Document:

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                                                                     EXHIBIT 4.4

                                                                            WD-2
                                               Initially Issued January 13, 2000

     THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"), OR UNDER THE SECURITIES LAWS OF
CERTAIN STATES. THESE SECURITIES ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY
AND RESALE AND MAY NOT BE TRANSFERRED OR RESOLD EXCEPT AS PERMITTED UNDER THE
ACT AND THE APPLICABLE STATE SECURITIES LAWS, PURSUANT TO REGISTRATION OR
EXEMPTION THEREFROM. WARRANTHOLDERS SHOULD BE AWARE THAT THEY MAY BE REQUIRED TO
BEAR THE FINANCIAL RISKS OF THIS INVESTMENT FOR AN INDEFINITE PERIOD OF TIME.
THE ISSUER OF THESE SECURITIES MAY REQUIRE AN OPINION OF COUNSEL IN FORM AND
SUBSTANCE SATISFACTORY TO THE ISSUER TO THE EFFECT THAT ANY PROPOSED TRANSFER OR
RESALE IS IN COMPLIANCE WITH THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS.

                            STOCK PURCHASE WARRANT
                   To Purchase Shares of Preferred Stock of
                             CARSDIRECT.COM, INC.

     For value received, CarsDirect.com, Inc., a Delaware corporation (the
"Company") hereby grants to Lynn Walsh (the "Warrantholder"), and its assigns,
the right, upon the terms and subject to the conditions hereinafter set forth,
at any time during the period commencing on January 13, 2000 and ending on the
close of business on January 13, 2004, to subscribe for and purchase from the
Company up to 100,000 fully paid and nonassessable shares of Series D Preferred
of the Company at a purchase price per share of $15.76. The exercise price and
the number of shares for which the Warrant is exercisable shall be subject to
adjustment as provided herein.

     1.   Title of Warrant. Prior to the expiration hereof and subject to
          ----------------
compliance with applicable laws, this Warrant and all rights hereunder are
transferable, in whole or in part, at the office or agency of the Company
referred to in Section 2(a) below, by the registered holder hereof (the
"Holder") in person or by duly authorized attorney, upon surrender of this
Warrant and the Assignment Form attached hereto properly endorsed.

     2.   Exercise of Warrant.
          -------------------

          (a)  The purchase rights represented by this Warrant are exercisable
by the Holder, in whole or in part, at any time before the close of business on
January 13, 2004 by the surrender of this Warrant and the Notice of Exercise
attached hereto duly executed at the office of the Company (or such other office
or agency of the Company as it may designate in writing to the Holder at the
address of the Holder appearing on the books of the Company), and upon payment
of the Purchase Price of the shares thereby purchased (by cash, check, or
cancellation of indebtedness of the Company to the Holder, if any, at the time
of exercise in an amount equal to the purchase price of the shares thereby
purchased); whereupon the Holder shall be entitled to receive a certificate for
the
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number of shares of Series D Preferred Stock so purchased. The Company agrees
that upon due exercise of this Warrant by the Holder, the shares so purchased
shall be and be deemed to be issued to the Holder as the record owner of such
shares as of the close of business on the date on which this Warrant is
exercised.

          (b)  In lieu of the cash payment set forth in Section 2(a) above, the
Holder shall have the right ("Conversion Right") to convert this Warrant in its
entirety (without payment of any kind) into that number of shares of Series D
Preferred Stock equal to the quotient obtained by dividing the Net Value (as
defined below) of the Shares of Series D Preferred Stock underlying this Warrant
by the Fair Market Value (as defined below) of one share of Series D Preferred
Stock. As used herein, (A) the Net Value means the aggregate Fair Market Value
of the shares of Series D Preferred Stock subject to this Warrant minus the
aggregate purchase price; and (B) the Fair Market Value of one share of Series D
Preferred Stock means:

               (i)    if the exercise is in connection with a registered public
offering of the Company's Common Stock, the Fair Market Value of one share of
Series D Preferred Stock shall be the product of (x) the initial "Price to
Public" of one share of Common Stock specified in the final prospectus with
respect to the offering and (y) the number of shares of Common Stock into which
each share of Series D Preferred Stock is convertible at the time of such
exercise;

               (ii)   if the exercise is in connection with a merger,
acquisition or other consolidation pursuant to which the Company is not the
surviving party, the Fair Market Value of one share of Series D Preferred Stock
shall be deemed to be the value received by the holders of the Company's Series
D Preferred Stock on a common equivalent basis pursuant to such Merger
Transaction; and

               (iii)  in all other cases, the Fair Market Value of one share of
Series D Preferred Stock shall be the product of (x) the fair market value of
the Common Stock of the Company, as determined in good faith by the Company's
Board of Directors and (y) the number of shares of Common Stock into which each
share of Series D Preferred Stock is convertible at the time of such exercise.

