AutoTradeCenter, an RPM Ventures Portfolio Company, Acquires Onlane Group
Acquisition Creates Largest Virtual Online Auction Company within the U.S. and Canada
Ann Arbor, Mich. - October 4, 2006 – RPM Ventures (RPM) announced today that AutoTradeCenter Inc. (ATC) one of the firm's portfolio companies, and Onlane Group, Inc. (Onlane) have signed a definitive agreement that will create the industry's largest online auction company for automotive dealers to purchase and sell wholesale vehicles. ATC and Onlane are North America's two leading Internet-based automotive remarketing companies. The combined organization, to be called ATC-Onlane, Inc., will offer the industry's most comprehensive suite of online remarketing and inventory procurement services available – from pre turn-in through to post-sale – to auto manufacturers, consumer off-lease, rental car and commercial fleet companies, wholesalers and both franchised and independent car dealers throughout the U.S. and Canada.
RPM provides capital and guidance to entrepreneurs and technology start-ups, helping turn their ideas into the next generation of new-economy companies. The firm distinguishes itself as a national specialist and regional generalist. As a national specialist, it invests in companies across the U.S., such as ATC, selling to the Midwest manufacturing or automotive customer base. As a regional generalist, RPM works to create companies based on novel technologies developed from Midwest research centers.
“All along, our goal at RPM has been to invest in and work with organizations that are revolutionizing the manufacturing and automotive industries and AutoTradeCenter and Onlane are certainly doing that,” said Marc Weiser, Manager Director at RPM. “We look forward to working with the new organization to make the acquisition a smooth one and position ATC-Onlane for great success.”
The union between AutoTradeCenter and Onlane brings together the complementary strengths of the two companies, providing unparalleled expertise in customized upstream remarketing solutions for the consumer off-lease and commercial fleet leasing market segments, as well as a stronger presence across a spectrum of other industry segments, including rental, repossession and dealer consigned vehicles. In addition, the combined company will continue to build on existing core competencies in distributed inventory management, logistics and decision support analytics to match the right vehicles to the right buyers faster, easier and more efficiently.
About RPM Ventures
Founded in 2000, Ann Arbor, Mich.-based RPM Ventures, previously Waypoint Ventures, provides capital and guidance to entrepreneurs starting and building innovative technology companies. The firm has a reputation as a national specialist for its unique insight and access to the automotive and manufacturing industries, and as a regional generalist helping to create companies based on novel technologies from Midwest research centers. For more information, please visit www.rpmvc.com.
Contact:
Brad Marley
Airfoil Public Relations
248-304-1425
Airfoil Public Relations – High Tech PR – www.airfoilpr.com
