World Omni Financial Corp. And Autodaq Launch ``World Omni World Class Online''; Convenient New Internet-Based Wholesale Auction Introduced for Dealers
4 December 2000
World Omni Financial Corp. And Autodaq Launch ``World Omni World Class Online''; Convenient New Internet-Based Wholesale Auction Introduced for Dealers
DEERFIELD BEACH, Fla. & MENLO PARK, Calif.--Dec. 4, 2000--World Omni Financial Corp. (World Omni), one of the nation's largest automotive-related finance and leasing operations, today announced that it will offer its Platinum Certified(SM) off-lease vehicles through a new Internet-based auto auction site called "World Omni World Class Online." The site was designed to make dealers' online acquisitions of high-quality used vehicles more efficient and convenient. The initiative has been developed by Autodaq Corporation, a leading business-to-business e-commerce automotive and remarketing company.Through World Class Online, World Omni will offer its Platinum Certified(SM) off-lease Toyota and other make vehicles exclusively to the 162 Southeast Toyota Distributors, LLC dealers located throughout Florida, Georgia, Alabama, and North and South Carolina via an online private auction created, powered and maintained by Autodaq. It replaces the e-mail and fax-based silent auction services presently used by many dealers.
"World Omni's World Class Online continues our tradition of offering dealers efficient access to high-quality off-lease vehicles," said Andy Mahoney, vice president of Corporate Vehicle Remarketing for World Omni. "This innovative new program provides dealers with state-of-the-art tools for acquiring quality wholesale vehicles from the convenience of their desk."
According to Mahoney, all a dealer needs to visit World Omni World Class Online is a personal computer with access to the Internet. "Finding your way through the auction site is simple," he said. "It will direct dealers to information about a prior auction transaction, World Omni Platinum Certified(SM) vehicles currently at the online auction, how to search for specific vehicles and much more."
The Autodaq Private Auction 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.
The private auction site designed by Autodaq provides complete condition and guide book price information and allows dealers to search for vehicles with precision. Dealers may bid in real time or submit "proxy bids" by entering the highest amount they would pay for a specific vehicle and allowing the Autodaq system to automatically bid for them in $50 increments up to that pre-specified proxy (or maximum) amount.
"We're thrilled to put a branded Internet solution to work for World Omni," Autodaq President and CEO Adam Boyden said. "We're confident that this will extend World Omni's market presence and strengthen its business relationship with Southeast Toyota dealers, all the while reducing resale costs and compressing sales cycles."
To register for the new service, dealers should contact their Southeast Toyota Finance representative or call (954) 420-3405.
World Omni Financial Corp. (www.worldomni.com) is a subsidiary of JM Family Enterprises, Inc. (www.jmfamily.com) a $6.6 billion diversified automotive corporation headquartered in Deerfield Beach, Fla. and the 19th largest privately held corporation in the U.S., as ranked by Forbes magazine. World Omni serves automotive retail outlets throughout the U.S. and offers a complete range of customer-driven automotive products and services. Currently, the company manages approximately $10 billion of receivables representing 560,000 outstanding automotive lease and retail contracts and approximately $1.2 billion of automotive commercial loans.
Autodaq Corporation (www.autodaq.com) is an automotive remarketing company that provides the infrastructure and technology to facilitate the business-to-business trade of used cars on the Internet, as well as professional remarketing services that include remarketing management, lease maturity management, strategic marketing, vehicle sourcing, and sales and leadership training. Its 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, Madison Dearborn Partners, Zilkha Ventures, Clayton Venture Group and several angel investors from the Internet and automotive industries.
SOURCE: World Omni Financial Corp; Autodaq Corporation