          (c)  Certificates for shares purchased hereunder shall be delivered to
the Holder within a reasonable period of time after the date on which this
Warrant is exercised.

          (d)  The Company covenants that all shares of Series D Preferred Stock
which may be issued upon the exercise of this Warrant will be duly authorized,
validly issued, fully paid and nonassessable and free from all taxes, liens and
charges in respect of the issue thereof (other than taxes in respect of any
transfer occurring contemporaneously with such issue).

     3.   No Fractional Shares or Scrip. No fractional shares or scrip
          -----------------------------
representing fractional shares shall be issued upon the exercise of this
Warrant. With respect to any fraction of a share called for upon the exercise of
this Warrant, an amount equal to such fraction multiplied by the current
Purchase Price at which each share may be purchased hereunder shall be paid in
cash to the Holder.

                                      -2-
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     4.   Charges, Taxes and Expenses. Issuance of certificates for shares of
          ---------------------------
Series D Preferred Stock upon the exercise of this Warrant shall be made without
charge to the Holder for any issue or transfer tax or other incidental expense
in respect of the issuance of such certificate, all of which taxes and expenses
shall be paid by the Company, and such certificates shall be issued in the name
of the Holder or in such name or names as may be directed by the Holder;
provided however that in the event certificates for shares of Series D Preferred
Stock are to be issued in a name other than the name of the Holder, this Warrant
when surrendered for exercise shall be accompanied by the Assignment Form
attached hereto duly executed by the Holder; and provided further that upon any
transfer involved in the issuance or delivery of any certificates for shares of
Series D Preferred Stock, the Company may require reimbursement for any transfer
tax.

     5.   Rights as Stockholders. This Warrant does not entitle the Holder to
          ----------------------
any voting rights or other rights as a stockholder of the Company prior to the
exercise hereof. Upon exercise of this Warrant, the Holder shall become entitled
to all rights provided to Series D Preferred Holders under the Fourth Amended
and Restated Investor Rights Agreement between the Company and certain
stockholders dated October 27, 1999.

     6.   Exchange and Registry of Warrant. This Warrant is exchangeable, upon
          --------------------------------
the surrender hereof by the Holder at the above-mentioned office or agency of
the Company, for a new Warrant of like tenor and dated as of such exchange. The
Company shall maintain at such office or agency a registry showing the name and
address of the Holder. This Warrant may be surrendered for exchange, transfer or
exercise, in accordance with its terms, at such office or agency of the Company,
and the Company shall be entitled to rely in all respects, prior to written
notice to the contrary, upon such registry.

     7.   Loss, Theft, Destruction or Mutilation of Warrant. Upon receipt by the
          -------------------------------------------------
Company of evidence reasonably satisfactory to it of the loss, theft,
destruction or mutilation of this Warrant, and in case of loss, theft or
destruction, of indemnity or security reasonably satisfactory to it, and upon
reimbursement to the Company of all reasonable expenses incidental thereto, and
upon surrender and cancellation of such Warrant, if mutilated, the Company will
make and deliver a new Warrant of like tenor and dated as of such cancellation,
in lieu of this Warrant.

     8.   Saturdays, Sundays, Holidays, etc. If the last or appointed day for
          ----------------------------------
the taking of any action or the expiration of any right required or granted
herein shall be a Saturday or a Sunday or shall be a legal holiday, then such
action may be taken or such right may be exercised on the next succeeding day
not a legal holiday.

     9.   Adjustment and Termination.
          --------------------------

          (a)  Reclassification, etc. If the Company at any time shall, by
               ----------------------
subdivision, combination or reclassification of securities or otherwise, change
any of the securities to which purchase rights under this Warrant exist into the
same or a different number of securities of any class or classes, the shares of
Series D Preferred Stock or other securities for which this Warrant is
exercisable shall thereafter be convertible into the kind and number of shares
of stock or other securities or property of the Company or otherwise to which
the Holder would have been entitled if immediately prior to such change the
Holder had acquired the shares of Series D Preferred Stock or

                                      -3-
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other securities for which this Warrant is exercisable. If shares of the
Company's Series D Preferred Stock or other securities purchasable hereunder are
subdivided or combined into a greater or smaller number of shares, or if the
number of shares of Common Stock outstanding is increased by a stock dividend
payable in shares of Common Stock, the Purchase Price under this Warrant shall
be proportionately reduced in case of subdivision of shares or proportionately
increased in the case of combination of shares. No adjustment on account of cash
dividends or interest on the Company's Series D Preferred Stock or other
securities purchasable hereunder will be made to the Purchase Price under this
Warrant.

