New Car Showrooms At Wholesale Prices in South Florida Market
3 August 1999
New Car Showrooms At Wholesale Prices in South Florida Market - AutoSmart USA expands its used car and luxury pre-owned inventory...
JERSEY CITY, N.J.--August 3, 1999--AutoSmart USA, Inc., a Division of Interactive Multimedia Network, Inc., (OTC BB: IMNI) announced today that AutoSmart USA has enjoyed phenomenal growth in the five months since opening "The First Internet New Car Showroom at Wholesale Prices", located at 943 S. Federal Highway, in Pompano Beach, Florida; selling all makes and models for as low as 2% over factory invoice."We are ahead of the projections we made for the year" stated William J. Auletta, Corporate Director of Marketing.
Driving this growth is IMNI's dynamic new business model for aggressively marketing AutoSmart USA; namely, Interactive Convergence: "the crossover of platforms for the sale of a product or service utilizing: Televison linked electronically to the Internet and linked again to Retail simultaneously".
IMNI is airing half hour television infomercials featuring AutoSmart USA and one minute direct response commercials which are both linked to www.autosmartusa.com and cross promoted to the Internet New Car Showroom in Pompano. The use of Interactive Convergence has dramatically increased consumer awareness in the Dade, Broward and Palm Beach Markets. Radio spots on sports and "personality" radio airing in South Florida are doing a terrific job driving traffic to AutoSmart USA. Add to this marketing mix AutoSmart USA's own one hour Saturday morning radio show and some well positioned print ads and you have the "Blueprint for the Successful Introduction of A New Product."
DADE, PALM BEACH LOCATIONS WILL INCREASE BOTTOM LINE...
Such substantial consumer awareness has prompted IMNI to move quickly to acquire new locations that complement the Pompano office. For example, Dade County, with its large population located primarily in South Dade County and heavily concentrated in the Kendall area is under prime consideration. Under careful review are a number of prime spots directly on US Highway #1 in South Dade. In addition, several locations just off I-95 are being studied in booming Palm Beach County.
Corporate marketing was quoted as saying: "To date we are encouraged by the traffic flow to our Pompano location, but in order to increase the sale of quality used cars taken in trade and other pre-owned luxury vehicles, AutoSmart USA should have a presence in the two counties and appropriate facilities to house them. In addition, the advertising expense can be divided equally among the three markets yielding greater return on our marketing investment and broader Brand Awareness. One well placed television advertising schedule on broadcast tv can reach potentially five million consumers in the I-95 corridor (Dade, Broward - Palm Beach markets).
Corporate Marketing went on to say: "Florida is #2 in the nation for new and used car sales, 2nd only to California. The largest market, by far, for new and used car and truck sales in the state of Florida is the South Florida marketplace, namely; Dade, Broward and Palm Beach Counties; and we intend to be there...!" "We will make AutoSmart USA a household word for the purchase or lease of a new car or truck for as low as 2% over factory invoice"...
With 3 locations in South Florida a projection of approximately 1,000 pre-owned vehicles is certainly in reach within the first year of operation of these new locations. This should equate to a projected net revenue of approximately $1.5 million from the sale of pre-owneds. It should be noted that the sale of pre-owned luxury and quality trade-ins is considerably more profitable than the traditional markups realized from the sale of new vehicles. AutoSmart USA intends to pay close attention to the enormous marketplace for pre owned cars and trucks which on a national basis currently exceeds 35,000,000 units annually. The AutoSmart USA system has been designed to take full advantage of this national market.
Safe Harbor Disclosure - This Press Release contains or incorporates by reference "forward-looking statements," including certain information with respect to plans and strategies of Interactive Multimedia Network, Inc., Shop-the-Net.com and AutoSmart USA, Inc., and AutoSmartUSA.com. For this purpose, any statements contained herein or incorporated herein by reference that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the forgoing, the words "anticipate(s)," "believe(s)," "expect(s)," "intend(s)," "plan(s)," "project(s)" and similar expressions are intended to identify forward-looking statements. There are a number of important factors that could cause actual events or actual results of IMNI and its subsidiaries to differ materially from those indicated by such forward-looking statements.