AutoNation and Procter & Gamble Alumni Unveil Autobex, an Automotive B2B e-Commerce Solutions Company.Business Editors/High-Tech Writers FORT LAUDERDALE Fort Lauderdale (lô`dərdāl), residential, commercial, and resort city (1990 pop. 149,377), seat of Broward co., SE Fla., on the Atlantic coast; settled around a fort built (c.1837) in the Seminole War, inc. 1911. , Fla.--(BUSINESS WIRE)--Aug. 28, 2000 Fort Lauderdale-based Autobex.com, Inc. is seeded with $1.5 million investment from Draper Atlantic The founders of Autobex.com, Inc. today unveiled their B2B e-Commerce (Business to Business Electronic-COMMERCE) Refers to one business selling to another business via the Web. See e-commerce. Solutions company that addresses the electronic content and e-Marketplace management needs of 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. . Autobex began operations in April after receiving $1.5 million in seed funding Seed funding is investing capital to begin a new project, so that it has enough funds to sustain itself for a period of development until it reaches either a state where it is able to continue funding itself, or has created something in value so that it is worthy of future rounds from the Reston, Virginia-based venture capital firm Draper Atlantic. Earlier this month, Autobex announced general availability of the company's first marketplace, Autobex.com. Autobex's mission is to combine world-class procurement The fancy word for "purchasing." The procurement department within an organization manages all the major purchases. capabilities, extensive e-Commerce experience and automotive domain expertise to assist companies in the automotive and related industries to realize the full potential of e-Commerce. The company's founders started Autobex to close the gap between the generic offerings of leading software companies and professional service firms and the unique B2B e-Commerce needs of companies in the Automotive space. Management Team Autobex was founded by Phil Carter, Mike Vermillion, Joe Hess and Jason Welch. Carter was previously the vice president of purchasing at AutoNation, the country's leading automotive retailer. Prior to AutoNation, Carter spent 10 years with Procter & Gamble in purchasing management. Vermillion started his business career with Procter & Gamble in financial and strategic planning Strategic planning is an organization's process of defining its strategy, or direction, and making decisions on allocating its resources to pursue this strategy, including its capital and people. roles. After P&G, Vermillion served in consulting and management capacities with several technology firms before co-founding Autobex. Hess was previously a purchasing director with AutoNation. Prior to AutoNation, Hess worked in operations for NAPA, a division of the Genuine Parts Company Genuine Parts Company (NYSE: GPC) is a Fortune 1000 company that was founded in 1928. Based in Georgia and Alabama, the company employees 31,700 people. [1] . Welch was formerly a purchasing manager A Purchasing Manager is an employee within a company, business or other organization who is responsible at some level for buying or approving the acquisition of goods and services needed by the company. and training director for AutoNation. About Autobex.com Autobex.com, Inc. is the leader in supply chain e-commerce solutions for the automotive industry. Providing e-Content Engineering, e-Market Construction and e-Market Operations services, Autobex.com enables automotive industry suppliers, retailers, service centers and fleet operators to rapidly leverage the power of electronic commerce to improve both productivity and profitability. Serving automotive retailers, the Autobex.com market is the first market designed, constructed and operated by Fort Lauderdale, Florida-based Autobex.com, Inc. Autobex.com is backed by Draper Atlantic. Contact Autobex.com at 954.578.8044 or via the Internet at www.autobex.com. About Draper Atlantic Draper Atlantic is the Mid-Atlantic and Southeast affiliate fund of the leading early stage information technology venture capital firm, Draper Fisher Jurvetson Draper Fisher Jurvetson (DFJ) is a venture capital firm based in Menlo Park, California with affiliate offices in more than 30 cities around the world and over $4.5 billion in capital commitments. . Draper Atlantic and the Draper group of funds group of funds See family of funds. have developed a network of more than 200 highly successful portfolio companies with an emphasis on Internet technology companies. Draper Atlantic seeks entrepreneurs with the vision to build billion dollar companies and pursues a people/market/technology approach to venture capital investing, funding entrepreneurs with the energy, vision, experience and desire to build great companies. For more information on Draper Atlantic see www.draperatlantic.com or Draper Fisher Jurvetson at www.drapervc.com. |
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