          (b)  Notice of Adjustment. Upon any adjustment of the securities
               --------------------
issuable upon exercise of this Warrant the Purchase Price for the shares, and/or
any increase or decrease in the number of shares purchasable upon the exercise
of this Warrant, the Company shall give written notice thereof, by first class
mail, postage prepaid, addressed to the Holder at the address of the Holder as
shown on the books of the Company.

          (c)  Authorized Shares. The Company covenants that during the period
               -----------------
the Warrant is outstanding, it will reserve from its authorized and unissued
Series D Preferred Stock or other securities purchasable hereunder a sufficient
number of shares to provide for the issuance of Series D Preferred Stock or
other securities upon the exercise of any purchase rights under this Warrant.

     10.  No Impairment. The Company will not, by amendment of its Certificate
          -------------
of Incorporation or through any reorganization, recapitalization, transfer of
assets, consolidation, merger, dissolution, issuance or sale of securities or
any other voluntary action, avoid or seek to avoid, directly or indirectly, the
performance of any of the terms of this Warrant, but will at all times in good
faith take all necessary action to carry out all such terms. Without limiting
the generality of the foregoing, the Company (a) will not create any par value,
or increase the par value, of any shares of stock receivable on exercise of this
Warrant above the amount payable therefor on such exercise, and (b) will take
all such action as may be necessary or appropriate so that the Company may
validly and legally issue fully paid and nonassessable shares of stock on the
exercise of this Warrant. Notwithstanding the foregoing, in the event of (a) a
dissolution or liquidation of the Company, (b) a merger consolidation or other
acquisition in which the Company is not the surviving corporation, (c) the sale
of all or substantially all of the assets of the Company, (d) unless otherwise
determined by the Company's Board of Directors (the "Board") in its sole
discretion, any other transaction which qualifies as a corporate reorganization
within the meaning of Section 368(a) of the Internal Revenue Code of 1986, as
amended, wherein the stockholders of the Company no longer hold a majority of
the outstanding capital stock of the surviving entity then, with respect to a
corporate transaction of the type described above, this Warrant shall,
notwithstanding any contrary terms set forth herein, expire twenty (20) days
after the Warrantholder receives written notice of such transaction. Such notice
shall describe the transaction in detail reasonably sufficient to allow the
Warrantholder to analyze the material terms of the transaction.

     11.  Lockup Agreement. In consideration for the Company agreeing to its
          ----------------
obligations hereunder, the Warrantholder and each transferee of Warrantholder's
rights hereunder, agrees in connection with the first registration of the
Company's securities, upon the request of the Company or the underwriters
managing such underwritten offering of the Company's securities, not to sell,

                                      -4-
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make any short sale of, loan, grant, any option for the purchase of, or
otherwise dispose of any shares of Series D Preferred or other securities of the
Company (other than those included in the Registration) into which such Series D
Preferred Stock is convertible without the prior written consent of the Company
or such underwriters, as the case may be, for such period of time (not to exceed
one hundred eighty (180) days) from the effective date of such registration as
the Company or the underwriters may specify. The Warrantholder agrees that the
Company may instruct its transfer agent to place stop transfer notations in its
records to enforce the foregoing provisions.

     12.  Record Date.
          -----------

          (a)  If the Company shall fix a record date of the holders of Series D
Preferred Stock (or other stock or securities at the time deliverable on
exercise of this Warrant) for the purpose of entitling or enabling them to
receive any dividend (other than a stock dividend) or other distribution, or to
receive any right to subscribe for or purchase any shares of any class of any
other securities, or to receive any other right;

          (b)  In the event of any reorganization or recapitalization of the
Company, any reclassification of the capital stock of the Company, any
consolidation or merger of the Company with or into another corporation or any
transfer of all or substantially all of the assets of the Company to another
entity;

          (c)  In the event of the voluntary or involuntary dissolution,
liquidation or winding up of the Company or;

          (d)  If the Company has filed a registration statement under the
Securities Act of 1933, as amended, with the Securities and Exchange Commission
for an offering of the Company's capital stock.

     Then, in any such event, the Company will mail or cause to be mailed to the
Holder a notice specifying, as the case may be, (i) the date on which a record
is to be taken for the purpose of such dividend, distribution or right and
stating the amount and character of such dividend, distribution or right, (ii)
the date on which a record is to be taken for the purpose of voting on or
approving such reorganization, recapitalization, reclassification,
consolidation, merger, conveyance, dissolution, liquidation or winding up and
the date on which such event is to take place and the time, if any is to be
fixed, as of which the holders of record of Series D Preferred Stock (or such
other stock or securities at the time deliverable on exercise of this Warrant)
shall be entitled to exchange their shares of Series D Preferred Stock (or such
other stock or securities) for securities or other property deliverable on such
reorganization, recapitalization, reclassification, consolidation, merger,
conveyance, dissolution, liquidation or winding up or (iii) the date on which
the Company's registration statement was filed and the class of securities
proposed to be registered. Such notice shall be mailed at least twenty-one days
prior to the record date therein specified or within twenty-one days after
filing the registration statement, as the case may be.

