The answer: It gives it away.

Or at least, that’s what Adult FriendFinder was planning on doing with the Ferrari it bought from founder Andrew Conru. The car was supposed to be awarded to one of the company’s many “affiliates”–tens of thousands of Web sites that refer traffic to Adult FriendFinder for a fee–that won a 2006 “top growth” contest.

Thanks to MediaMemo reader Tommy New for (not so gently) pointing out the contest to me (don’t click on this link unless you’re up for rough language as you read about the online porn business). Another MediaMemo reader tells me that the reason that the company still owns the Ferrari, which was originally valued at $125,000, is that the Web site owner who won the contest took cash instead of the car.

I’m still waiting to hear back from Andrew Conru or Adult FriendFinders’ current management, which just registered the company for a $460 million IPO, to confirm this. But those answers make plenty of sense to me. Affiliates are a key part of the company’s business: It paid out $46.4 million to some 110,000 participants during the first nine months of 2008, according to the company’s prospecttus. That’s nearly 20 percent of its net revenue during that period.

Those payouts are crucial, because Adult FriendFinder’s subscribers, who make up the bulk of its revenues, are always on their way out: Monthly churn hovers around the 20 percent mark. Adult FriendFinder says affiliates help generate about 44 percent of Adult FriendFinder’s business.

Thus, contests and promotions to entice affiliates are standard operating practice at Adult FriendFinder. This month’s contest promises the winner $40,000 and a trip to Los Angeles to hang out with some Penthouse Pets.

So that’s one mystery resolved. Except I still don’t understand why Adult FriendFinder bought the Ferrari from its founder in the first place. I’ll let you know when the company returns my calls.

I still haven’t heard back from FriendFinder Networks or Andrew Conru, who appears to be the founder who sold his company his car in 2006. But MediaMemo readers tell me the car in question is a Ferrari 360 Modena, similar to this model on sale, via eBay (EBAY), at Excel Auto of Boca Raton, Fla. (click image to enlarge):

I thought this car might actually be the same one that FriendFinder owns, since it says the car in question is being held for sale, and because FriendFinder is also based in Boca Raton. But a manager at Excel tells me that’s not the case.

Disclaimer: I need to note that while I appreciate the tips MediaMemo readers have passed along, they remain unconfirmed. So it could be that FriendFinder owns a different kind of car that it purchased for $125,000 two years ago and now values at $95,000.

The bigger question: Why would FriendFinder buy a Ferrari (or any other kind of car) from its founder a couple of years ago? And what has it done with it since? Did employees of the month get to take it for a spin? Has it been mothballed? Did it sit parked in front of the company’s HQ as an incentive to work harder and longer?

(UPDATE: A partial answer — the car was supposed to have been given away as a contest prize.)

As always, if you’ve got thoughts on the matter, you can comment below, or reach me directly at peter@allthingsd.com. If you want to be completely anonymous, you can use the blind tip box here.

But the FriendFinder prospectus may turn out to have multiple Christmas gifts for those who work their way through it. For instance, Nick Wingfield, my corporate cousin at The Wall Street Journal, dug up this gem under “related party transactions”:

In another interesting tidbit, the company says [predecessor company] Various purchased an automobile from the founder of Various for $125,000 on October 27, 2006 (the founder in question appears to be Andrew Conru.) The company doesn’t say what kind of car it is or why it bought it, but it doesn’t appear to have gotten a very good deal. The filing says the vehicle is currently ‘being held for sale and in 2006 was written down to its estimated net realizable value of $95,000.’ A FriendFinder spokesman didn’t immediately return a call for comment.”

I’ve also lobbed queries in to Andrew Conru and to FriendFinder’s corporate HQ, but haven’t heard back. But perhaps MediaMemo readers who are more autocentric than I am (I’ve owned one car in my life–a 1994 Toyota Tercel with vinyl seats and no air conditioning) can help answer one of my questions: What kind of used car can you get for $95,000?

Please share your thoughts with us via the comments section below; if you find the registration process too onerous, you can leave an anonymous comment via the tip box. (UPDATE: Some readers tell me it’s a Ferrari 360 Modena).

In the meantime, I’ve made my own rudimentary attempt to gauge the market for $95,000 cars: A trip to eBay’s (EBAY) Motors showroom. Here’s a sampling of what’s available in the $90,000 to $95,000 range today (click on each image to enlarge).

2006 Bentley Continental Spur. Starting bid: $95,000

2003 Ferrari 575. Starting bid: $95,000

2007 Porsche 911. Starting bid: $95,000

1970 Ford Mustang Boss. Starting bid: $90,000

2004 Lamborghini Gallardo. Starting bid: $95,000