KELOWNA, BC -- 09/25/08 --
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 first sale was registered and
completed at wwwAutoBidLive.com on August 18, 2008.
Doug Mann, President and CEO, said, "The first sale was longer in coming
than was anticipated, but the software worked flawlessly and reported all
the bidding activity to management. The fact that this milestone sale went
through automatically and without any intervention can be attributed to the
excellence of site design and software quality."
"This is the solid proof that we needed. At least two dealers have decided
it was more cost effective to use our process than a physical auction. We
are extremely pleased and look forward to additional sales running through
the site as dealers become aware of www.AutoBidLive.com and its unique
auction platform that allows dealers to expose all inventories at virtually
no risk and minimal effort -- the seller ultimately decides how and when to
transact the sale. There is no cost to the dealer to get this added
exposure to help move product. 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 $100 fee. Today there are 1,200
vehicles posted on the site from various dealers in USA and Canada," added
Mann.
About Auctions International Inc.
Through its wholly owned subsidiary AutoBidLive, Auctions International
Inc. is set to bring together over 65,000 North American licensed pre-owned
auto 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 consumers' 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.
For Auctions International, contact:
Doug Mann
President and CEO
Auctions International Inc.
dgmann@auctionsintinc.com
250-317-8885
www.auctionsintinc.com
AutoBidLive Auctions Inc.
www.autobidlive.com
