AutoTradeCenter Signs Internet Remarketing Contract with Chase Manhattan Automotive Finance

AutoTradeCenter, Inc. (ATC) announced Jan. 13 the signing of a two-year agreement with Chase Manhattan Automotive Finance Corp. (Chase) for the online grounding and purchase of off-lease portfolios before consignment to auction.

The Chase program, targeted to originating dealers, is anticipated to launch in February 2004 with initial vehicle listings from Subaru Motors Finance (SMF). These Subaru vehicles will be available to Subaru dealers on the current SubaruSOLD private site managed by ATC as a partner with Subaru of America, Inc.

“Subaru is just the beginning,” said David Woods, vice president of national vehicle remarketing for Chase. “The Chase program will roll out in several phases, Subaru being the first, and soon after incorporating other marquees (vehicle manufacturers). Over the next few months, Chase dealers will have the ability to immediately ground and purchase our vehicles through ATC’s Open Auction Platform, before auction consignment.”

“We are pleased to offer Chase this exclusive service for their dealers,” said Andrew Iorgulescu, vice president of business development for ATC. “The ATC 'Turn-In Manager' system fully automates the grounding process completing in minutes what used to take days, making inventory immediately accessible for purchase.”

Chase expects rollout of the Internet program to be complete by July 2004 with 80 percent of its marquee’s turned in via the ATC system.

About AutoTradeCenter, Inc.

AutoTradeCenter, Inc. (ATC) is an Internet-based business-to-business automotive remarketing company offering its services to automobile manufacturers, captive finance companies, lease and rental companies, and financial institutions across the United States.

ATC powers remarketing programs for such companies as Audi, American Honda Finance, American Suzuki Motors, Chase Manhattan Automotive Financial Corp., Volvo Finance North America, Daimler Chrysler Financial Services, Volkswagen, Porsche, Enterprise Rent-a-Car, and Subaru of America, as well as banks and financial institutions.

For more information on AutoTradeCenter, Inc., visit www.autotradecenter.com or contact public relations at [email protected].