide in 1966, Edmunds launched its website 25 years ago. The company’s business model hinges on advertising and lead referrals it sells to carmakers and dealers. Jamie Epstein, vice president of employment experience, said in a statement that the layoffs are part of a restructuring decision designed to allow Edmunds to “focus on its core revenue drivers, so we are in the most financially healthy position for future growth.”
Richmond, Va.-based CarMax, in announcing its $50-million investment, hinted at using material from Edmunds to help attract customers and streamline the car-buying experience.“Consumers trust Edmunds for its in-depth, expert-driven automotive editorial content and unbiased reviews.
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