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TradeOut Launches Automotive B2B Exchange; TradeOutAuto.com; TradeOut offers dealers "virtual network" of off-lease vehicles

14 September 2000

TradeOut Launches Automotive B2B Exchange; TradeOutAuto.com; TradeOut offers dealers "virtual network" of off-lease vehicles

    VALHALLA, N.Y.--Sept. 14, 2000--TradeOut (www.tradeout.com), a global Internet marketplace for business surplus assets, today announced the launch of its new automotive site TradeOutAuto.com (www.tradeoutauto.com), to facilitate the sale of off-lease automobiles to dealers throughout the U.S. GE Capital's Auto Financial Services off-lease vehicles are listed on the newly created exchange.
    TradeOutAuto.com offers franchised and independent car dealers nationwide access to a "virtual network" of off-lease vehicles and support services. The site gives dealers a direct entree to a wide selection of quality, off-lease vehicles, saving them the time and costs associated with purchasing used cars via traditional auctions. It's an easy and efficient way for dealers to source premium low-mileage, late model, off-lease cars. The service is free to buyers.
    As the online source for off-lease cars, TradeOutAuto.com provides easy to use, 24-hour Internet access with the ability to purchase around the clock. Buyers can save on travel time and expense costs associated with going to land-based auctions. Other buyer benefits include access to detailed vehicle information and photos, sales support to identify the cars that the buyer wants (My Car Carrier), and reputable industry partners. GE Capital is the first client to list its off-lease vehicles on the TradeOutAuto.com site.
    "As TradeOutAuto.com develops a robust auto exchange, we view them as a new, exciting incremental channel to help us sell our off-lease vehicles on the Internet," said John Haines, Vice President, Remarketing, GE Capital Auto Financial Services.
    "We are excited that GE Capital AFS has chosen TradeOutAuto.com as an online venue for sale of its off-lease vehicles," said George Samenuk, President and CEO of TradeOut. "By combining TradeOut's expertise in the online sale of off-lease assets with GE Capital's track record of selling quality off-lease vehicles on-line, we have created a strong value proposition for our dealers."
    To spearhead the launch of it's new automotive vertical, TradeOut recently tapped Devon Cohen, formerly of Daimler Chrysler, to be Vice President of the company's Automotive Division and oversee TradeOutAuto.com. Cohen's background includes more than 21 years of automotive, management and finance experience, including co-founding and developing Remarketing Services of America (RSA), where he served as CEO.
    GE Capital and TradeOut have continued to enhance their relationship since the two companies teamed up last March when GE Capital acquired an equity interest in TradeOut.

    About TradeOut

    TradeOut. (www.tradeout.com), a privately held company based in Valhalla, New York, is a business-to-business Internet marketplace for excess inventory and idle assets. TradeOut.com offers a fast and easy way to buy and sell business surplus, and features products for sale from a wide variety of industries, from consumer products to utilities. For more information about the company, visit www.tradeout.com, send email to customerservice@tradeout.com, or call 1-888-525-TRADE.