i-incubator.com's i-AutoAuction.com Becomes Affiliate Of Carfax
6 July 2000
i-incubator.com's i-AutoAuction.com Becomes Affiliate Of Carfax
NEW YORK--July 6, 2000--Internet incubator i-incubator.com, Inc. (OTCBB:INQU) today announced its wholly-owned subsidiary i-AutoAuction.com has become an affiliate of Carfax, the nation's leading provider of vehicle history information. Recently, i-AutoAuction.com announced it has formed affiliations with QSpace.com for credit history reporting and auto loans, and VehicleEscrow.com for escrow services. i-AutoAuction.com will be launched within 20 days.
"Carfax's vehicle history service provides valuable information that helps buyers and sellers of used vehicles make better decisions," said Jamee Freeman, President of I-incubator.com. "There is no better way to research the vehicle history so the consumer can understand potential problems. We believe we have created an auction platform using QSpace.com, VehicleEscrow.com and now Carfax which provides the level of protection consumers demand on the internet."
A Carfax report reduces the risk of buying a used vehicle with hidden problems, including salvage or junk history and tampered odometers, that can significantly affect the safety, performance and resale value of a used vehicle. Along with identifying potential problems, Carfax reports also provide valuable information about the vehicle's use, registration history and driving patterns. Consumers can obtain reports free of charge from thousands of Carfax Certified Dealers nationwide. If not available through a dealer, consumers can purchase 60 days of unlimited access to the Carfax database for $19.95.
Carfax Vehicle History Service is the only comprehensive, nationwide "title search" database. Using the 17-character Vehicle Identification Number (VIN) found on the dashboard and on title documents, Carfax produces a detailed vehicle history report on virtually any registered used car or light truck in seconds. A Carfax Vehicle History Report(SM) can uncover hidden problems such as salvage, junk, flood damage and manufacturer buyback titles that have been "washed" from the vehicle's paperwork, as well as odometer fraud. If no title problems are found, Carfax offers consumers the Clean Title History Guarantee worth 10% of the value of their car up to $1,000.
Key sources include U.S. and Canadian motor-vehicle departments, emissions-inspection stations, auto auctions and insurance companies. The Carfax database contains more than 1.3 billion vehicle records on cars and light trucks dating back to 1981.
i-AutoAuction.com is a worldwide auto auction marketplace for users to buy and sell used cars. It utilizes a newly-engineered auction technology system developed by i-AuctionTech.com, a wholly-owned subsidiary of i-incubator.com, which built new efficiencies and functionality into the auction platform to greatly enhance the users buying and selling experience.
Based in Miami, FL and New York City, i-incubator.com identifies internet and technology market segments and business models ripe for growth. Similar in structure to other incubators, such as CMGI , Internet Capital Group , Rare Medium and Idea Labs, it will provide venture capital, technical expertise and marketing assistance to development stage companies. However, it differentiates itself in its strong architecture development, integration and engineering capabilities.
Since its formation in December, 1999, i-incubator.com has acquired auction technology developer i-AuctionTech.com and its subsidiary, i-Aerobids.com; and 1.5 million shares of personal finance site WealthHound.com, Inc. (NQB: WLTH). Additionally, it owns i-RealtyAuction.com and i-AutoAuction.com, which are currently under development phase right now and should be launched soon. Recently, it purchased an initial stake of 10% in ethnic e-grocer OnlineFood.com, and has the option to acquire 50% of the company at a set price. It has also signed an agreement with Escrow.com, an affiliate of Micro General Corporation (OTC BB: MGEN) and Fidelity National Financial , for secure online escrow services. Additional information is available at www.i-incubator.com.
Carfax, Inc. is a wholly owned subsidiary of the R.L. Polk Company. Polk is a private firm, owned by the Polk family since Ralph Lane Polk founded it in 1870. Headquartered in Southfield, Michigan, Polk is a global leader in information services with operations on every major continent. It is the oldest consumer information company in America and currently employs approximately 5,000 people.
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Although the company believes that the expectations reflected in the forward-looking statements and assumptions upon which forward-looking statements are based are reasonable, it can give no assurance that such expectations and assumptions will prove to be correct.