Manheim Online CyberLot Sales Pass $150 Million
8 July 1998Manheim Online Breaks Record With More Than $150 Million In CyberLot Sales via the Internet
Manheim Auctions' Internet Service Shifts Automotive E-Commerce into High Gear ATLANTA, July 8 -- Manheim Online (http://www.manheim.com), the leader in auto-related electronic commerce and a service of Manheim Auctions, reached the milepost of $150 million in vehicle sales via the Internet. With CyberLot sales rising at a dramatic pace, in only 16 weeks Manheim has met and surpassed last year's $60 million mark in vehicles sold on the Internet, posting more than $150 million in CyberLot sales. Track Record of Success In 1996, Manheim Online started its engine in an intense development, testing and refining process with Lexus Financial Services. After perfecting the service, Manheim Online was launched in the fall of 1997 as the only electronic commerce site for wholesale automobile professionals, reaching $60 million in sales by year-end. Manheim Online is continuing to grow quickly in 1998, reaching $40 million in sales in the first quarter, placing the company on track to double its 1997 revenues in the first half of 1998. On April 10, Manheim Online reached the million-dollar milepost with $100,701,689 in total cumulative sales since its launch. Manheim Online has affected the way franchises and individual dealers steer their businesses. Manheim's customers are making strategic decisions to parlay Manheim Online's success into their own. "Since its inception in 1996, our online outreach to dealers via Manheim Online has grown to include 250 Toyota and 90 Lexus dealers nationwide, and we're expecting continued growth and results this year," said Tom Haeberer, Internet Remarketing Manager of Toyota Motor Credit Corporation/Lexus Financial Services. The success and growth of Manheim Online has allowed more dealers to take advantage of one of the industry's most comprehensive full-service on-line inventory processes - allowing dealers to keep pace with today's advanced technology and changing consumer preferences. "We know the automotive industry, and we know the Internet. That is how we have been able to build Manheim Online into a successful service in less than two years," said Ralph Liniado, Senior Vice President of Development for Manheim Auctions. "Our approach to electronic commerce has redefined the automotive business on the Web and has impacted the methods the automobile industry uses to move cars." Anthony Ascione, pre-owned sales manager for BMW of North America, has witnessed firsthand the necessity and undisputed benefits of partnering with Manheim Online. "We see this as a valuable tool that complements our existing structure in getting vehicles into the marketplace more quickly so our retailers can sell them and make money." In the Fast Lane for 1998 Across the nation, dealers have applauded Manheim Online with more than 5,000 dealers currently subscribing. Based on Manheim Auctions' aggressive technology initiative for 1998, the company projects Manheim Online's dealer subscribers will reach 15,000 by the end of the year. Sales are also expected to approach the $200,000,000 mark by year-end. Site Upgrades and Enhancements Since the site's inception, Manheim Online has been committed to providing wholesale automobile professionals with the best technology, services and tools to help dealers drive sales, service and profitability. Manheim Online continues to add enhancements and features to maximize the Internet for dealers. Manheim Online launched Silent CyberAuctions(TM) with BMW in May. This first live bidding wholesale auto auction on the Web sold more than $1.6 million in vehicles. Manheim Auctions will be rolling out CyberAuctions with other customers in the coming months. Manheim Online has also unveiled PowerSearch(TM) - a new search engine capability for dealers that allows them to customize a pre-sale search list of vehicles. A dealer can search and sort by make, model, year, region, mileage, or auction location to pinpoint the exact vehicles needed to replenish their inventory. This new search engine saves dealers significant time in the vehicle searching process. About Manheim Online Manheim Online, an extended service of Manheim Auctions, is the world leader in auto-related electronic commerce. Manheim Online has been named one of the top 10 electronic commerce sites on the World Wide Web by PC Week magazine. Additional information regarding Manheim Online and Manheim Auctions is available on the Internet at http://www.manheim.com. About Manheim Auctions Founded in 1945, Manheim Auctions, Inc. is the world's largest operator of wholesale automobile auctions with more than 75 locations in North America and the United Kingdom. In 1997, Manheim handled more than six million vehicles. The value of the vehicles sold at auction exceeded $28 billion. In support of the core auction business, Manheim also provides vehicle reconditioning and certification, automated vehicle pricing products, dealer floor plan financing, dealer business software, and government auctions. Manheim is a partner with the Dealer Services Division of Automated Data Processing, offering free Internet used car listings to dealers and consumers via AutoConnect at autoconnect.com. Manheim is a subsidiary of Cox Enterprises, Inc. In addition to Manheim, Cox includes Cox Newspapers, Inc., Cox Broadcasting, Inc., and publicly traded Cox Communications, Inc. and Cox Radio, Inc. Cox Enterprises also provides online news, information and entertainment services via the Internet through Cox Interactive Media. Manheim Auctions and Manheim Online are either registered trademarks or trademarks of Cox Enterprises, Inc. in the United States and/or other countries.