AutoTradeCenter Signs 3-Year Vehicle Remarketing Agreement with American Honda Finance Corp.
Business Editors/High-Tech & Automotive WritersSCOTTSDALE, Ariz.--Feb. 14, 2001--AutoTradeCenter (OTC BB:AUTC) Wednesday announced that it has entered into a 3-year Internet vehicle remarketing agreement with American Honda Finance Corp. (AHFC).
The new agreement provides for a change in platform of the AHFC Vehicle Inter-Dealer Purchase System (VIPS) to the ATCadvantage (Advantage) technology recently unveiled by AutoTradeCenter.
"This agreement represents a long-term partnership based on performance and trust," stated David Langley, American Honda Finance Corp. manager of lease-end remarketing. "We fully expect the new VIPS, powered by ATC on the Advantage platform, to substantially lift sales and continue our history of savings within our annual lease portfolio of 150,000 vehicles."
ATCadvantage for VIPS
The ATCadvantage is designed for vehicle remarketing by vehicle remarketers. It is the only system that addresses all the business functionality required by the remarketing community, including:
| -- | Tracking all vehicle movement (i.e., grounded at the dealer, in transit and/or marshaled at auction), |
| -- | Cataloging all vehicle services (i.e., physical inspections, reconditioning, etc.), as well as, |
| -- | Continuous access and non-disruptive marketability throughout the vehicle disposition cycle. |
"The VIPS is not just a web site," Langley continued. "It's a seasoned remarketing strategy utilizing proven technology, sound business methods, and a dedicated support team to drive sales. The ATCadvantage allows us to not only address how the vehicle sells, but the bigger questions of when and at what price."
Benefits to Dealers
"The VIPS has become a vital part of the Honda/Acura dealers' daily inventory management," commented Colette Marcilliat, president of remarketing at AutoTradeCenter. "It is their complete source for inventory and information. With a single login, VIPS allows dealers seamless access to any and all vehicles within the system, regardless of car type or business rules assigned.
"With the new VIPS, dealers now get early, continuous access plus valuable account management reporting without sacrificing speed or efficiency."
Future Expansion
"We are currently testing the new VIP with our California dealers," said Langley. "The next few weeks will be exciting as we continue to expand the VIPS with a national rollout, planned auction extension, and eventual true inter-dealer trading."
"Business flexibility is what the ATCadvantage is all about. Its comprehensive options deliver the tools necessary to an industry where preferred selling methods change frequently," responded Roger L. Butterwick, president of AutoTradeCenter. "The new Honda contract represents substantial value-added services to their previous remarketing program and we look forward to our expanding partnership."
AutoTradeCenter.com (ATC) is the leading Internet-based "business-to-business" automotive remarketing company. On its web site, http://www.autotradecenter.com/, the company markets its services to automobile manufacturers, captive finance companies, lease and rental companies, and financial institutions across the United States who can use the site's many features for more efficient buying, selling and trading.
ATC powers the American Honda Finance Corp.'s Vehicle Inter-Dealer Purchase System "VIPS" utilizing Internet technology and remarketing services. For more information on AutoTradeCenter.com Inc., please visit http://www.autotradecenter.com/ or contact Public Relations at lseegan@autotradecenter.com.
Statements regarding financial matters in this press release other than historical facts are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995.
The company intends that such statements about the company's future expectations, including future revenues and earnings, and all other forward-looking statements be subject to the safe harbors created thereby.
Since these statements (future operational results and sales) involve risks and uncertainties and are subject to change at any time, the company's actual results may differ materially from expected results.