AutoTradeCenter.com To Launch Internet Auction Services
10 February 1999
AutoTradeCenter.com To Launch Internet Auction Services
SCOTTSDALE, Ariz.--Feb. 10, 1999--Auto Network Group, Inc. (OTC BB:ANWK) announced today that it is proceeding on schedule and will add a full-featured free auto auction to its industry-leading "wholesale-only" site AutoTradeCenter.com on March 1, 1999.
AutoTradeCenter.com was opened initially as a free service to registered dealers on Feb. 1, 1999 allowing them to post inventory for sale to the automotive dealer industry on a wholesale only basis.
The site is quickly establishing itself as the leading online service that allows automobile dealers to view available inventory for more efficient dealer-to-dealer buying, selling and trading. AutoTradeCenter.com is targeted at all licensed auto dealers, lenders, rental car companies, and leasing companies.
On March 1, 1999, AutoTradeCenter.com will add as another free service a fully featured auto auction to its site. The site will utilize auction formats similar to well-known retail online auction sites eBay Inc. and uBid, Inc., .
The auction will allow multiple buyers to bid simultaneously online for vehicles that have been posted by registered sellers. The auction function will greatly enhance the overall efficiency of the wholesale auto market by letting sellers access a much broader number of prospective buyers quickly and inexpensively online. Conversely, wholesaler buyers will now be able to bid on a much wider selection of inventory with reduced cost.
"AutoTradeCenter.com's success has already exceeded our initial expectations in its early acceptance," stated Mark Moldenhauer, vice president and CFO. "In the first week since the site officially opened, dealers from across North America and from as far away as Russia and China have indicated their intention to utilize the site.
"By adding the auction function to our site, we are providing a very valuable service to the wholesale industry and setting the new direction for national dealer-to-dealer trading in the future. There's no reason why every dealer, fleet, rental and leasing company wouldn't want to take advantage of this free service."
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 to participate as a dealer in the wholesale auto auction 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 27A of the Securities Act of 1933, Section 21E 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.