Autodaq Corporation (www.autodaq.com), a leading business-to-business e-commerce automotive company, announced today that it has added a financing division to guarantee swift payment to customers who buy and sell used cars in Autodaq online markets.
Autodaq Finance Corporation (AFC) will underwrite transactions, guaranteeing payment to sellers within three days of the purchase of a vehicle on the Autodaq website, or one day after receipt of title from the seller (whichever occurs later). Sellers may include financial institutions, manufacturers and other fleet, lease and rental operators.
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When a transaction is initiated between a buyer and seller, AFC will provide payment for the vehicle, eliminating the need for sellers to collect independently. Once AFC secures payment from the buyer — each of whom is pre-qualified and receives a line of credit — the title transfer is immediate, affording the buyer a quicker return on the purchase.
“Autodaq Financial Corporation’s charter is to underwrite transactions and guarantee swift payment to auto remarketers who use Autodaq Internet markets,” said Adam Boyden, Autodaq president and chief executive officer. “As a customer-driven service, AFC adds tremendous value to all Autodaq customers by enabling an even smoother, shorter and more efficient sales process.”
In addition to financial credit, Autodaq’s infrastructure and full suite of services to facilitate the trading of used cars on the Internet include its proprietary auction functionality or “Click and Buy” purchasing program, facilitation of transportation, inspection, title processing, single-point viewing and access to more extensive, granular information. Autodaq is Web-based, meaning that customers only need Internet access to connect to the site; no additional software or hardware is required.
Autodaq (www.autodaq.com) is a business-to-business e-commerce automotive company that provides the infrastructure and services to facilitate the trade of used cars on the Internet. Autodaq’s online 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, Zilkha Ventures and several angel investors from the Internet and automotive industries.
