SANTA MONICA, Calif. — Zag recently announced that it has won an Annual Entrepreneurship Award handed out by Entretech.

The awards are designed to celebrate entrepreneurial business achievements of innovative technology companies in the greater Los Angeles area.

Zag was chosen as the winner in the "Emerging" category (for companies with annual revenues between $1 million and $8 million) for its entrepreneurial vigor and business achievements, officials indicated.

The award ceremony was held at the Jonathan Club in Los Angeles.

Zag is an auto retail innovator founded on the premise that buying a car should be easier, according to executives. The company said it is transforming the auto-buying experience with an online platform that connects buyers with certified dealers who offer upfront prices guaranteed in writing and guaranteed not to exceed the market average.

"This is a tremendous honor, and we're thrilled to be acknowledged by such prestigious organizations, especially for something like entrepreneurship," said Scott Painter, Zag founder and chief executive officer.

"There's nothing quite like finding a problem you want to solve, like the frustrating experience of buying a car, and then doing what it takes to create a solution to make it better. It's a passion, and we're delighted to watch the progress, see it come to fruition and be recognized for something we believe in so fully," he continued.

"This award has grown to become a premier showcase for the technology industry in Greater Los Angeles," said Louise Wannier, chairman of the Entrepreneurship Awards Selection Committee.

"All our finalists are true winners, as they reveal the breadth and depth of our innovative entrepreneurial community and the vigor of the investors who back them," Wannier added.

The Zag technology and services solution is available on a private label basis to affinity and membership organizations as a way of providing a greater level of value and service to their members and customers, officials explained.

Zag works with a carefully selected nationwide network of financial institutions, dealers and aftermarket fulfillment partners to provide turnkey solutions and lower prices to this large group of buyers, they continued.

According to the company, its partners give Zag a combined total audience of more than 60 million members/consumers.