AutoTradeCenter.com Saves Millions for American Honda Finance Corp.
31 August 2000
AutoTradeCenter.com Saves Millions for American Honda Finance Corp.
Business Editors/High-Tech WritersSCOTTSDALE, Ariz.--Aug. 31, 2000-- AutoTradeCenter.com Inc. (OTCBB:AUTC) Thursday announced the automobile industry's first quantifiable savings realized by utilizing the company's Internet technology in the redistribution of off-lease vehicles.
Forget the "cyber-hype," these savings are real.
American Honda Finance Corp. Manager of Lease-end Remarketing David Langley said, "At the current rate of vehicle sales, we can expect a net gain of millions of dollars annually by utilizing the AutoTradeCenter.com Internet technology to remarket our off-lease vehicles. We have achieved a reduction in costs of up to 80 percent per transaction compared to traditional vehicle remarketing methods."
Company President Roger L. Butterwick stated, "What this means to the automotive industry is simply this: Sellers utilizing our Internet remarketing services can achieve significant savings across an entire off-lease portfolio from day one. The reality is that millions of consumer leases must be redistributed on an annual basis.
"Management of these assets requires lightning speed, flexibility, and varying levels of access to potential purchasers. Our state-of-the-art Internet technology addresses these elements at a fraction of the traditional remarketing costs."
The company's program, known as the Honda Finance Vehicle Inter-dealer Purchase System (Honda Finance VIPS), delivers real savings by streamlining the redistribution process through technology-driven Internet remarketing.
The Honda Finance VIPS Web site is providing Honda and Acura franchised dealers access to the entire 150,000 plus annual consumer lease portfolio. The Honda Finance VIPS Web site was launched nationally in June 2000.
Recent articles in automotive trade publications featuring the company's model for American Honda Finance Corp. identify this program as the pioneer for an industry-wide revolution.
Company Vice President of Marketing Colette Marcilliat said, "The Honda Finance VIPS Web site is unique in that it couples leading technology with 'live' dealer support services and an experienced remarketing team. The result is the blueprint for successful Web-enabled vehicle remarketing.
"This industry is moving to the online marketplace. AutoTradeCenter has engineered the only comprehensive Internet model to improve a client's bottom line. Our system makes real financial sense; our clients can bank on it."
Langley added, "Vehicle remarketers who are not utilizing Web technology are simply missing a huge opportunity. The VIPS Web site has given the Honda/Acura dealers and Honda Finance a competitive edge. We have big plans for the VIPS Web site and we intend to keep our dealers in the lead."