Auto Network UK Received 'Award of Excellence 2005' from the Institute of Transport Management.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. , England -- Auto Data Network (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). Pink Sheets: 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 worldwide 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 Auto Network UK, has been conferred with the prestigious 'Award of Excellence 2005' accreditation by The Institute of Transport Management (ITM ITM See: In-the-money ). Auto Network UK is the specialist 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. subsidiary of Auto Data Network Inc. It provides a unique and flexible service to help every facet of the motor industry protect the valuable revenue opportunities of insurance sales. The decision to present Auto Network UK with this accreditation is the result of research conducted during the past 12 months on behalf of the ITM. Auto Network UK is the unanimous choice of the Awards Committee in the automotive industry area. Announcing the Award, Patrick Sheedy, Media and PR Director of the Institute of Transport Management said, "On foot of its in-depth research it was clear, to the ITM awards committee, that Auto Network UK had made a significant contribution to the automotive industry, helping the motor retailers to adapt to a new environment of stringent legislation regarding the sales of insurance. And in recognition of this achievement the Award of Excellence 2005 has been conferred upon the organisation for their outstanding service in FSA FSA Financial Services Authority FSA Food Standards Agency (UK) FSA Farm Service Agency (USDA) FSA Financial Services Agency (Japan) compliance." In order to better understand the impact that Auto Network UK has had on the industry it is important to understand the situation that was facing many motor retailers. In January 2005, new legislation stopped businesses offering insurance unless they either had direct authorisation from the FSA or are an appointed representative of an approved network. So for motor manufacturers with franchise dealers actively involved in selling or advising on insurance products and for independent motor retailers this created a dilemma on how the meet the needs of their clients, in an industry that has suffered increased competition on low levels of growth. This situation would not have just affected motor retailers alone - it was forecast by many analysts that any problems with the introduction of this new service could have had a drip down affect on the entire automotive industry from suppliers to manufacture, including many associated sectors. Auto Network UK has met the challenges of this transition period head on, by offering a practical and affordable way of enabling motor retailers to continue selling insurance products without direct authorisation. They provide everything needed to maintain compliance, including all documentation, processes, procedures and training (including a training & competency software solution) - all tailored to the real business needs of motor retailers. This means they do not need to go through the complex application process and they will not need to report directly to the regulator. For manufacturers and dealers who do not want to lose the valuable revenue stream of Finance and Insurance products, Auto Network UK offers a complete solution specifically tailored for the automotive market. Commenting on winning the award Stephanie Murdoch, Managing Director, Auto Network UK said, "We are delighted to have been accredited accredited recognition by an appropriate authority that the performance of a particular institution has satisfied a prestated set of criteria. accredited herds cattle herds which have achieved a low level of reactors to, e.g. with this prestigious Award of Excellence. FSA regulations have had a major impact on the automotive industry. As an FSA authorised network, founded by professionals with many years general insurance, motor and regulatory experience, we were able to offer an effective solution that ensures motor retailers have the choice of selling almost every insurance product on the market and therefore, reap the profit benefits." 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 North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. 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 Aftermarket See: Secondary market. aftermarket See secondary market. 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 forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. 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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