Autodaq Corporation and AutoTradeCenter.com Inc. announced Oct. 16 the closing of the two companies’ merger agreement signed in June. The merger was approved at a special shareholder meeting of AutotradeCenter.com held in Phoenix, Arizona October 4th, 2002 and a separate shareholder meeting of Autodaq Corporation. The combined entity, AutoTradeCenter, Inc., offers automotive remarketing services for manufacturers, leasing, rental and fleet companies as well as wholesalers and automobile retailers.
Three members of AutoTradeCenter.com’s current Board of Directors will join the new entity’s Board of Directors and senior management of both entities will remain with the combined entity. Adam Boyden, president and chief executive officer of Autodaq, is the chairman of the board of the new entity, and Roger L. Butterwick, president of AutoTradeCenter.com, is the president. A complete listing of all officers can be found on the company’s web site. The merged entity will retain its administrative offices and technology group in Menlo Park, CA, the Internet dealer services operation center in Mesa, AZ, and the remarketing management, lease maturity management and sales and leadership-training center in Minneapolis, MN.
In a separate action, the new Board of Directors approved the sale of the contemplated Preferred Series E financing up to $4 million. The company initially closed on $3 million and set the exercisable price of the warrants to be issued in connection with the financing at $0.01.
“The merger closing of AutoTradeCenter and Autodaq is an exciting milestone for each company,” comments Roger L. Butterwick, president. “With the legal complexities involved with the merger behind us, we are now focusing our efforts toward providing the most comprehensive set of upstream remarketing services for manufacturers, leasing, rental and fleet companies as well as wholesalers and automobile retailers. Within the next few months, we will be launching a plethora of new products and services designed to further streamline and enhance the upstream Internet vehicle remarketing process.”
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 U.S. ATC powers operating successful remarketing programs for such companies as Audi, Honda, Hyundai, Isuzu, Suzuki, Volvo, Volkswagen, Enterprise Rent-a-Car, and several other banks and financial institutions. For more information on AutoTradeCenter, Inc., please visit www.autotradecenter.com.
