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AutoTradeCenter Internet Remarketing Joins Auction Lanes with Honda Finance

March 20, 2001

AutoTradeCenter.com Inc. (ATC) announced on March 20 the expansion of the American Honda Finance Corporation Vehicle Inter-dealer Purcahse System (VIPS). VIPS now includes online sale of the Honda Finance lease vehicles while enroute and marshaled at auctions nationwide.

These auction facilities include select members of ADESA Corporation, Auction Broadcasting Company, Inc, Manheim Auctions, ServNet and independent auction locations.

"The success of the VIPS program, and its overwhelming support by our dealer body, has inspired comprehensive expansion to include our auction partners," said David Langley, manager of lease-end remarketing at Honda Finance. "Our objective is to keep our dealers in touch throughout the disposition cycle, taking advantage of every possible opportunity to sell the car. This expansion extends our dealer access to inventory previously unavailable."

Honda Finance host auctions will provide physical transport, inspection, and marshaling of Honda's VIPS online inventory as well as a variety of value added services to purchasing Honda and Acura dealers. Vehicles that remain unsold on the VIPS will be prepared for sale and sold in the auction lanes.

"Off-lease vehicle volumes are on the rise," said Frank Stephens, executive vice president of marketing and strategic planning at ADESA Corporation. "Managing these assets requires a winning strategy and diverse channels. Honda Finance, with AutoTradeCenter, has been a pioneering force in utilizing the Internet to accomplish this task. We believe combining auction expertise with proven Web presence provides the highest level of service to seller and buyer."

"The VIPS in its original format allowed dealers to preview and purchase inventory from Honda/Acura dealer lots nationwide," said Colette Marcilliat, vice president of marketing for ATC. "Unsold inventory would then be shipped to auction. The extended format allows the dealer with a single VIPS log-in, to seamlessly access and purchase vehicles regardless of whether the vehicle is located on a dealer lot, enroute or a at a partner auction facility."

"We do feel that we have taken a giant step in vehicle remarketing," said Bob Rauschenberg, vice president of Auction Broadcasting Company. "AutoTradeCenter is the industry conduit, effectively filling the void between vehicle turn-in and live sale in the auction lanes. ABC believes there is tremendous opportunity where the technologies meet."

According to Stephens, once a vehicle is sold on auction property, the purchasing dealer will have full access to many value-added services including reconditioning, various repairs and even pre-certification at ADES auctions. "The Honda/Acura dealers have the best of both worlds," Stephens said.

"The merging of proven upstream selling with physical marshaling, inspection, and reconditioning services offers both buyer and seller the most comprehensive approach in vehicle remarketing," said Roger Butterwick, president of ATC. "VIPS has proven its viability with dramatic increases in sales coupled with significant savings. This extension now provides an end-to-end solution well beyond an alternative channel."

According to Harry Beyer, director of sales and marketing, ServNet Auction Group, the remarketing landscape has changed. "Our clients' needs include effective Internet remarketing services," Beyer said. "We consider the VIPS extension initiative a historic industry first; one in ServNet's long line of groundbreaking implementations of Internet technology. We are committed to the aggressive pursuit of the best of remarketing techniques to better serve clients."

The Honda Finance VIPS Web site, designed and powered by AutoTradeCenter.com, provides Honda and Acura franchised dealers with a virtual private network for the purchase of approximately 150,000 Honda Finance off-lease vehicles annually, according to Langley.

About AutoTradeCenter.com

AutoTradeCenter.com is an Internet-based business-to-business automotive remarketing company. ATC markets its services to a national dealer base; automobile manufacturers; automotive fleet, lease and rental companies; banks; and financial institutions across the U.S. who can use the company's remarketing services for more efficient buying, selling and trading.

For more information, visit www.autotradecenter.com.

About Auction Broadcasting Company

Auction Broadcasting Company (ABC) currently operates auctions in Indiana, Michigan, Ohio, Florida, Virginia, Tennessee, and Minnesota. ABC provides a range of facilities that offer value-added services to dealer consignment, factory, financial institutions, fleet/lease and captive finance customers.

ABC maintains its headquarters at 1919 South Post Road in Indianapolis, Ind. For more information about ABC, call (317) 862-7325 or visit www.auctionbroadcasting.com.

About ADESA

Headquartered in Indianapolis, Ind., ADESA Corporation is a wholly owned subsidiary of ALLETE, a diversified multi-services company.

ADESA operates 54 wholesale vehicle auctions located across the U.S. and Canada. In addition, the Automotive Services segment of ALLETE operates several other related business in the vehicle remarketing industry including salvage and recovery services, Automotive Finance Corporation (AFC) dealer financing, AutoVin Inspection Services, Great Rigs auto transporters, PAR Remarketing Services, and ADESA Importation Services (AIS).

About ServNet

ServNet Auction Group is comprised of 21 independently owned auto auctions located throughout the U.S.

ServNet was formed in 1988. Its member auctions work together to enhance the full range of remarketing services they offer, which include reconditioning, transportation, inventory financing, and Internet marketing tools.

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