Nissan-Hawaii Remarkets Cars Online Via Autodaq Open Auction; Selling Cars While Onboard Ships Underway for Mainland Dramatically Reduces Remarketing Time and Cost

    HONULULU & MENLO PARK, Calif.--June 26, 2001-- Nissan Motor Corporation in Hawaii Ltd., the exclusive importer and distributor of Nissan and Infiniti vehicles for the Hawaiian Islands, and Autodaq Corporation, an integrated automotive remarketing services company, formally announced today that Nissan Hawaii program cars are being remarketed via Autodaq Corporation's online Open Auction.
    Due to a long sequential process -- that includes shipment across the Pacific Ocean, temporary storage in shipping yards, additional storage in marshalling yards, pickup and transport to auctions, time spent at auction awaiting sale, and then transport to the buyer -- the entire remarketing cycle for Nissan Hawaii can take as long as 90 days.
    However, by listing the Nissan vehicles on the Autodaq Open Auction site when they are loaded on ships in Hawaii bound for California, Nissan Hawaii's vehicles are immediately offered to a broad market of wholesale buyers on the Internet. The vehicles that sell online are then transported directly to the buyer from the shipping yard, cutting as much as 45 to 60 days and considerable transportation costs out of the remarketing process.
    Don Mackintosh, Nissan Hawaii manager of fleet and remarketing, said, "After several successful trials of the online Autodaq Open Auction service resulted in fast turnaround times, high sales success rates, and greater overall efficiencies in our remarketing process, we opted to make the Internet a regular channel for remarketing our off- rental cars.
    "We had experimented with a number of Internet initiatives, but, until Autodaq, we hadn't seen any real returns in terms of the process or cost improvements we had expected. Due to our unique geographic location, the physical remarketing process presents difficult challenges. Autodaq services enable us to meet these challenges and turn our vehicles at a faster rate, with as much as 80 percent of vehicles listed on the Autodaq Open Auction selling while the cars are onboard ships crossing the Pacific. Furthermore, listing vehicles and doing the necessary data integration with Autodaq is a simple and easy process."
    Adam Boyden, Autodaq president and chief executive officer, said, "Improving the speed of the remarketing process benefits both buyer and seller. Using our Internet remarketing platform, we have helped our clients to sell cars located at auction and marshalling yards, lessee's driveways, dealership lots, and now, working with Nissan Hawaii, even from ships crossing the Pacific!"
    Nissan Motor Corporation in Hawaii, Ltd., is the exclusive importer and distributor of Nissan cars, trucks, sport utilities and Infiniti vehicles. Nissan sales and service are provided through a network of seven retailers across the state.
    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