FairMarket Helps D-Auction Shift Standard for Online Car Sales
WOBURN, Mass.--April 26, 2001--FairMarket enables D-Auction to bring off-line process on-line
FairMarket, Inc. , a leading provider of e-business selling and marketing solutions incorporating dynamic pricing, today announced that D-Auction, an Australia-based on-line market place for vehicle dealers, has selected FairMarket to power its private online auction site, offering off-lease vehicles to member car dealers. Established by the Motor Trades Association of Australia and the Macquarie Bank Group, the Australian-based international investment banking group, the site is available for the exclusive use of Australian motor vehicle dealers at http://www.d-auction.com.au.
D-Auction is using FairMarket's dynamic pricing technology to offer an alternative to traditional automobile auctions in an automated online format that reduces costs for the buyer and the seller. The private, business-to-business site offers secure login and gives members the ability to view and purchase ex-government off-lease cars. All information necessary to purchase the vehicles is provided by D-Auction online.
"FairMarket's technology and services has enabled us to automate and facilitate the buying and selling of off-lease vehicles, and bring it to the market very quickly. While it is early days, we have been very encouraged with the results since the site launched," said John Wilson, Associate Director of Macquarie. "By bringing this process online we've extended our market to include Australian motor vehicle dealers nationwide, potentially allowing us to sell more cars faster and at higher net sales proceeds."
For a project of this scope, D-Auction needed a system that would readily integrate with its existing infrastructure and would provide a high degree of scalability. FairMarket created a custom search page, photo pages where dealers can visually assess the vehicles' condition and all other pages containing the required information to purchase vehicles online. With over 1400 car dealers in Australia, the auction has the potential to grow to serve very large numbers and FairMarket's solution can scale to the specific project's needs.
"We are excited to be working with a business-to-business organization that's as innovative as D-Auction. This relationship underscores FairMarket's ongoing commitment to enabling business-to-business sites, like D-Auction, to achieve substantial cost savings for its clients which could run to millions of dollars over several years," said Eileen Rudden, president and chief executive officer of FairMarket.
About FairMarket, Inc.
FairMarket develops and delivers e-business selling and marketing solutions for retailers, distributors and manufacturers. A recognized leader in dynamic pricing technology, FairMarket provides hosted and scalable solutions to help enable companies maximize price yield and promote their brands. Major corporations including JCPenney, Dell Computer Corporation, CompUSA, New Line Cinema, Virgin.Net and MSN rely on FairMarket's discount, clearance and promotional technologies and services. Headquartered in Woburn, Mass., FairMarket has offices in the U.K., Australia and Germany. The company can be reached at 800-531-7871 or on the Web at www.fairmarket.com.
FairMarket and the FairMarket logo are service marks of FairMarket, Inc. The names of actual companies and products mentioned herein may be the trademarks of their respective owners.
This press release contains information about future expectations, plans and prospects of FairMarket, Inc. that constitute forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors including but not limited to market acceptance of FairMarket's online auction and other e-commerce services; growth of the market for dynamic e-commerce services; the competitive nature of the online markets in which FairMarket operates; FairMarket's ability to generate significant revenue to reach profitability; FairMarket's ability to attract and retain qualified personnel; FairMarket's ability to retain existing customers and to obtain new customers; the operation and capacity of FairMarket's network system infrastructure; FairMarket's ability to expand into new geographic markets and the currency, regulatory and other risks associated with expansion into international markets; FairMarket's limited operating history; and the other risks and uncertainties discussed under the heading "Factors that May Affect Results of Operations and Financial Condition" in FairMarket's Annual Report on Form 10-K for the year ended December 31, 2000 and other reports filed by FairMarket from time to time with the Securities and Exchange Commission. FairMarket assumes no obligation to update any of the information included in this press release.