Andrew, Thanks for the invitation. I would love to discuss AUTC. I posted that PR here because I thought it was appropriate for this board.
Autotradecenter.com (NASDBB:AUTC), based in Scottsdale, AZ, operates land based wholesale automobile auctions. They are fully reporting, and have announced their intentions to apply for a NASDAQ listing in the very near future. Approximately a year ago, AUTC launched it's primary web site, autotradecenter.com. The site puts the B2B auto auction business on the internet. Now, instead of sending employees on costly trips to auto auctions around the country, auto dealers can buy and sell wholesale vehicles online.
The recent contract executed with Honda (which is what I posted) is huge news for this company. Terms of the agreement stipulate that American Honda Finance will funnell 100% of it's off-lease vehicles through autotradecenter.com. Approximately 150,000 Honda and Acura vehicles anticipated each year. The cars will first be offered only to other Honda and Acura dealers. If they are not sold within a stipulated timeframe, the cars will be made available to AUTC's entire membership base. This is also big news because additional automakers are expected to follow suit. Companies rumored to be in negotiation with AUTC include BMW, Toyota, Hyundai, Mitsubishi and Daimler-Chrysler. The company is also marketing it's services to automobile rental companies and financing companies.
On March 1, AUTC launched a second web site at tradeincarsonline.com. This site is designed to fill a huge void in the retail online auto sales sector. For the first time, consumers purchasing new vehicles via the internet have a means through which to trade in their old cars. This effort will be supported by AUTC's national sales force of 300+ employees. The site is currently in beta testing only in the Arizona vicinity. Management has stated, however, that they expect to expand the services rapidly beginning in May.
AUTC generated $96MM in revenues during it's last fiscal year, with earnings of $.02 per share. Projections for the current fiscal year (currently in the fourth quarter) are for sales of $130MM with a loss of $.02 per share, due to recent expansion efforts. 2001 projections are for $400MM in sales with earnings of $.08 per share. There are approximately 21 million shares outstanding with about 9 million in the float.
AUTC is an internet B2B company on the verge of revolutionizing an enormous industry.
Here are links to some recent news:
03/14 08:32 Business Wire
AutoTradeCenter.com Inc. Unveils Latest 3-D Technology at Las Vegas Conference: C.A.R. 2000
siliconinvestor.com
03/02 11:29 Business Wire
AutoTradeCenter.com Inc. Acquires Automotive Industry Technology Provider siliconinvestor.com
02/29 08:27 Business Wire
AutoTradeCenter.com Inc. Enters Into A Vehicle Remarketing Agreement with American Honda Finance Corp.
siliconinvestor.com
Again, thanks for the invitation to discuss this undiscovered gem. Please feel free to pose any additional questions you might have.
Roofman |
