Auto Network Group, Inc.'s November Sales Increase 100% Over Previous Year
5 January 1999
Auto Network Group, Inc.'s November Sales Increase 100% Over Previous Year
SCOTTSDALE, Ariz.--Jan. 5, 1999--Auto Network Group, Inc. (OTC BB:ANWK) announced today financial results for the eight months ending Nov. 30.
Based upon unaudited numbers, the company has achieved year-to-date sales of $62,171,571 for the eight months ended Nov. 30. The company has achieved net sales of $8,557,213 for the month of November 1998 compared to sales of $4,192,573 for November 1997, representing over a 100% increase.
"We are pleased to report our positive financial results for the past eight months," said Mark Moldenhauer, CFO and vice president. "The Company has been profitable since inception and achieved a substantial increase in sales over the past year. We hope to continue our rapid grow into the New Year."
Auto Network Group 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.
Auto Network recently announced 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 be up and operational by Feb. 1, 1999 and the auction capabilities will be available by March 1, 1999.
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.