Merger Creates Online Auction Company For Car DealersMerger Creates Online Auction Company For Car Dealers
Called ATC-Onlane, the new company will offer a suite of online remarketing and inventory procurement services to automakers and others.
July 24, 2006
AutoTrade Center Inc. and Onlane Group Inc. on Monday said they have agreed to form a combined online auction company for automotive dealers to buy and sell wholesale vehicles.
Called ATC-Onlane Inc., the new company would offer a suite of online remarketing and inventory procurement services to auto manufacturers, consumer off-lease rental car and commercial fleet companies, wholesalers, and franchised and independent car dealers in the United States and Canada. Together, the companies can offer sellers a broader, more diverse group of dealers, ATC and Onlane officials said in a joint statement. Sellers and buyers would have access to an increased range of services. "By combining, we gain a more compelling value proposition to attract new consignor customers and further accelerate dealer adoption of the online channel," Clive Kinross, president of Onlane, said. Senior management from both companies would remain with the combined entity. ATC chief executive Roger Butterwick would become CEO of ATC-Onlane, and Michael Stein, CEO of Onlane, would become chairman. The combined companies would have more than 200 employees, with headquarters in Menlo Park, Calf. Financial terms of the merger were not disclosed.
About the Author(s)
You May Also Like
The New Frontier of Cyber Security: Securing the Network Edge
How to Develop an AI Governance Program
Responsible data use: Navigating privacy in the information lifecycle
The Definitive Guide to Understanding IP Addresses, VPNs and their Implications for Businesses
Three Ways Fortinet Hybrid Mesh Firewalls Secure Edge Networks