Autodaq Corporation To Provide Greater New Haven Auto Auction With Online Wholesale Auto Auction; Joint Initiative Provides ``Electronic Lane'' for Established Auction Operation.Business Editors & Automotive/High-Tech Writers LAS VEGAS--(BUSINESS WIRE)--Feb. 5, 2001 Autodaq Corporation, 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 and remarketing company, and Greater New Haven Greater New Haven is the metropolitan area whose extent includes those towns in the U.S. state of Connecticut that share an economic, social, political, and historical focus on the city of New Haven. It occupies the south-central portion of the state in a radius around New Haven. Auto Auction (GNHAA), a premier independent automobile auction serving the Northeast, announced that they have partnered to offer a new GNHAA auto auction Internet site. The announcement was made at a press conference here during the 2001 National Automobile Dealers Association Convention. The new GNHAA branded site augments GNHAA's full-service auction services, providing licensed dealers and wholesale buyers convenient and efficient online access to, and the acquisition of, quality used car inventory. The online auction is powered and maintained by Autodaq and may be accessed via GNHAA's Web site at www.gnhaa.com. "By working with Autodaq, we are able to offer car dealers and wholesale buyers in the Northeast a powerful new tool that they can use to access GNHAA auction services," said Joanne Hanley, GNHAA co-owner. "Our new online program enhances our ability to meet the needs of our current GNHAA customers, while enabling us to offer our auction services to a greater audience beyond our traditional geographic boundaries." All a licensed dealer or wholesale buyer needs to visit GNHAA Online is a personal computer with access to the Internet. "Finding your way through the auction site is simple," Hanley said. "It directs dealers to information about a prior auction transaction, vehicles currently available at the online auction, how to search for specific vehicles and more." GNHAA's online auction will be available to dealers 24 hours a day, Monday through Friday, and will feature high-quality off-lease cars and trucks from reputable rep·u·ta·ble adj. Having a good reputation; honorable. rep  u·ta·bil sellers.
"We're pleased to partner with Greater New Haven Auto Auction, as well as with other auctions, to offer an Internet solution that complements and enhances their traditional auction services," said Adam Boyden, Autodaq president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "We're confident that the GNHAA branded site will extend GNHAA's market presence and strengthen its business relationship with its customers. We look forward to working more closely with the traditional auction industry to form more win-win relationships." The Autodaq Private Auction service provides financial institutions, auto manufacturers and other fleet, lease and rental car operators with branded Web sites for transacting sales and communicating with dealers and other buyer groups they specifically identify. The site provides complete condition and guidebook price information and allows dealers to search for vehicles with precision. Dealers may bid in real time or submit "proxy bids Proxy bidding is an implementation of an English second-price auction used on eBay, in which the winning bidder pays the price of the second-highest bid plus a defined increment. " by entering the highest amount they would pay for a specific vehicle and allowing the Autodaq system to automatically bid for them in $50 increments up to that pre-specified proxy (or maximum) amount. Greater New Haven Auto Auction (www.gnhaa.com) is an independent auto auction located at 51 Longhini Drive in New Haven New Haven, city (1990 pop. 130,474), New Haven co., S Conn., a port of entry where the Quinnipiac and other small rivers enter Long Island Sound; inc. 1784. Firearms and ammunition, clocks and watches, tools, rubber and paper products, and textiles are among the many , Conn. 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 cars on the Internet, as well as 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 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., 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 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 |
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