AutoTradeCenter Signs Internet Remarketing Contract with Chase Manhattan Automotive Finance Corporation
AutoTradeCenter, Inc. (ATC) announced the signing of a two-year agreement with Chase Manhattan Automotive Finance Corporation for the online grounding and purchase of off-lease portfolios before consignment to auction. The Chase program, targeting originating dealers, is anticipated to launch in February 2004 with initial vehicle listings from Subaru Motors Finance. These Subaru vehicles will be available to Subaru dealers on the current SubaruSOLD private site managed by ATC as a partner with Subaru of America, Inc.
“Subaru is just the beginning,” states David Woods, Vice President of National Vehicle Remarketing for Chase. “The Chase program will roll out in several phases, Subaru being the first, and soon after incorporating other marquees (vehicle manufacturers).
Over the next few months, Chase dealers will have the ability to immediately ground and purchase our vehicles through ATC’s Open Auction Platform, before auction consignment.”
“The ATC ‘Turn-In Manager’ system fully automates the grounding process completing in minutes what used to take days, making inventory immediately accessible for purchase,” said Andrew Iorgulescu, vice president of business development for ATC.
Chase expects rollout of the Internet program to be complete by July 2004 with 80 percent of its marquee’s turned in via the ATC system.