Auto Network Group, Inc. to Launch Internet Service
4 January 1999
Auto Network Group, Inc. to Launch Internet Service
SCOTTSDALE, Ariz.--Jan. 4, 1999--Auto Network Group, Inc. (OTCBB:ANWK) today announced the company's plans to launch an Internet service to complement its wholesale automobile business.
The Web site will be a revolutionary online service that will allow automobile dealers to view available inventory and allow efficient dealer-to-dealer buying, selling and trading in an auction format on the Internet. The database of automobile inventory will be for wholesaling only, limiting access over a secured connection to registered dealers.
Posting to the database will be a free service for dealers. In addition, the site will provide large dealership groups an Intranet service, allowing access to internal inventory. The site is expected to up and operational by February 1, 1999.
The Web site will also utilize similar auction formats to eBay and uBid, Inc. allowing wholesale dealers to bid on listed cars. The site will be used by dealers throughout the country who need a central location to buy, sell and trade used automobiles and to meet other dealers with similar needs. The auction feature will be available on the site by March 1, 1999.
Mark Moldenhauer, CFO and vice president of Auto Network Group, stated, "This Web site will be an enormous resource for the automobile industry. It will provide dealers access to an entirely new source of used automobiles from around the country."
Auto Network Group, Inc. is the fastest growing, publicly-held wholesaler of used late model and luxury automobiles in the country. The Company is capitalizing on the billion-dollar wholesale market by focusing operations in strategic segments of the country.
Auto Network's strategy is to gain market share in key urban areas by acquiring and consolidating the independent automobile wholesaling companies. This strategy will provide the Company with access to a large and growing volume of high-quality late model and luxury automobiles. It will also allow Auto Network to take advantage of geographical disparities in the value of cars.
For more information on Auto Network Group, please visit www.anwk.com.
Statements regarding financial matters in this press release other than historical facts are "forward-looking statements" within the meaning of section 27 A of the Securities Act of 1933, Section 21 E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995. The Company intends that such statements about the Company's future expectations, including future revenues and earnings, and all other forward-looking statements be subject to the safe harbors created thereby. Since these statements (future operational results and sales) involve risks and uncertainties and are subject to change at any time, the Company's actual results may differ materially from expected results.