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Autodaq Corp., an integrated automotive remarketing services company (www.autodaq.com), and Bay View Bank, the largest independent bank exclusively serving the San Francisco Bay
Area and the principal subsidiary of Bay View Capital Corp., announced June 18 that Bay View Bank will use the Autodaq Open Auction
to remarket off-lease vehicles online.
As a part of its end-of-term remarketing process, Bay View Bank will list its off-lease vehicles on the Autodaq site prior to lease expiration. At lease end, sold vehicles will be transported directly from the lessees to the purchasing dealers for resale, according to Adam Boyden, president and CEO of Autodaq.
"Our arrangement with Bay View Bank is unique in that off-lease vehicles will be listed on the Autodaq Open Auction site, where they can be seen by more than 2,000 dealers, prior to lease termination," Boyden said. "Then, if sold, the vehicles will be transported directly from the consumer who leased the vehicle to the purchasing dealer."
Jim Badame, Bay View Bank Auto Finance Group president, added, "Autodaq is pioneering an innovative approach to remarketing off-lease vehicles via the Internet that can result in significant time and cost savings. Bay View may
realize significantly improved returns by offering vehicles for sale upstream in the lease termination process -- while the vehicle is still in the lessee's hands. For our lease portfolio, that can translate into substantial savings."
The majority of Bay View Bank off-lease vehicles will be made available in California and Florida, according to Badame.
About Autodaq Corporation
Autodaq Corp. (www.autodaq.com) is an integrated automotive remarketing services company that provides the infrastructure and technology to facilitate the business-to-business trade of used cars on the Internet and remarketing services that include remarketing management, lease maturity management and sales and leadership training.
Autodaq says its services significantly reduce costs, increase profitability and improve operational efficiency for financial institutions, auto manufacturers and other fleet, lease and rental car operators, as well
as franchised, independent and Internet-based auto dealers and wholesalers.
Based in Menlo Park, Calif., Autodaq is a privately held company; its investors include August Capital, Madison Dearborn Partners, Zilkha Ventures, Clayton Venture Group, Dain Rauscher Wessels and several angel investors from the Internet and automotive industries.
About Bay View Capital Corporation
Bay View Capital Corp. is a diversified financial services company with $5 billion in assets. The company's principal subsidiary is Bay View Bank, a nationally chartered commercial bank which is the largest deposit
franchise exclusively serving the San Francisco Bay area with 57 full-service branches.
For more information or to locate the closest branch, call 1-800-BAY VIEW (1-800-229-8439), or visit www.bayviewbank.com.
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