AutoTradeCenter.com to Conduct First Live Auto Auction
16 March 1999
AutoTradeCenter.com to Conduct First Live Auto Auction
SCOTTSDALE, Ariz., March 16 -- AutoTradeCenter.com Inc.
(OTC Bulletin Board: ANWK) (formerly Auto Network Group, Inc) announced today
that the Company has completed beta testing the auction feature of its Web
site and will commence its first auction on Wednesday, March 17, 1999. This
live test is the next step toward the eventual launch of the site on a
national basis.
The Web site has been 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 as a central location to buy,
sell, and trade used automobiles and to meet other dealers with similar needs.
Vice-President and CFO Mark Moldenhauer stated, "We are confident that our
unique business characteristics will allow us to expand and develop our
business on the Internet as few others can. The opening of the auction
portion of our site is the first step to revolutionize the wholesale auto
business."
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.
AutoTradeCenter.com, 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. AutoTradeCenter.com'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 AutoTradeCenter.com to take advantage of
geographical disparities in the value of cars.
For more information on AutoTradeCenter.com, please visit
http://www.AutoTradeCenter.com or the company's home site http://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.
Contact:
Gerry Richards
M&A West, Inc. (Investor Relations)
650-588-2678
info@mawest.com