Trusted Online Resource for Extended Vehicle Protection and Inspection Services Reports Three-Year Sales Growth of 932.5 Percent
HUNT VALLEY, MD — (Aug 25, 2009) — Inc. magazine recently named CARCHEX to its 28th annual Inc. 500 list, an exclusive ranking of the nation’s fastest-growing private companies. CARCHEX ranked 224th on the 2009 list following three-year (2005 to 2008) sales growth of 932.5 percent to $9 million. The median three-year growth rate of the Inc. 500 was 880.5 percent and the industry median growth over that same time was 162.8 percent.
CARCHEX earned the highest rank, as well as the fastest rate of growth, among consumer products and services in Maryland and second in the category for the mid-Atlantic region. CARCHEX was fourth overall among companies from the Baltimore area.
Said CEO Jason Goldsmith, “Inc. 500 is one of the most anticipated announcements every year. It’s a who’s who of skyrocketing companies and entrepreneurs. Being included with the Inc. 500 is an honor and further validation that CARCHEX is leading the way in our industry.”
Under Goldsmith’s leadership, CARCHEX has expanded services from nationwide vehicle inspection to a focus on extended vehicle protection and comparison tools for buying the appropriate coverage. In March 2009, Pat Goss, America’s trusted neighborhood mechanic from radio and the long-running PBS series MotorWeek, joined CARCHEX as the company’s spokesman. The partnership has helped CARCHEX promote its services in a professional and trustworthy manner, leading to sales growth.
Despite the ongoing recession, the 2009 Inc. 500 offers a glimpse into the future of the U.S. economy and showcases many products and services that help consumers navigate the difficult economic landscape. According to Goldsmith and Goss, drivers who cannot afford a new car must investigate extended vehicle protection to keep an older car on the road and protect it from expensive repairs.
“If you want to know which companies are going to change the world, look at the Inc. 500,” said Inc. editor Jane Berentson. “These are the most dynamic, fast-growth companies in the nation, the ones finding innovative solutions to problems, creating smart systems and inventing products we soon discover we can’t live without. The Inc. 500 list is Inc. magazine’s tribute to American business ingenuity and ambition.”
The 2009 Inc. 500 can be found in the September issue of Inc. magazine, on newsstands August 17, and online at Inc.com.
Methodology
The 2009 Inc. 500 measures revenue growth from 2005 through 2008. To qualify, companies must have been founded and generating revenue by the first week of 2005, and therefore able to show four full calendar years of sales. Additionally, they had to be U.S.-based, privately held, for profit and independent not subsidiaries or divisions of other companies as of December 31, 2008. (Since then, a number of companies on the list have gone public or been acquired.) The minimum revenue required for 2005 is $200,000; the minimum for 2008 is $2 million.
About CARCHEX
CARCHEX is the premier provider of direct-to-consumer automotive products and services including auto warranty, pre-purchase inspections, auto insurance, auto financing and car buying. The company serves as a consumer advocate throughout all stages of the car buying, selling and ownership process. Protecting automotive consumers for over 14 years and providing exceptional customer service has translated into an A+ Rating with the Better Business Bureau. To learn more about CARCHEX and to Get Protected, visit www.CARCHEX.com.
