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Car loan dot-com buys giggo.com

Published on .

People-First.com, San Diego, an online provider of car loans, acquired all outstanding shares of giggo.com, a Dallas-based car information, buying and financing Web site, from DaimlerChrysler, Stuttgart. The carmaker is providing a $20 million subordinated debt with a five-year term. In exchange, it gets a 23% interest in the common stock equity of the combined online company. Giggo.com broke a national, $20 million TV, radio and print blitz in late June from the Richards Group, Dallas, with the tag "We've got this car thing down."

Copyright September 2000, Crain Communications Inc.

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