Autotradecenter.com Inc. Exceeds Sales Expections for American Honda Finance Corporation
24 July 2000
Autotradecenter.com Inc. Exceeds Sales Expections for American Honda Finance Corporation
Business Editors, High-Tech WritersSCOTTSDALE, Ariz.--July 24, 2000-- AutoTradeCenter.com Inc. (OTCBB:AUTC) announced today the results of the national rollout of its Internet remarketing solution for American Honda Finance Corporation.
The Company's program, known as the Honda Finance Vehicle Inter-dealer Purchase System (Honda Finance VIP), exceeded sales expectations of off-lease vehicles in the first 45 days.
Company president Roger Butterwick reported, "Thirty-Five percent of all Honda Finance off-lease vehicles are being sold on the VIP Web site. This number represents a tremendous achievement in both Honda Finance online vehicle sales, as well as the establishment of a new benchmark for the automotive industry."
The Honda Finance VIP Web site, designed and powered by AutoTradeCenter.com, provides the Honda and Acura franchised dealers with a virtual private network for the purchase of approximately 150,000 Honda Finance off-lease vehicles annually.
AutoTradeCenter Remarketing Services completed the national launch of the VIP Web site with 100% dealer participation on June 12, 2000. Utilizing the Company's state-of-the-art technology and unparalleled support services allows American Honda Finance Corporation to meet its objective of becoming the automotive industry's most successful Internet seller of off-lease vehicles.
American Honda Finance Corporation Manager of Lease-End Remarketing David Langley said, "The national launch of the Honda Finance VIP program is regarded as one of the most successful in our history. The VIP Web site gives the Honda and Acura dealers the ability to track and purchase off-lease vehicles at the earliest point in the disposition cycle, 24 hours a day, seven days a week, directly from Honda Finance.
"The Honda and Acura dealers have gained a significant competitive edge through the use of this program. The advantages of the Internet technology mean efficiency throughout the entire vehicle disposition cycle. This program is exceeding the objectives of American Honda Finance Corporation and providing valuable tools to our dealer body."
Colette Marcilliat, Director of Remarketing for AutoTradeCenter.com stated, "AutoTradeCenter.com's philosophy for Web-enabled vehicle sales programs incorporates the marriage of state-of-the-art technology and automotive expertise. The Honda Finance VIP program incorporates the best Internet technology with industry proven remarketing methods. American Honda Finance Corporation and AutoTradeCenter.com recognize the power of the team approach. This team is committed to the development and support of the industry's leading vehicle remarketing program."
AutoTradeCenter.com is the leading Internet-based "business-to-business" automotive wholesale and re-marketing company. On its Web site, the Company markets its services to its national dealer base, to automotive lease and rental companies, and to banks and financial institutions across the U.S. who can use the site's many features for more efficient buying, selling and trading.
The Company also owns the Web site www.tradeincarsonline.com through its subsidiary BusinessTradeCenter.com Inc. TradeinCarsOnline is the first Web site to allow a consumer purchasing a new vehicle online to receive a firm purchase bid on his trade-in vehicle. TradeinCarsOnline recently signed an agreement with Autobytel.com.
For more information on AutoTradeCenter.com Inc., please 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.