Auto Data Network Teams with Pinnacle Insurance to Provide Regulatory Solutions to the Motor Industry.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of & TUNBRIDGE WELLS Tunbridge Wells: see Royal Tunbridge Wells, England. , U.K. -- Auto Data Network Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). : ADNW), a provider of software and real-time data Real-time data denotes information that is delivered immediately after collection. There is no delay in the timeliness of the information provided. Some uses of this term confuse it with the term dynamic data. services to the automotive industry The automotive industry is the industry involved in the design, development, manufacture, marketing, and sale of motor vehicles. In 2006, more than 69 million motor vehicles, including cars and commercial vehicles were produced worldwide. , today announced that they will be working with Pinnacle Insurance plc to provide regulatory support to Pinnacle's automotive related clients through Auto Data's specialist regulatory network subsidiary company, Auto Network UK. Pinnacle Insurance, part of worldwide banking organization BNP Paribas BNP Paribas (Euronext: BNP, TYO: 8665 ) is one of the main banks in Europe and France. It was created on 23 May 2000 through the merger of Banque Nationale de Paris (BNP) and Paribas. , is one of the leading providers of motor finance related insurances in the UK. Pinnacle distributes these products through finance houses, which then provide them to motor dealerships and their customers. Auto Data Network's Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , Chris Glover, commented, "Insurance and financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. products are of great commercial value to our dealership customers. The regulation of general insurance presents a real challenge to them if they want to continue offering these products through their dealerships in the future. Our subsidiary company, Auto Network UK, is unique in its ability to offer dealerships a cost-effective alternative to direct compliance and the ongoing provision of insurances through the motor dealership channel. Working with Pinnacle reinforces our decision to develop a solution for this complex area, and supports our groups' investment in providing solutions that tackle real commercial issues" Pinnacle's Sales Director Roger Humber commented, "We are delighted to enter into an agreement with Auto Network UK to help us to provide a proactive solution and alternative to direct authorization to the incoming insurance regulations and help us to sustain our distribution channel for our products." About Auto Data Network Auto Data Network is a group of established companies which provide software products and services to the automotive industry. The company's main customer base is the auto dealership marketplace. This marketplace consists of approximately 78,000 dealers in North America and 92,000 dealers in Europe. The company estimates that this represents a $15 billion market for Software and Services specifically for auto dealerships. The company supplies a suite of software solutions and services that enable dealerships to run their businesses more efficiently whilst achieving considerable cost savings. The majority of the company's current solutions are focused on serving the aftermarket and finance areas of dealerships. These areas are of particular importance as the aftermarket business is responsible for 48% of a dealerships profit from 12% of their overall revenue. The second most profitable area is vehicle finance and insurance this area contributes 35% of profits from 2% of revenues. This press release contains forward-looking statements as defined in the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Readers are cautioned not to place undue reliance on these forward-looking statements. Actual results may differ materially from those indicated by these forward-looking statements as a result of risks and uncertainties impacting the Company's business including increased competition; the ability of the Company to expand its operations through either acquisitions or internal growth, to attract and retain qualified professionals, and to expand commercial relationships; technological obsolescence ob·so·les·cent adj. 1. Being in the process of passing out of use or usefulness; becoming obsolete. 2. Biology Gradually disappearing; imperfectly or only slightly developed. ; general economic conditions; and other risks detailed time to time in the Company's filings with the Securities and Exchange Commission (SEC). |
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