Consignors List More Than 12,000 Vehicles In Autodaq Online Auctions In April
MENLO PARK, Calif.--May 8, 2001--Autodaq Corporation, an integrated automotive remarketing services company (www.autodaq.com), announced today that more than 12,000 vehicles were listed in its online wholesale auto auctions in April 2001."This Autodaq milestone underscores the remarketing industry's recognition of the value of the Internet as a viable channel to remarket vehicles. It also highlights the ease with which a dealer can search through large and varied inventory, offered by multiple consignors, from a computer on his or her desk at work, at home, or even from a laptop while on the road," said Adam Boyden, Autodaq president and chief executive officer.
"The online sales success rates vary by consignor, much as it does at any other auction, based on pricing, the desirability of the vehicles, and so on," Boyden added. "Many of our consignors sell the majority of the vehicles they list online with Autodaq in two or less 24-hour auction cycles."
Since the fall of 2000, the number of vehicles listed in the company's online auctions has grown by approximately 50 percent month over month. In February 2001 Autodaq listed more than 4,000 vehicles. In March Autodaq listed approximately 8,000 vehicles. And in April Autodaq eclipsed the 10,000 listings mark (for the first time since the launch of its online auction services in February 2000) with, ultimately, more than 12,000 vehicles listed by consignors.
"We are currently selling roughly 80 percent of the corporate and program vehicles we list on 'Hyundai Exclusive Online,' our auction site powered by Autodaq," said Steve Piccinati, Hyundai director of fleet and remarketing. "Our dealers find 'Hyundai Exclusive Online' to be a very convenient and cost-effective way to acquire quality Hyundai inventory for their retail lots."
"Our Autodaq-powered 'World Omni World Class Online' Internet auction site, over which we offer Platinum Certified(SM) off-lease vehicles to the 163-strong Southeast Toyota Distributors, LLC dealers, has been extremely popular. Of the vehicles we list online, 80 percent are sold within a few days," said Andy Mahoney, World Omni Financial Corp. vice president of corporate vehicle remarketing. "The Internet is now an integral component of our remarketing program."
"Enterprise has adopted Autodaq as its online remarketing platform," stated Bill Gold, Enterprise Rent-A-Car vice president, car sales. "We are committed to using the Internet as a channel to help us remarket thousands of our vehicles each year to our auto dealer partners."
More than 2,500 dealers are registered users of the Autodaq site. Dealers can both purchase and sell vehicles online with Autodaq. Consignors, who list vehicles in Autodaq online wholesale auctions, hail from every segment of the remarketing industry and include manufacturers; banks and finance companies; rental car companies; and wholesalers. They include:
| -- | Alamo Rent A Car |
| -- | Chattanooga Auto Auction |
| -- | Dealers (consignments) |
| -- | Enterprise Rent-A-Car |
| -- | Greater New Haven Auto Auction |
| -- | Hyundai Motor America |
| -- | LHM Fleet Lease |
| -- | National Car Rental |
| -- | Southeast Toyota Distributors, LLC |
| -- | World Omni Financial Corp. |
Autodaq Corporation (www.autodaq.com) is an integrated automotive remarketing services company that provides the infrastructure and technology to facilitate the business-to-business trade of used cars on the Internet and 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, Dain Rauscher Wessels and several angel investors from the Internet and automotive industries.
SOURCE: Autodaq Corporation