Auto Network Group, Inc. Announces Continued Expansion Into Texas
SCOTTSDALE, Ariz., Jan. 13 /PRNewswire/ -- Auto Network Group, Inc. (OTC Bulletin Board: ANWK - news) announced today that in the continuation of the Company's strategic growth plan, it has received a letter of intent with a San Antonio, Texas group.
San Antonio will be Auto Network's newest location, adding to the home office in Scottsdale, Arizona and the Company's five other locations in the United States and Canada. The addition is expected to sell approximately 2,000 cars per year and generate annual revenues of approximately $30,000,000. The Company is anticipating a March 1 opening.
Mark Moldenhauer, Auto Network's CFO stated, ''We are very pleased with our initial expansion into the Texas market. The San Antonio operation is complementary to our Scottsdale office, dealing in late model luxury used cars.''
Auto Network Group, Inc. is the fastest growing, publicly-held wholesaler of used late model and luxury automobiles in the country. The Company is capitalizing on the billion-dollar wholesale market by focusing operations in strategic segments of the country. Auto Network's strategy is to gain market share in key urban areas by acquiring and consolidating the independent automobile wholesaling companies. This strategy will provide the Company with access to a large and growing volume of high-quality late model and luxury automobiles. It will also allow Auto Network to take advantage of geographical disparities in the value of cars.
The Company's Internet service represents a significant addition to the ''business-to -business'' service application of the Internet and will complement its wholesale automobile business. The web site will be a revolutionary online service that will allow automobile dealers to view available inventory and allow efficient dealer-to-dealer buying, selling and trading in an auction format on the Internet. The database of automobile inventory will be for wholesaling only, limiting access over a secured connection to registered dealers. Posting to the database will be a free service for dealers. In addition, the site will provide large dealership groups an Intranet service, allowing access to internal inventory. The site is expected to up and operational by February 1, 1999.
For more information on Auto Network USA, please visit anwk.com.
Statements regarding financial matters in this press release other than historical facts are ''forward-looking statements'' within the meaning of section 27 A of the Securities Act of 1933, Section 21 E 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. |
