Auctions International Inc. and Cherry Auto Inc. Start Real Time Integration
Adds Over 5,000 Vehicle Listings and 40 Dealers to AutoBidLive.com
KELOWNA, BC -- (MARKET WIRE) -- 05/28/08 -- Auctions International Inc. (PINKSHEETS: AUCI), a technology company that owns and markets proprietary software that enables real time online auctions of virtually any commodity in the wholesale market, announced today that the technical development and testing has been completed with Cherry Auto, Inc. of Suffolk, VA (http://cherryautonet.com/) to push Cherry Auto clients' inventories to the AutoBidLive website on a nightly basis.
Cherry Auto Inc.'s car and truck inventories from dealers will now be posted on AutoBidLive's (www.autobidlive.com) dealer-to-dealer trading platform.
Scott Ehrenfried, President & CEO of Cherry Auto Inc., said, "The development work has been completed for the formats provided by AutoBidLive. We are pleased to advise our clients that we have expanded our sales program by offering them another venue that provides market exposure for their vehicles. We will be able to give AutoBidLive a daily load of our dealers' current inventory, which represents over 40 dealers and 5,000 vehicles. AutoBidLive's unique auction platform allows dealers to expose all inventories at virtually no risk and minimal effort -- the seller ultimately decides how and when to transact."
Mr. Ehrenfried further stated, "With current market conditions in the USA auto industry, dealers need to use every tool available to them to get increased exposure to achieve greater productivity and reduce cost of sales. Both companies will complement the other through joint marketing of our relationship throughout the North American Auto Dealer Network."
Douglas Mann, President of Auctions International, Inc., said, "We were very pleased when we announced the relationship with Cherry Auto and now that the work has been done to get the dealer inventory posted, we look forward to attracting even more dealers. We plan to build a massive inventory of US vehicles allowing us to facilitate trades between dealers on a regional basis. Canadian dealers always look to the US markets to identify value priced cars that they can sell to their customers in Canada. This will be a transparent implementation from the dealer perspective and as long as the selling dealer obtains his price, it really doesn't matter where the car is sold. When a trade is completed, the buyer and seller each pay a fee."
About Cherry Auto, Inc.
Cherry Auto, Inc. (www.cherryautonet.com) exposes used vehicles to literally thousands of buyers on the World Wide Web. The Internet has proven to be the most cost effective and informative method of advertising. The discriminating vehicle shopper wants information fast. Utilizing the Internet and a medium such as Cherry Auto to advertise vehicle(s) is an excellent way of having an Internet presence. Dealers are offered the opportunity to post detailed vehicle descriptions of their vehicle inventory, coupled with multiple vehicle photos and the ability to "tell the story" about the vehicle or dealership, along with contact options.
Cherry Auto services the Hampton Roads region of Virginia. Cherry Auto also has dedicated operations in northeast North Carolina, Richmond, northern Virginia and Maryland. Call 757-925-4976 or email email@example.com to find out more.
About Auctions International Inc.
Through its wholly owned subsidiary AutoBidLive, Auctions International Inc. is set to bring together over 65,000 North American licensed Automobile dealers into a dynamic online auction reducing their dependence on physical auctions. By utilizing state-of-the-art technology, dealers can make bids in real time, move inventory, and search and buy vehicles specific to consumer's needs. For more information, visit www.AutoBidLive.com.
In addition to online automobile auctions for the wholesale market, Auctions International Inc. has identified multiple commodity verticals, which could benefit from its leading-edge online auction technology platform. Additional information about Auctions International Inc. as well as corporate structure and stock capitalization can be viewed on the Company's website at www.auctionsintinc.com or www.AuctionsIR.com.
This press release contains or may contain forward-looking statements such as statements regarding the Company's growth and profitability, growth strategy, liquidity, access to public markets, operating expense reduction, and trends in the industry in which the Company operates. The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those more fully described in the Company's filings with the Securities and Exchange Commission. The Company assumes no obligation to update these forward-looking statements to reflect actual results, changes in risks, uncertainties or assumptions underlying or affecting such statements, or for prospective events that may have a retroactive effect.
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