Sramana Mitra: The Internet business model that you were settling on was CPA lead generation or was it just straight up advertising? Avi Steinlauf: CPA lead generation would be a fair description using Internet lingo. That was just the beginning because we were also being approached during the later part of the ’90s by a number
Sramana Mitra: Then what? Stuart Frankel: This was in the Fall of 2008. Sramana Mitra: The financial crisis was coming up. Stuart Frankel: Yes. I book-ended my time at DoubleClick. Just prior to closing the transaction with Google, I liked the idea of joining another PE-backed company. I wanted to join a company that was
Sramana Mitra: What I’d like to do next is to track the major strategic moves that were responsible for that growth to the extent that you can remember them. Avi Steinlauf: There are two major things that I would refer to. I sometimes refer to these as the business model and the evolution of the
Sramana Mitra: Were you acting as an agency? Stuart Frankel: We were. By 2005 or 2006, we were managing close to a billion dollars in media. Sramana Mitra: Is this a regular agency business model with 10% fees? Stuart Frankel: It was also based on performance. We took a piece of every transaction. Ultimately, that arbitrage
Sramana Mitra: When all of this was happening, it was still under your father’s watch and you were doing this other stuff? Avi Steinlauf: That’s correct. It was a small business back then. He was 100% responsible for it. There were a handful of employees who worked in a virtual way. There wasn’t even an
Sramana Mitra: Where is the position? This is not in Cincinnati, right? Stuart Frankel: It was in Chicago. I had met a woman who I’m married to now. She was originally from New York. She was living in Cincinnati as well. We were also figuring out, from a life standpoint, where we wanted to be.
Sramana Mitra: So you’re not a founder of Edmunds? Avi Steinlauf: I’ll tell you a little bit about the history of Edmunds. I think you’ll see it interwoven with some of the things that I’ve mentioned earlier. Edmunds is a majority-owned family business. It’s my family. My father, Peter Steinlauf, who is our active Chairman, was a
Some of what you’ll read in this interview will seem like science fiction. But please read on! Sramana Mitra: Let’s start at the very beginning of your personal journey. Where are you from? Where were you born and raised, and in what kind of circumstances? Stuart Frankel: I was born in Cincinnati, Ohio. I was