AUTOTRADECENTER.COM INC. TO CONDUCT SECOND LIVE INTERNET AUTO AUCTION.
Scottsdale, AZ--March 24,1999--AutoTradeCenter.com (OTCBB:ANWK) announced today that the Company has completed the review of its successful initial auction and substantially all suggestions given by its member group have been implemented. The site will now undergo a second live auction on Tuesday, March 30, 1999. This live test is the next step toward the eventual launch of the auction portion of the site on a national basis.
President and CEO Mike Stuart stated, "We are pleased with the results of our first auction. This second stage should resolve any remaining format issues and provide us with a very dynamic site."
As evidenced by the recent initial public offering of autoweb.com (NASDAQ:AWEB), the evolution of the automobile industry is moving to the Internet. AutoTradeCenter.com is a part of this evolution, utilizing auction formats similar to eBay (NASDAQ:EBAY) and uBid, Inc.,(NASDAQ:UBID), allowing wholesale dealers to bid on listed cars. The site will be used by dealers throughout the country as a central location to buy, sell, and trade used automobiles and to meet other dealers with similar needs.
The Company's Internet service represents a significant addition to the "business-to -business" service application of the Internet and complements its wholesale automobile business. The web site is a revolutionary online service that allows automobile dealers to view available inventory for more efficient dealer-to-dealer buying, selling and trading. The database of automobile inventory will be for wholesaling only, limiting access over a secured connection to registered dealers. Posting to the database is currently a free service for dealers. In addition, the site provides large dealership groups an Intranet service, allowing access to internal inventory through controlled security access.
AutoTradeCenter.com 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. AutoTradeCenter.com'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 AutoTradeCenter.com to take advantage of geographical disparities in the value of cars.
For more information on AutoTradeCenter.com, please visit www.AutoTradeCenter.com or the company's home site www.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.
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