AutoTradeCenter 1st Quarter Internet Revenue Up 244% From Last Year
AutoTradeCenter (ATC) on Aug. 15 announced first quarter Internet revenue was up 244 percent over the same period last year. Reported revenue of $563,655 for the first three months, ending June 30, 2001, represents more than 65 percent of the company’s total Internet revenue for the year 2000. The company reported a net loss of $1.4 million for the quarter.
“AutoTradeCenter’s continuing strong Internet performance reflects the automotive industry’s accelerating acceptance and utilization of the company’s core business plan,” said Roger L. Butterwick, president. “This is a pivotal year for AutoTradeCenter. We look forward to next month’s launch of Volvo Finance North America’s remarketing program and the implementation of additional revenue generating services for our current and future clients.”
”While the first quarter shows a net loss of $1.4 million,” Butterwick said, “it is primarily the result of a non-cash charge of $1.0 million for amortization and depreciation.”
The company’s 1Q filing with the SEC can be accessed through the EDGAR reporting system located at www.sec.gov. The company’s financial statements for the first quarter and three months ended June 30, 2001 are posted in the Investor Relations section on its Web site, www.autotradecenter.com.
About AutoTradeCenter
AutoTradeCenter (ATC) is an Internet-based business-to-business automotive remarketing company.
The company markets its services to automobile manufacturers, captive finance companies, lease and rental companies, and financial institutions across the U.S.
ATC powers the American Honda Finance Corporation’s Vehicle Inter-Dealer Purchase System (VIPS) and the American Suzuki Motor Corp.'s PROline, utilizing Internet technology and remarketing services.
ATC will be launching a similar remarketing program for Volvo Finance North America, Inc. September 2001.
For more information on AutoTradeCenter.com Inc., visit www.autotradecenter.com or contact Public Relations at lseegan@autotradecenter.com.
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