CarDay Inc. Signs Strategic Agreement With carOrder.com; CarDay Exchange Service Offers Alternative to Traditional Sale of Trade-Ins or Used Cars.Business/Automotive Editors NEW YORK--(BUSINESS WIRE)--Aug. 8, 2000 CarDay Inc. (www.carday.com), the first of its kind "brick and click" online used-car exchange Web site, today announced it has signed a strategic agreement with carOrder.com, a leader in online car buying. Under the terms of this agreement, CarDay will be a trade-in resource for carOrder.com customers and will have a link on the carOrder.com Web site. Financial terms were not disclosed. "Our agreement with carOrder.com fits in nicely with our strategic goal of obtaining quality used vehicles from a variety of sources," said John Rines, Chief Executive Officer, CarDay Inc. "We believe this is a winning relationship, one of many strategic alliances CarDay is aggressively pursuing as we grow our business." "By offering CarDay as a trade-in resource, we continue our mission to provide customers with a convenient, hassle-free new car purchasing experience," said carOrder.com president and co-founder Brian Stafford Brian Stafford is a retired inter-county Irish Gaelic footballer for County Meath in Ireland. He enjoyed much success play inter-county football in the eighty's & early ninety's on the Meath team's managed by Sean Boylan. For Meath he usually played at Full Forward. . CarDay.com launched on May 1, 2000 and is the best way to buy or sell used cars. CarDay leverages the power of the Internet to help buyers buy for less than retail and sellers sell for less than wholesale. All cars are inspected, certified and warranteed for six months or 6,000 miles. A key to CarDay's success is its relationship with a select group of the best automotive dealers in the country (CarDay Certification Centers) that offer on the ground expertise in sales, service and finance. carOrder.com allows consumers to purchase a new car online from the comfort of their home or office. At the carOrder.com Web site, consumers can instantly research, configure, price, finance and order their new automobile entirely online. Customers secure their orders with a refundable credit Refundable Credit A tax credit that is not limited by the amount of an individual's tax liability. Typically a tax credit only reduces an individual's tax liability to zero. Refundable credits go beyond this and so really can be considered the same as a payment. card deposit and the car is delivered to their home or office. CarDay offers carOrder.com customers wishing to sell their used vehicles an alternative to traditional methods. Under this agreement carOrder.com will provide its customers an avenue for the sale of their automobile through CarDay's used car exchange, a hassle-free, secure and proven method of selling or buying quality preowned pre·owned adj. Previously owned or used; secondhand: a preowned car. vehicles. "This agreement maximizes the resources of both companies," said Joe Shaker Shaker Member of the United Society of Believers in Christ's Second Appearing, a celibate millenarian sect. Derived from a branch of the radical English Quakers (see Society of Friends), the movement was brought to the U.S. , president and chairman, CarDay Inc. "carOrder.com has proven itself to be a leader in the online sale of new cars and CarDay is an innovator and leader in the sale of pre-owned vehicles. This is a perfect opportunity to offer our respective customers the choices and strengths of both companies." About CarDay, Inc. CarDay (www.carday.com), based in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. , is revolutionizing the used car industry and is the first "brick and click" exchange site for used cars. CarDay connects buyers and sellers in an online marketplace. Each vehicle listed and sold on CarDay's Web site is dealer inspected, certified and warranteed. CarDay Inc. is a privately-held company and was incubated at Hometown Auto Retailers Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : HCAR HCAR Handoff Call Attempt Rate ). CarDay's investors include Goldman Sachs The Goldman Sachs Group, Inc., or simply Goldman Sachs (NYSE: GS) is one of the world's largest global investment banks. Goldman Sachs was founded in 1869, and is headquartered in the Lower Manhattan area of New York City at 85 Broad Street. , Odeon O`de´on n. 1. A kind of theater in ancient Greece, smaller than the dramatic theater and roofed over, in which poets and musicians submitted their works to the approval of the public, and contended for prizes; - hence, in modern usage, the Capital Partners, Citigroup Investments and Sierra Ventures. About carOrder.com, Inc. carOrder.com, Inc. (www.carOrder.com) offers consumers the ability to configure, price, finance and order their new automobile entirely online, with delivery direct to their home or office. By providing interactive custom-building and pricing, carOrder.com empowers consumers with objective information that lets them drive the purchasing experience. Selected as PC Magazine Editors' Choice for online car buying, March 21, 2000, carOrder.com makes buying a new car an enjoyable and refreshing experience, offering car buyers the ultimate in service, convenience and savings. Based in Austin, Texas, the company is 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 Trilogy, Inc. |
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