                                      -5-
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     13.  Miscellaneous.
          -------------

          (a)  Issue Date. The provisions of this Warrant shall be construed and
               ----------
shall be given effect in all respect as if it had been issued and delivered by
the Company on the date hereof. This Warrant shall be binding upon any
successors or assigns of the Company. This Warrant shall constitute a contract
under the laws of the State of California and for all purposes shall be
construed in accordance with and governed by the laws of said state.

          (b)  Restrictions. The Holder acknowledges that the securities
               ------------
acquired upon the exercise of this Warrant may have restrictions upon its resale
imposed by state and federal securities laws.

          (c)  Modification and Waiver. This Warrant and any provisions hereof
               -----------------------
may be changed, waived, discharged or terminated only by an instrument in
writing signed by the party against which enforcement of the same is sought.

          (d)  Notices. All notices, reports and other communications required
               -------
or permitted hereunder shall be in writing and may be delivered in person, by
telecopy with written confirmation, overnight delivery service or U.S. mail, in
which event it may be mailed by first-class, certified or registered, postage
prepaid, addressed to the Holder at its address as shown on the books of the
Company or to the Company at 10567 Jefferson Blvd., Culver City, CA 90232
Attention: President, with a copy to Martin W. Korman, Esq., Wilson Sonsini
Goodrich & Rosati, 650 Page Mill Road, Palo Alto, CA 94304.

               Each such notice, report or other communication shall for all
purposes under this Warrant be treated as effective or having been given when
delivered if delivered personally or, if sent by mail, at the earlier of its
receipt or 72 hours after the same has been deposited in a regularly maintained
receptacle for the deposit of the United States mail, addressed and mailed as
aforesaid, or, if sent by telecopier with written confirmation, at the earlier
of (i) 24 hours after confirmation of transmission by the sending telecopier
machine or (ii) delivery of written confirmation.

Dated: January 13, 2000

                                        CARSDIRECT.COM, INC.

                                        By:    /s/ Robert N. Brisco
                                           ---------------------------------
                                        Name:  Robert N. Brisco
                                             -------------------------------
                                        Title: C.E.O.
                                              ------------------------------

                                      -6-
<PAGE>

                                ASSIGNMENT FORM

                   (To assign the foregoing Warrant, execute
                this form and supply the required information.
                   Do not use this form to purchase shares.)

     FOR VALUE RECEIVED, the undersigned hereby, sells, assigns and transfers
unto:

________________________________________________________________________________

whose address is _______________________________________________________________
                                        (Please Print)

and whose Social Security or other Taxpayer Identification Number is:___________
the foregoing Warrant and all rights thereunder, hereby constituting and
appointing ______________________________________ to transfer said Warrant on
the books of the Company, will full power of substitution in the premises.

Dated:_______________________

                                       Holder's Signature:______________________

                                       Holder's Name:___________________________
                                                            (Please Print)

                                       Holder's Address:________________________
                                                            (Please Print)

                                       _________________________________________

Signature Guaranteed: ____________________________________________

NOTE: The signature to this Assignment Form must correspond with the name as it
appears on the face of the Warrant, without alteration or enlargement or any
change whatever, and must be guaranteed by a bank or trust company or by a
member of the National Association of Securities Dealers, Inc. Officers of
corporations and those acting in a fiduciary or other representative capacity
should file proper evidence of authority to assign the foregoing Warrant.

                                      -7-
<PAGE>

                              NOTICE OF EXERCISE
                              ------------------

To:  CarsDirect.com, Inc.
     10567 Jefferson Blvdd.
     Culver City, CA 90232

     (1)  The undersigned hereby elects to purchase ______________ shares of
Series D Preferred Stock (the "Shares") of CarsDirect.com, Inc. pursuant to the
terms of the attached Warrant, and tenders herewith payment of the purchase
price in full, together with all applicable transfer taxes, if any.

     (2)  Please issue a certificate or certificates representing the Shares in
the name of the undersigned or in such other name as is specified below:

                     ____________________________________
                                 (Print Name)

                     ____________________________________
                                (Print Address)

                     ____________________________________

     (3)  The undersigned confirms that the Shares are being acquired for the
account of the undersigned for investment only and not with a view to, or for
resale in connection with, the distribution thereof and that the undersigned has
no present intention of distributing or selling the Shares.

