Autodaq Corporation To Remarket Bay View Bank Vehicles

    MENLO PARK, Calif.--June 18, 2001--Autodaq Corporation, an integrated automotive remarketing services company (www.autodaq.com), and Bay View Bank, the largest independent bank exclusively serving the San Francisco Bay Area and the principal subsidiary of Bay View Capital Corporation , announced today that Bay View Bank will use the Autodaq Open Auction to remarket off-lease vehicles online.
    As a part of its end-of-term remarketing process, Bay View Bank will list its off-lease vehicles on the Autodaq site prior to lease expiration. At lease end, sold vehicles will be transported directly from the lessees to the purchasing dealers for resale.
    "Our arrangement with Bay View Bank is unique in that off-lease vehicles will be listed on the Autodaq Open Auction site, where they can be seen by more than two thousand dealers, prior to lease termination. Then, if sold, the vehicles will be transported directly from the consumer who leased the vehicle to the purchasing dealer," said Adam Boyden, Autodaq president and chief executive officer.
    Jim Badame, Bay View Bank Auto Finance Group president, added, "Autodaq is pioneering an innovative approach to remarketing off-lease vehicles via the Internet that can result in significant time and cost savings. Bay View may realize significantly improved returns by offering vehicles for sale upstream in the lease termination process -- while the vehicle is still in the lessee's hands. For our lease portfolio, that can translate into substantial savings."
    The majority of Bay View Bank off-lease vehicles will be made available in California and Florida.

    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.

    Bay View Capital Corporation is a diversified financial services company with $5.0 billion in assets. The Company's principal subsidiary is Bay View Bank, a nationally chartered commercial bank which is the largest deposit franchise exclusively serving the San Francisco Bay area with 57 full-service branches. Bay View offers a full array of retail and commercial banking products and services to customers throughout its market area. For more information, or to locate the closest branch call 800-BAY VIEW (800-229-8439), or visit www.bayviewbank.com.

    SOURCE: Autodaq Corporation