Auto Network Group, Inc. Opens AutoTradeCenter.com
20 January 1999
Auto Network Group, Inc. Opens AutoTradeCenter.com Registration for Auto Dealerships
SCOTTSDALE, Ariz.--Jan. 20, 1999--Auto Network Group, Inc. (OTC BB:ANWK) announced today that it has pre-opened its web site for initial registration.
Registration will be free until June 1, 1999 and is intended for all licensed auto dealers, lenders, rental car companies, and leasing companies.
Mark Moldenhauer, vice president and CFO stated, "The initial response to our concept for the site has prompted us to open registration. This way our Dealer customers can have a more direct manner to view the development of the site and provide us with their comments. We are inviting all those who qualify to register for this free service."
The company's Internet service represents a significant addition to the "business-to-business" service application of the Internet and will 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 Feb. 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.
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 or for registration visit www.AutoTradeCenter.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.