     (4)  The undersigned agrees, in connection with the Company's initial
          underwritten public offering of the Company's securities, (1) not to
          sell, make short sale of, loan, grant any options for the purchase of,
          or otherwise dispose of the securities of the Company which are
          acquired directly from the Company, held by the undersigned (other
          than those securities included in the registration) without the prior
          written consent of the Company or the underwriters managing such
          initial underwritten public offering of the Company's securities for
          one hundred eighty (180) days from the effective date of such
          registration, and (2) further agrees to execute any agreement
          reflecting (1) above as may be requested by the underwriters at the
          time of the public offering.

_______________________________              _________________________________
(Date)                                       (Signature)

                                             _________________________________
                                             (Print Name)

                                      -8-<PAGE>

                                                                     EXHIBIT 4.5

THIS CONVERTIBLE SUBORDINATED PROMISSORY NOTE AND THE SECURITIES ISSUABLE
HEREUNDER HAVE BEEN ACQUIRED FOR INVESTMENT AND HAVE NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"). SUCH SECURITIES MAY NOT BE
SOLD OR TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION UNLESS THE COMPANY
RECEIVES AN OPINION OF COUNSEL REASONABLY ACCEPTABLE TO THE COMPANY STATING THAT
SUCH SALE OR TRANSFER IS EXEMPT FROM THE REGISTRATION AND PROSPECTUS DELIVERY
REQUIREMENTS OF THE ACT.

                             CARSDIRECT.COM, INC.

                   CONVERTIBLE SUBORDINATED PROMISSORY NOTE

                                                        Sherman Oaks, California
$490,000                                                      September 28, 1999

     FOR VALUE RECEIVED, CarsDirect.com, Inc., a Delaware corporation (the
"Company") hereby promises to pay to GBJ Holdings, a Delaware limited liability
company (the "Holder") the principal sum of Four Hundred Ninety Thousand Dollars
($490,000), plus interest on the unpaid and unconverted principal balance from
the date hereof until paid or converted in accordance with the terms hereof at a
rate of 3% per annum payable on the Maturity Date referred to below, subject to
the terms and provisions below. If (i) the Holder has not converted all
outstanding principal and interest into the Series C Preferred Stock of the
Company in accordance with Section 2 hereof by September 28, 2003 or (ii) the
designee of Holder ("Holder's Designee") ceases to be a director of the Company
by virtue of his/her resignation, his/her decision not to stand for election or
removal for cause, the Company shall be obligated to pay all outstanding
principal and accrued interest on this Promissory Note to Holder on the Maturity
Date. For purposes hereof, the Maturity Date shall mean the earlier of (x)
September 28, 2003, or (y) the date Holder's Designee ceases to be a director of
the Company because of any of the events set forth in clause (ii) above;
furthermore, for purposes hereof, "his/her resignation" and "his/her decision
not to stand for election" shall not include his/her death or permanent
disability.

     This Promissory Note is issued in connection with that certain Series C
Preferred Stock and Note Purchase Agreement, dated as of September 20, 1999 (the
"Purchase Agreement"), by and between the Company and the Holder. All
capitalized terms not otherwise defined herein shall have the meanings ascribed
to them in the Purchase Agreement, unless the context otherwise requires.

     Section 1. Payment. All payments of principal and interest made in
                -------
accordance with this Promissory Note are to be made by check in immediately
available United States funds at the address of the Holder as indicated in the
Purchase Agreement, or at such other address as the Holder may designate from
time to time by written notice to the Company.

     No delay or omission on the part of the Holder in exercising any right
hereunder shall operate as a waiver of such right or any other right of the
Holder, nor shall any delay, omission or waiver of any one occasion be deemed a
bar to or waiver of the same or any other right or any other occasion.
<PAGE>

The Company and every endorser and guarantor of this Promissory Note regardless
of the time, order or place of signing hereby waives presentment, demand,
protest and notice of every kind, and assents to any extension or postponement
of the time for payment or any other indulgence, to any substitution, exchange
or release of collateral, and to the addition or release of any other party or
person or entity primarily or secondarily liable.

     Interest payable under this Promissory Note shall be calculated on the
basis of actual number of days elapsed over a year of 360 days. All payments
received by the Holder hereunder will be applied first to interest and the
balance to principal.

     Section 2. Conversion.

