Autodaq Corporation, Marketwise Solutions Merge; Combined Company to Offer Expanded Suite of Remarketing Services.Business Editors MENLO PARK Menlo Park. 1 Residential city (1990 pop. 28,040), San Mateo co., W Calif.; inc. 1874. Electronic equipment and aerospace products are manufactured in the city. Menlo College and a Stanford Univ. research institute are there. 2 Uninc. , Calif. & MINNEAPOLIS--(BUSINESS WIRE)--Sept. 25, 2000 Autodaq Corporation ( www.autodaq.com ), a leading business-to-business e-commerce e-commerce, commerce conducted over the Internet, most often via the World Wide Web. E-commerce can apply to purchases made through the Web or to business-to-business activities such as inventory transfers. automotive company, and MarketWise Solutions, a Minneapolis- based automotive remarketing services company, today announced the signing of an agreement to merge the two companies. The combined company is named Autodaq Corporation with headquarters in Menlo Park. MarketWise Solutions has been renamed "MarketWise, an Autodaq company." MarketWise will continue to be based in Minneapolis, operating as a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Autodaq Corporation and run by its current senior management team, who will report to Adam Boyden, president and chief executive officer of Autodaq. Both companies serve the wholesale automotive remarketing industry and have similar potential client bases. Clients include companies with substantial vehicle holdings - such as financial institutions, auto manufacturers and other fleet, lease and rental car operators, as well as franchised, independent and Internet-based auto dealers and wholesalers - and help their clients to significantly reduce costs, increase profitability and improve operational efficiency and performance. Autodaq provides the infrastructure and technology to facilitate the trade and remarketing of used cars on the Internet. MarketWise provides remarketing services to clients nationwide. These services include remarketing management, lease maturity management, strategic marketing services, vehicle sourcing, and sales and leadership training. "MarketWise has a top-notch team, an excellent reputation and a strong track record of providing services in the remarketing industry," Boyden said. "We saw a great strategic fit for our companies that will enable us to more fully serve the needs of the wholesale auto market. "MarketWise has developed a strong core competence Core competence Primary area of expertise. Narrowly defined fields or tasks at which a company or business excels. Primary areas of specialty. in remarketing management and related services in the 'bricks and mortar' world. Autodaq has developed an equally strong technology and infrastructure to facilitate the trade and remarketing of used cars in the 'virtual' world. The combination of the two companies makes eminently em·i·nent adj. 1. Towering or standing out above others; prominent: an eminent peak. 2. Of high rank, station, or quality; noteworthy: good sense." MarketWise President Steven Leach said, "By joining the Autodaq team, we are able to leverage their technology expertise and combine it with our remarketing services to create a cutting edge remarketing services organization. Our ability to deliver value-added services A value-added service (VAS) is a telecommunications industry term for non-core services or, in short, all services beyond standard voice calls and fax transmissions. to our clients will be greatly enhanced and, frankly, will be unparalleled in the industry. "This merger is a win-win development for MarketWise, Autodaq and, more importantly, our collective current and prospective clients." Autodaq Corporation ( www.autodaq.com ) is an automotive remarketing company that provides the infrastructure and technology to facilitate the business-to-business trade of used vehicles on the Internet, as well as professional remarketing services that include remarketing management, lease maturity management, strategic marketing, vehicle sourcing and sales & leadership training. Autodaq services significantly reduce costs, increase profitability, and improve operational efficiency for financial institutions, auto manufacturers, and other fleet, lease and rental car operators, as well as franchised, independent and Internet-based auto dealers and wholesalers. Based in Menlo Park, Calif., Autodaq is a privately held company privately held company A firm whose shares are held within a relatively small circle of owners and are not traded publicly. ; its investors include August Capital, Madison Dearborn Madison Dearborn Partners (MDP) is a private equity firm specializing in buyouts of private or publicly held companies, or divisions of larger companies; recapitalizations of family-owned or closely held companies; balance sheet restructurings; acquisition financings; and growth Partners, Zilkha Ventures and several angel investors An individual who invests his or her own money in a private company, which is typically a startup. An angel investor is not an employee or member of a bank, venture capital firm or other financial institution that normally makes such investments. from the Internet and automotive industries Automotive Industries, Ltd. (Hebrew: תעשיות רכב נצרת עלית, תע"ר . SOURCE: Autodaq Corporation |
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