Willis J. Johnson, Founder/CEO of Copart, which owns VB2, stated, "VB2 powers the sale of over one million vehicles annually. We can offer lanelogic a fluid instant auction platform that allows them to tap into our 103,000 buyers. lanelogic's utilization of VB2 enables bidders to purchase franchise dealers' trades, creating the first fresh trade online auction."
Stated Bruce Thompson, Founder/CEO of lanelogic, "Our exclusive relationship with VB2 gives us an alternative platform to liquidate vehicles in minutes. People don't realize that VB2 sells a vehicle online every 8 seconds to buyers all over the world. Our model is to sell vehicles to dealers where they are most likely to retail in 28 days or less. However, many vehicles simply won't work for a franchised store. These vehicles will instantly be launched to our VB2 sale for our dealers ensuring they get top dollar for all types of vehicles."
About lanelogic
lanelogic is the used-vehicle market maker that uses real-time sales data to conduct electronic trading between automotive dealers nationwide. lanelogic acts as a buying agent, discerning which used vehicles specific dealerships are most likely to sell quickly for the optimal sales price, and which vehicles those dealerships should trade or send to lanelogic's/VB2 fresh trade auction. lanelogic's 45-day buyback guarantee on all lanelogic-procured vehicles means that lanelogic eliminates the high risks of aged used-vehicle inventory -- the single-greatest risk faced by automobile dealerships that buy, sell, or trade used vehicles. Additionally, lanelogic reduces dealers' inventory risks by providing the nation's first Fresh Trade Auction site as an efficient alternative for those vehicles that cannot be matched to a franchise store.
Launched in November of 2005 in Dallas, Texas, lanelogic's credibility is bolstered by its leadership in the form of CEO Bruce Thompson, former CEO and founder of American Auto Exchange. Partnership with Copart/VB2 and strategic alliances with other participants in the dealer-to-dealer used vehicle redistribution industry means that lanelogic is uniquely positioned to gather the needed inventory intelligence to deliver the industry's first live guaranteed bid network. For more information, please visit: www.lanelogic.com.
About Copart
Copart, founded in 1982, provides vehicle suppliers, primarily insurance companies, with a full range of services to process and sell salvage vehicles, principally to licensed dismantlers, rebuilders and used vehicle dealers, through Internet sales utilizing its proprietary VB2 technology. Salvage vehicles are either damaged vehicles deemed a total loss for insurance or business purposes or are recovered stolen vehicles for which an insurance settlement with the vehicle owner has already been made. Copart operates 125 facilities in the United States and Canada. It also provides services in other locations through its national network of independent salvage vehicle processors.
Safe Harbor for Forward-Looking Statements
This press release contains forward-looking statements within the meaning of federal securities laws. These forward-looking statements are subject to numerous risks and uncertainties relating to opportunities in lanelogic's business and opportunities for the VB2 online auction product. These risks and uncertainties include the risks and uncertainties associated with the development of new business ventures and the application of VB2 in new markets outside Copart's traditional salvage auction business.