Auto Centrix Inc. Announces the Acquisition of Dominion Auto Auction Group, Inc.
TAMPA, Fla.--Sept. 8, 2004--Auto Centrix, Inc. ATCX.PK, headquartered in Halifax, Nova Scotia announced today that it has acquired 100% of Dominion Auto Auction Group, Inc. The purchase price is comprised of both monetary and common share components. Dominion Auto Auction offers weekly public and wholesale auctions of pre-owned passenger vehicles, heavy and light duty trucks, marine and recreational vehicles, as well as heavy equipment.Auto Centrix President and CEO David Highmore stated, "We are excited about the Dominion Auction acquisition. Dominion's live auction platform will become a valuable asset in ACI's numerous products and services offerings. With sales tracking upwards of $4,000,000 USD for the current year, Dominion has outgrown their current facility and is negotiating to purchase additional adjacent acreage, by year-end. Dominion Auctions has grown at a strong and steady pace during the past two years and will continue to development at an even greater rate, once the facility is expanded." Post acquisition, Dominion Auto Auctions located in Halifax, Nova Scotia has signed a letter of understanding with the Halifax Regional Municipality to provide disposal services for their various department's surplus vehicle and heavy equipment inventories.
Auto Centrix, Inc. focuses on various technological mediums which facilitate the purchase, sale and re-sale of vehicles, thereby lowering the costs, expanding the geography, and expediting the sale processes, while securing the integrity of the vehicle information. The products and services have been designed with the flexibility and scalability to interface with their clients existing systems.