          2.1  Conversion into Preferred Stock. In accordance with the
               -------------------------------
provisions of Section 2.2 hereof, the Holder shall be deemed to have elected to
convert $122,500 of the then unpaid principal amount of this Promissory Note,
together with any accrued but unpaid interest thereon, into Series C Preferred
Stock of the Company upon each of September 28, 2000, September 28, 2001,
September 28, 2002 and September 28, 2003 (each, a "Conversion Date") (unless
the Company receives a written request from the Holder at least 30 days prior to
each such respective Conversion Date that the conversion of such $122,500
principal amount and any accrued but unpaid interest thereon not occur, in which
case the conversion on the applicable Conversion Date or any other Conversion
Date (including as described in the next sentences) will not under any
circumstances occur). On April 30, 2002 (a "Conversion Date") the then entire
unpaid principal amount of this Promissory Note together with any accrued but
unpaid interest thereon, shall be automatically converted into Common Stock of
the Company if prior to April 30, 2000, the Company shall have consummated an
initial public offering pursuant to an effective registration statement under
the Securities Act covering the offer and sale of the Company's Common Stock to
the public with gross proceeds to the Company of not less than $20 million at a
per share price of at least $7.00 (an "IPO") (unless the company receives a
written request from the Holder at least 30 days prior to the closing of such
IPO that such conversion not occur, in which case such conversion will not under
any circumstances occur). If the Company shall have consummated an IPO following
April 30, 2000 and prior to August 31, 2001, then, two years following the
closing of such IPO (a "Conversion Date") the then entire unpaid principal
amount of this Promissory Note together with any accrued but unpaid interest
thereon, shall be automatically converted into Common Stock of the Company
(unless the Company receives a written request from the Holder at least 30 days
prior to such Conversion Date that such conversion not occur, in which case such
conversion will not under any circumstances occur). Any conversion effected
pursuant to this Section 2.1 shall be at a rate which shall be equal to the
quotient obtained by dividing (x) the principal amount of this Promissory Note
and any accrued but unpaid interest by (y) $2.86294 (as adjusted for any
recapitalizations, stock dividends, stock splits and the like) (the "Conversion
Price").

          2.2  Mechanics and Effect of Conversion. No fractional shares of
               ----------------------------------
Series C Preferred Stock will be issued upon any conversion of this Promissory
Note. In lieu of any fractional share to which the Holder would otherwise be
entitled, the Company will pay to the Holder that amount of the unconverted
amount due under of this Promissory Note in cash. Upon any conversion of this
Promissory Note pursuant to this Section 2, interest on the principal amount of
this Promissory Note so converted shall cease to accrue, and the Company will at
its own expense as soon as practicable

                                      -2-
<PAGE>

thereafter, issue and deliver to the Holder, a certificate or certificates for
the number of shares of Series C Preferred Stock to which the Holder is entitled
upon such conversion, together with a check for immediately available funds
payable to the Holder for any cash amounts payable to Holder. Upon conversion of
the entire principal amount of this Promissory Note, the Holder shall surrender
this Promissory Note, duly endorsed, at the principal offices of the Company or
any transfer agent for the Company. At its expense, the Company will, as soon as
practicable thereafter, issue and deliver to the Holder, a certificate or
certificates for the number of shares of Series C Preferred Stock to which the
Holder is entitled upon such conversion, together with a check for immediately
available funds payable to the Holder for any cash amounts payable to Holder.
Upon any conversion of the entire principal amount of, and accrued interest
under, this Promissory Note, the Company will be forever released from all of
its obligations and liabilities under this Promissory Note with regard to the
entire principal amount plus all accrued interest hereunder, including, without
limitation, the obligation to pay such principal amount and accrued interest.

          2.3  Adjustment to Number and Type of Securities and Exercise Price.
               --------------------------------------------------------------
The type and number of securities of the Company issuable upon conversion of
this Promissory Note are subject to adjustment as set forth below:

               (a)  Adjustment for Stock Splits, Stock Dividends,
                    ---------------------------------------------
Recapitalizations, Conversion, etc. The number and type of securities and/or
----------------------------------
other property issuable upon conversion of this Promissory Note shall be
appropriately and proportionately adjusted to reflect any stock dividend, stock
split, combination of shares, reclassification, recapitalization, (including
without limitation conversion of Series C Preferred Stock to another class of
securities), or other similar event affecting the number or character of
outstanding shares of Series C Preferred Stock, so that the number and type of
securities and/or other property issuable upon conversion of this Promissory
Note shall be equal to that which would have been issuable with respect to the
number of shares of Series C Preferred Stock subject hereto at the time of such
event, had such shares of Series C Preferred Stock then been outstanding.

               (b)  Adjustment for Reorganization, Consolidation, Merger, etc.
                    ---------------------------------------------------------
In case of any consolidation or merger of the Company with or into any other
corporation, entity or person, or any other corporate reorganization, in which
the Company shall not be the continuing or surviving entity of such
consolidation, merger or reorganization (any such transaction being hereinafter
referred to as a "Reorganization"), then, in each case, the Holder of this
Promissory Note, on conversion hereof at any time after the consummation or
effective date of such Reorganization shall receive, in lieu of the Series C
Preferred Stock issuable on such conversion prior to the date of such
Reorganization, the stock and other securities and property (including cash) to
which such holder would have been entitled upon the date of such Reorganization
if such Holder had converted this Promissory Note immediately prior thereto.

