Autodaq Corporation Names David Irwin VP of Engineering; Former Oracle Director to Lead B2B Technology Development.

Business Editors/Automotive Writers

SAN MATEO, Calif.--(BUSINESS WIRE)--March 6, 2000

Autodaq Corporation, the online trading marketplace for businesses that buy and sell used automobiles, today named David Irwin as its vice president of engineering.

Irwin will lead ongoing development and implementation of Autodaq's business-to-business e-commerce solutions, all of which are created in-house. They include Autodaq's proprietary "Click and Buy" purchasing program, auction-bidding capabilities, real-time transportation pricing and the establishment of personalized accounts for both buyers and sellers.

Irwin, with more than 20 years of experience in the software industry, will also focus on developing and delivering Autodaq's post-sale tracking software, private-label auction sites for large-volume sellers and online financial settlement program.

"What really impressed me about Autodaq and influenced my decision to join the company is the very high quality of its founders and staff at all levels, the uniqueness and viability of its business model and the application of best-of-breed Web technologies," Irwin said.

Prior to joining Autodaq, Irwin worked at Oracle Corp. for eight years, most recently serving as senior director of Oracle Corp.'s Public Sector Financials Products Division, responsible for leading engineering and product management teams that deliver and implement global financial products for federal, state and local public sector industries. Irwin also served as senior director of Oracle's System Products Division.

"Autodaq is committed to hiring the most talented professionals from the technology and automotive worlds who will continue developing and enhancing a new Internet-trading marketplace that provides a dramatic level of improved efficiency for businesses that buy and sell used vehicles," Autodaq CEO, President and co-founder Adam Boyden said. "We are thrilled to have a professional of David's caliber to lead our engineering efforts that, in the end, will improve the bottom line for all participants on the Autodaq system."

Autodaq (www.autodaq.com) is the online e-commerce "hub" serving dealerships and other businesses that traditionally buy and sell used vehicles primarily through physical automobile auctions - a $93 billion market wrought with inefficiencies.

Autodaq's technology and related services are designed to eliminate up to 50 percent of supply chain costs associated with physical automobile auctions, or about $5 billion annually.

Autodaq's full suite of Internet-based offerings include proprietary auction functionality and facilitation of transportation, inspection, title processing, single-point viewing and access to more extensive, granular information. Autodaq is Web-based, meaning that customers only need Internet access to connect to the site; no additional software or hardware is required.

Sellers - financial institutions, manufacturers and other fleet, lease and rental operators - increase profitability and ROI by gaining access to a larger buyer pool capable of bidding on each vehicle; selling vehicles more quickly, thus reducing depreciation and freeing up capital, creating efficiencies in reconditioning, detailing and transportation costs.

Buyers - franchised, independent and Internet-based dealers, and wholesalers - increase profitability by gaining real-time access to an extensive online inventory of used vehicles, as well as the option of instant buying ("Click and Buy") and/or bidding, notification when desired vehicles become available, instantaneous reporting and shipping and delivery.

Founded in July 1999, San Mateo, Calif.-based Autodaq Corporation (www.autodaq.com) is transforming the used automobile industry by establishing an Internet marketplace with a dramatic new level of efficiency for businesses that buy and sell used vehicles. Autodaq provides online services and technologies that significantly reduce costs while increasing profitability by eliminating chronic inefficiencies for financial institutions, manufacturers and other fleet, lease and rental operators, and franchised, independent and Internet-based auto dealers and wholesalers. Autodaq is a privately held company; its investors include August Capital, Zilkha Ventures and several angel investors from the Internet and automotive industries.

SOURCE: Autodaq Corporation