Autodaq Corporation Launches 'Autodaq Allied Auctions'
MENLO PARK, Calif.--May 24, 2001--Autodaq Corporation, an integrated automotive remarketing services company, today announced the launch of Autodaq Allied Auctions, a program that provides physical auto auctions with the tools to offer an 'electronic lane' that complements their physical lanes.Powered by proven Autodaq Internet technology and supported by a dedicated dealer field sales force, Autodaq Allied Auctions provides auto auctions an online network that increases each auction's geographical selling power, customer base and helps to attract and develop new customers. The program is designed to expand physical auctions' business from new and existing customers without requiring additional capital investments in property and facilities.
"We realized that, in order for Autodaq to add value to physical auto auctions, it was necessary to totally rethink our strategy," said Don Fowler, Autodaq director of industry relations. "We had to identify how our technology could complement the auto auctions' expertise in remarketing vehicles. So, we worked with several auto auction owners to develop the Autodaq Allied Auction program.
"Among the key benefits of Autodaq Allied Auctions is that it enables participating auto auctions to provide an added-value service for their consignors by exposing their vehicles to a larger population of prospective buyers online. Auction customers are also better served by having online access to the auction's inventory 24 hours a day, seven days a week," said Fowler.
"We expect the Autodaq Allied Auction program to be a great advantage for us," said Bob Sullivan, Chattanooga Auto Auction general manager. "Autodaq provides outstanding technology, complimented by an aggressive outside dealer sales team. Autodaq and its online service may potentially bring us new consignors and more consignments. Some auctions still view the Internet as a threat, but having an online strategy is quickly becoming a ticket of entry to the business."
"Autodaq has impressed me with their willingness to work with our auction in maintaining the service role of the auto auction from consignment, through inspection, sale, title and payment processes and assisting us in developing an integrated Internet initiative that complements our physical lanes with virtual lanes," said Kurt Madvig, Pennsylvania Auto Dealers Exchange general manager.
"We're excited about this opportunity to serve and support the auto auction industry by helping it to optimize business, increase revenues and strengthen its competitive position," added Fowler.
Autodaq Allied Auctions include:
| -- | Chattanooga Auto Auction, Chattanooga, TN |
| -- | Greater New Haven Auto Auction, New Haven, CT |
| -- | Indiana Auto Auction, Fort Wayne, Indiana |
| -- | Pennsylvania Auto Dealers Exchange (PADE), York, PA |
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