     Section 3. Events of Default. If any of the following events shall occur,
                -----------------
the entire unpaid principal and accrued interest on the Promissory Note shall be
immediately due and payable:

               (a) The institution by the Company of proceedings to be
adjudicated a bankrupt or insolvent, or the consent by it to institution of
bankruptcy or insolvency proceedings against it or the filing by it of a
petition or answer or consent seeking reorganization or release under

                                      -3-
<PAGE>

the Federal Bankruptcy Act, or any other applicable federal or state law, or the
consent by it to the filing of any such petition or the appointment of a
receiver, liquidator, assignee, trustee, or other similar official, of the
Company, or of any substantial part of its property, or the making by it of an
assignment for the benefit of creditors, or the admission by it in writing of
its inability to pay its debts generally as they become due or the taking of
corporate action by the Company in furtherance of any such action; or

               (b) If, within sixty (60) days after the commencement of an
action against the Company seeking any bankruptcy, insolvency, reorganization,
liquidation, dissolution or similar relief under any present or future statute,
law or regulation, such action shall not have been dismissed or all orders or
proceedings thereunder affecting the operations or the business of the Company
stayed, or if the stay of any such order or proceeding shall thereafter be set
aside, or if, within sixty (60) days after the appointment without the consent
or acquiescence of the Company of any trustee, receiver or liquidator of the
Company or of all or any substantial part of the properties of the Company, such
appointment shall not have been vacated; or

               (c) The Company fails to pay any principal or interest hereunder
when due pursuant to the terms of this Promissory Note; or

               (d) The Company shall be in material default under the terms of
any other bond, debenture, note or other evidence of indebtedness, which default
shall not have been cured.

     Section 4. Subordination of Indebtedness.
                -----------------------------

          4.1   Subordination. The indebtedness evidenced by this Promissory
                -------------
Note is hereby expressly subordinated, to the extent and in the manner
hereinafter set forth, in right of payment to the prior payment in full of all
indebtedness of the Company, or with respect to which the Company is a
guarantor, to banks, commercial finance lenders, insurance companies, leasing or
equipment financing institutions or other lending institutions regularly engaged
in the business of lending money, which is for money borrowed, or purchase or
leasing of equipment in the case of lease or other equipment financing, by the
Company, whether or not secured ("Senior Indebtedness").

          4.2   Further Assurances. By acceptance of this Promissory Note, the
                ------------------
Holder agrees to execute and deliver customary forms of subordination agreement
requested from time to time by holder(s) of Senior Indebtedness, and as a
condition to the Holder's rights hereunder, Company may require that Holder
execute such forms of subordination agreement.

          4.3   Other Indebtedness. No indebtedness which does not constitute
                ------------------
Senior Indebtedness shall be senior in any respect to the indebtedness
represented by this Promissory Note.

          4.4   Subrogation. Subject to the payment in full of all Senior
                -----------
Indebtedness, the Holder of this Promissory Note shall be subrogated to the
rights of the holder(s) of such Senior Indebtedness (to the extent of the
payments or distributions made to the holder(s) of such Senior Indebtedness
pursuant to the provisions of this Section 4) to receive payments and
distributions of assets of Company applicable to the Senior Indebtedness. For
purposes of such subrogation, no payments or distributions to the holder(s) of
Senior Indebtedness to which the Holder would be

                                      -4-
<PAGE>

entitled except for the provisions of this Section 4 shall, as between Company
and its creditors, other than the holder(s) of Senior Indebtedness and the
Holder, be deemed to be a payment by Company to or on account of the Senior
Indebtedness.

          4.5   No Impairment. Subject to the rights, if any, of the holder(s)
                -------------
of Senior Indebtedness under this Section 4 to receive cash, securities or other
properties otherwise payable or deliverable to the Holder of this Promissory
Note and the other restrictions set forth in this Section 4, nothing contained
in this Section 4 shall impair, as between Company and Holder, the obligation of
Company, subject to the terms and conditions hereof, to pay to the Holder the
principal hereof and interest hereon as and when the same become due and payable
or shall prevent the Holder, upon the occurrence of an Event of Default as
described in Section 3 hereof hereunder from exercising all rights, powers and
remedies provided herein or by applicable law.

