Auto Network Group, Opens AutoTradeCenter.com for Auto Dealerships
1 February 1999
Auto Network Group, Inc. Opens AutoTradeCenter.com for Auto Dealerships; 'The Future is Here'
SCOTTSDALE, Ariz.--Feb. 1, 1999--Auto Network Group, Inc. (OTC BB:ANWK) announced today that it has opened its Web site www.AutoTradeCenter.com, the auto dealers, wholesale-only Internet network.
Registration is 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, "We have opened the site to our registered dealers, allowing them access to the posted inventory. Auto Trade Center represents an enormous opportunity for the wholesaling industry and the future of the business. We continue to invite all those who qualify for this free service to register and take advantage of the opportunities provided by this site."
The company's Internet service represents a significant addition to the "business-to-business" service application of the Internet and complements its wholesale automobile business. The Web site is a revolutionary online service that allows automobile dealers to view available inventory for more efficient dealer-to-dealer buying, selling and trading.
The database of automobile inventory will be for wholesaling only, limiting access over a secured connection to registered dealers. Posting to the database is currently a free service for dealers. In addition, the site provides large dealership groups an Intranet service, allowing access to internal inventory through controlled security access.
The Web site will be expanded to utilize auction formats similar 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 www.anwk.com 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.