Autodaq Corporation Launches ``Private Auctions'' Internet Service For Auto Remarketers; Branded Sites Enable Sellers to Target Customers and Strengthen Business Relationships
10 July 2000
Autodaq Corporation Launches ``Private Auctions'' Internet Service For Auto Remarketers; Branded Sites Enable Sellers to Target Customers and Strengthen Business Relationships
MENLO PARK, Calif.--July 10, 2000--Autodaq Corporation, a leading business-to-business e-commerce automotive company, today announced the launch of its "Autodaq Private Auctions" Internet auction service for wholesale used-car sellers."Autodaq Private Auctions" service provides financial institutions, auto manufacturers and other fleet, lease and rental car operators with branded Web sites for transacting sales and communicating with dealers and other buyer groups that they specifically identify. Autodaq, which provides the infrastructure and services to facilitate the trade of used cars on the Internet, will both power and maintain the Web sites.
"Our new 'Autodaq Private Auctions,' fully supported by proven Autodaq Internet technology, infrastructure and service, puts branded Internet solutions to work for remarketing companies that want to create, expand or improve their Internet market presence," Autodaq president and chief executive officer Adam Boyden said.
"In essence, 'Autodaq Private Auctions' leverages the Internet to extend the remarketer's enterprise, expanding its market presence while reducing resale costs and compressing sales cycles," Boyden added. "Furthermore, used car remarketers can use their branded private auction sites to target selected dealer franchises or locations or pass through incentives to select buyers to strengthen their strategic business relationships."
Key advantages of "Autodaq Private Auctions" include:
-- Broader Market Exposure - auctions may be sequentially or concurrently opened to a broader pool of buyers, such as franchised, independent and Internet-based auto dealers and wholesalers, based on the parameters established by the seller.
-- Cost Reduction and Compressed Sales Cycles - potential reduction of transportation, purchasing fees and flooring costs; faster and simpler sales transactions.
-- Auction Flexibility - the seller may stipulate auction cycle times, payment terms, transportation costs, etc.
-- Post-Sale Intelligence - sellers can obtain detailed knowledge of their sales performance at auction.
Benchmark database and software capabilities are other significant advantages "Autodaq Private Auctions" provides to financial institutions and other fleet, lease and rental car operators via better, actionable information. Autodaq provides detailed vehicle descriptions and thus optimal pricing estimates through a three-step process:
First, Autodaq's state-of-the-art configuring capability combines the VIN (Vehicle Identification Number) with seller and inspection data on a given vehicle to derive an accurate description (e.g., make, model, model year, drive train, standard and optional equipment configuration).
Second, each of the vehicle's options is aligned with recognized third-party pricing sources to establish incremental optional equipment value. This is a feature exclusive to the Autodaq process.
Third, input from the vehicle's condition report or reconditioning can be factored into the final price estimate.
Captive finance companies of auto manufacturers can also leverage their own internal data, as well as Autodaq's database, to configure vehicles to best fit their needs.
"Through Private Auctions, our customers can describe their vehicles more accurately," said Boyden. "This ensures greater confidence for sellers and buyers alike."
Autodaq (www.autodaq.com) is a business-to-business e-commerce automotive company that provides the infrastructure and services to facilitate the trade of used cars on the Internet. Autodaq's online services significantly reduce costs, increase profitability, and improve operational efficiency for financial institutions, auto manufacturers, and other fleet, lease and rental car operators, as well as franchised, independent and Internet-based auto dealers and wholesalers. Based in Menlo Park, Calif., Autodaq is a privately held company; its investors include August Capital, Zilkha Ventures and several angel investors from the Internet and automotive industries.
SOURCE: Autodaq Corporation