          4.6   Holder's Waivers. Holder hereby expressly waives for the benefit
                ----------------
of the holder(s) of Senior Indebtedness (i) all notices not specifically
required pursuant to the terms of this Note whatsoever, including without
limitation any notice of the incurrence of Senior Indebtedness; (ii) any claim
which Holder may now or hereafter have against a holder of Senior Indebtedness
arising out of any and all actions which a holder of Senior Indebtedness in good
faith, takes or omits to take with respect to the Senior Indebtedness
(including, without limitation, (A) actions with respect to the creation,
perfection or continuation of liens in or on any collateral security for the
Senior Indebtedness, (B) actions with respect to the occurrence of an event of
default under any Senior Indebtedness, (C) actions with respect to the
foreclosure upon, sale, release, or depreciation of, or failure to realize upon,
any of the collateral security for the Senior Indebtedness and (D) actions with
respect to the collection of any claim for all or any part of the Senior
Indebtedness or the valuation, use, protection or release of any collateral
security for the Senior Indebtedness).

     Section 5. Miscellaneous.
                -------------

          5.1   Titles and Subtitles. The titles and subtitles used herein are
                --------------------
for convenience only and are not to be considered in construing or interpreting
this Promissory Note.

          5.2   Notices. Unless otherwise provided, any notice required or
                -------
permitted under this Promissory Note shall be given in writing and shall be
deemed effectively given upon personal delivery to the party to be notified,
upon delivery by facsimile transmission, or upon the fifth business day after
deposit with the United States Post Office, postage prepaid and addressed to the
party to be notified at the address indicated for such party on the signature
page hereof, or at such other address as such party may designate by ten (10)
days advance written notice to the other party.

          5.3   Highest Lawful Rate. Anything in this Promissory Note to the
                -------------------
contrary notwithstanding, the Company shall never be required to pay interest on
this Promissory Note at a rate in excess of the Highest Lawful Rate (as
hereinafter defined), and if the effective rate of interest which would
otherwise be payable under this Promissory Note would exceed the Highest Lawful
Rate, or if the maturity of this Promissory Note is accelerated for any reason
before the Maturity Date, or in the event of voluntary prepayment by the Company
hereof, or if the Holder shall otherwise receive any unearned interest or shall
receive monies that are deemed to constitute interest which would increase the
effective rate of interest payable under this Promissory Note to a rate in

                                      -5-
<PAGE>

excess of the Highest Lawful Rate, then (a) the amount of interest which would
otherwise be payable under this Promissory Note shall be reduced to the amount
allowed under applicable law, and (b) any interest paid by the Company or any
interest paid by the Company in excess of the Highest Lawful Rate shall be
credited to the principal of this Promissory Note. It is further agreed that,
without limitation of the foregoing, all calculations of the rate of interest
contracted for, charged or received by the Holder under this Promissory Note
that are made for the purpose of determining whether such rate exceeds the
Highest Lawful Rate shall be made, to the extent permitted by applicable usury
laws (now or hereafter enacted), by amortizing, prorating and spreading in equal
parts during the period of the full stated term of this Promissory Note all
interest at any time contracted for, charged or received by the Holder in
connection herewith. "Highest Lawful Rate" shall mean the maximum rate of
interest which the Holder is permitted by applicable law to contract for, charge
or receive and as to which the Company could not successfully assert a claim or
defense of usury.

          5.4   Amendments and Waivers. Any term of this Promissory Note may be
                ----------------------
amended and the observance of any term of this Promissory Note may be waived
(either generally or in a particular instance and either retroactively or
prospectively), only with the written consent of the Company and the Holder. Any
amendment or waiver effected in accordance with this subsection 5.4 shall be
binding upon the Holder of this Promissory Note, each future holder of all such
securities and the Company.

          5.5   Severability. If one or more provisions of this Promissory Note
                ------------
are held to be unenforceable under applicable law, such provision shall be
excluded from this Promissory Note, and the remaining provisions of this
Promissory Note shall be interpreted as if such provision were so excluded and
shall be enforceable in accordance with their terms, with the effect of the
excluded provision being taken into consideration and the remaining terms
construed in accordance with the intent of this Promissory Note.

          5.6   Governing Law. This  Promissory Note shall be governed by and
                -------------
construed and enforced in accordance with the internal laws of the State of
California.

                 [Remainder of Page Intentionally Left Blank]

                                      -6-
<PAGE>

     IN WITNESS WHEREOF, this Convertible Subordinated Promissory Note has been
duly executed and delivered under its corporate seal as of the date first above
written.

                                        CARSDIRECT.COM, INC.
                                        a Delaware corporation

                                        By:        /s/ Scott Painter
                                            --------------------------------
                                            Name:
                                            Title:

                                        Address: 4312 Woodman Avenue, 3rd Floor
                                                 Sherman Oaks, CA  91423

ACCEPTED AND AGREED

GBJ HOLDINGS, LLC

By:   /s/ Joel S. Beckman
    --------------------------
    Joel S. Beckman
    Member

                                      -7-

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