Aug. 25 /PRNewswire/ -- 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 onextended 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 isInc. 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.
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.
Headquartered in Hunt Valley, Md., CARCHEX is the trusted online resource for vehicle inspection and protection. An innovator in pre-purchase vehicle inspection programs, CARCHEX provides consumers with the information and tools they need to purchase or protect their vehicles and gain peace of mind. The company's commitment to protecting automotive consumers translates into an intuitive process for comparing extended vehicle protection. To inspect and protect your next car and learn valuable car-care tips from Pat Goss, visit CARCHEX online at www.CARCHEX.com.
About Inc. Magazine
Founded in 1979 and acquired in 2005 by Mansueto Ventures LLC, Inc. is the only major business magazine dedicated exclusively to owners and managers of growing private companies that delivers real solutions for today's innovative company builders. With a total paid circulation of 712,961, Inc. provides hands-on tools and market-tested strategies for managing people, finances, sales, marketing, and technology. Visit online at Inc.com.