New Haven Auto Auction ``Electronic Lane''

    LAS VEGAS--Feb. 5, 2001--Autodaq Corporation, a leading business-to-business e-commerce automotive and remarketing company, and Greater New Haven Auto Auction (GNHAA), a premier independent automobile auction serving the Northeast, announced that they have partnered to offer a new GNHAA auto auction Internet site. The announcement was made at a press conference here during the 2001 National Automobile Dealers Association Convention.
    The new GNHAA branded site augments GNHAA's full-service auction services, providing licensed dealers and wholesale buyers convenient and efficient online access to, and the acquisition of, quality used car inventory.
    "By working with Autodaq, we are able to offer car dealers and wholesale buyers in the Northeast a powerful new tool that they can use to access GNHAA auction services," said Joanne Hanley, GNHAA co-owner. "Our new online program enhances our ability to meet the needs of our current GNHAA customers, while enabling us to offer our auction services to a greater audience beyond our traditional geographic boundaries."
    All a licensed dealer or wholesale buyer needs to visit GNHAA Online is a personal computer with access to the Internet. "Finding your way through the auction site is simple," Hanley said. "It directs dealers to information about a prior auction transaction, vehicles currently available at the online auction, how to search for specific vehicles and more." GNHAA's online auction will be available to dealers 24 hours a day, Monday through Friday, and will feature high-quality off-lease cars and trucks from reputable sellers.
    "We're pleased to partner with Greater New Haven Auto Auction, as well as with other auctions, to offer an Internet solution that complements and enhances their traditional auction services," said Adam Boyden, Autodaq president and CEO. "We're confident that the GNHAA branded site will extend GNHAA's market presence and strengthen its business relationship with its customers. We look forward to working more closely with the traditional auction industry to form more win-win relationships."
    The Autodaq Private Auction service provides financial institutions, auto manufacturers and other fleet, lease and rental car operators with branded Web sites for transacting sales and communicating with dealers and other buyer groups they specifically identify. The site provides complete condition and guidebook price information and allows dealers to search for vehicles with precision. Dealers may bid in real time or submit "proxy bids" by entering the highest amount they would pay for a specific vehicle and allowing the Autodaq system to automatically bid for them in $50 increments up to that pre-specified proxy (or maximum) amount.
    Greater New Haven Auto Auction (www.gnhaa.com) is an independent auto auction located at 51 Longhini Drive in New Haven, Conn.
    Autodaq Corporation (www.autodaq.com) is an automotive remarketing company that provides the infrastructure and technology to facilitate the business-to-business trade of used cars on the Internet, as well as professional remarketing services that include remarketing management, lease maturity management and sales and leadership training. Autodaq services significantly reduce costs, increase profitability, and improve operational efficiency for financial institutions, auto manufacturers, and other fleet, lease and rental car operators, as well as franchised, independent, and Internet-based auto dealers and wholesalers. Based in Menlo Park, Calif., Autodaq is a privately held company; its investors include August Capital, Madison Dearborn Partners, Zilkha Ventures, Clayton Venture Group and several angel investors from the Internet and automotive industries.

    SOURCE: Autodaq