has announced what it calls the automobile industry's first quantifiable savings realized by utilizing the company's Internet technology in the redistribution of off-lease vehicles.

"At the current rate of vehicle sales, we can expect a net gain of millions of dollars annually be utilizing the Internet technology to remarket our off-lease vehicles," said David Langley, manager of lease-end remarketing at American Honda Finance Corporation. "We have achieved a reduction in costs of up to 80 percent per transaction compared to traditional vehicle remarketing methods."

The company's program, known as the Honda Finance Vehicle Inter-dealer Purchase System (Honda Finance VIPS), delivers savings by streamlining the redistribution process through technology-driven Internet remarketing. The Honda Finance VIPS Website, which was launched nationally in June 2000, is providing Honda and Acura dealers access to the entire 150,000-plus annual consumer lease portfolio.

"Sellers utilizing our Internet remarketing services can achieve significant savings across an entire off-lease portfolio from day one," said Roger L. Butterwick, president of "The reality is that millions of consumer leases must be redistributed on an annual basis. Management of these assets requires lightning speed, flexibility, and varying levels of access to potential purchasers. Our state-of-the-art Internet technology addresses these elements at a fraction of the traditional remarketing costs."

On its Website,, the company markets its services to its national dealer base, to automotive lease and rental companies, and to banks and financial institutions. The company also owns the Website through its subsidiary Inc. TradeinCars Online bills itself as the first Website to allow a consumer purchasing a new vehicle online to receive a firm purchase bid on his or her trade-in vehicle. TradeinCarsOnline recently signed an agreement with

"Vehicle remarketers who are not utilizing Web technology are simply missing a huge opportunity," Honda Finance's Langley said. "The VIPS Website has given the Honda/Acura dealers and Honda Finance a competitive edge. We have big plans for the VIPS Website and we intend to keep our dealers in the lead."