Autodaq Corporation Launches 'Autodaq Allied Auctions'.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.--(BUSINESS WIRE)--May 24, 2001 Autodaq Corporation, an integrated automotive remarketing services company, today announced the launch of Autodaq Allied Auctions, a program that provides physical auto auctions with the tools to offer an 'electronic lane' that complements their physical lanes. Powered by proven Autodaq Internet technology and supported by a dedicated dealer field sales force, Autodaq Allied Auctions provides auto auctions an online network that increases each auction's geographical selling power, customer base and helps to attract and develop new customers. The program is designed to expand physical auctions' business from new and existing customers without requiring additional capital investments in property and facilities. "We realized that, in order for Autodaq to add value to physical auto auctions, it was necessary to totally rethink re·think tr. & intr.v. re·thought , re·think·ing, re·thinks To reconsider (something) or to involve oneself in reconsideration. re our strategy," said Don Fowler, Autodaq director of industry relations. "We had to identify how our technology could complement the auto auctions' expertise in remarketing vehicles. So, we worked with several auto auction owners to develop the Autodaq Allied Auction program. "Among the key benefits of Autodaq Allied Auctions is that it enables participating auto auctions to provide an added-value service for their consignors by exposing their vehicles to a larger population of prospective buyers online. Auction customers are also better served by having online access to the auction's inventory 24 hours a day, seven days a week," said Fowler. "We expect the Autodaq Allied Auction program to be a great advantage for us," said Bob Sullivan, Chattanooga Auto Auction general manager. "Autodaq provides outstanding technology, complimented by an aggressive outside dealer sales team. Autodaq and its online service may potentially bring us new consignors and more consignments. Some auctions still view the Internet as a threat, but having an online strategy is quickly becoming a ticket of entry to the business." "Autodaq has impressed im·press 1 tr.v. im·pressed, im·press·ing, im·press·es 1. To affect strongly, often favorably: me with their willingness to work with our auction in maintaining the service role of the auto auction from consignment The delivery of goods to a carrier to be shipped to a designated person for sale. A Bailment of goods for sale. A consignment is an arrangement resulting from a contract in which one person, the consignor, either ships or entrusts goods to another, the , through inspection, sale, title and payment processes and assisting us in developing an integrated Internet initiative that complements our physical lanes with virtual lanes Also called a "VLAN," it is a logical subgroup within a local area network that is created via software rather than manually moving cables in the wiring closet. It combines user stations and network devices into a single unit regardless of the physical LAN segment they are attached to and ," said Kurt Madvig, Pennsylvania Auto Dealers Exchange general manager. "We're excited about this opportunity to serve and support the auto auction industry by helping it to optimize optimize - optimisation business, increase revenues and strengthen its competitive position," added Fowler. Autodaq Allied Auctions include: -- Chattanooga Auto Auction, Chattanooga, TN -- Greater New Haven Auto Auction, New Haven, CT -- Indiana Auto Auction, Fort Wayne, Indiana -- Pennsylvania Auto Dealers Exchange (PADE), York, PA Autodaq Corporation (www.autodaq.com) is an integrated automotive remarketing services company that provides the infrastructure and technology to facilitate the business-to-business trade of used cars on the Internet and professional remarketing services that include remarketing management, lease maturity management and sales and 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, Clayton Venture Group, Dain Rauscher Wessels 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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