TradeOut Teams With Penske to Host World's Largest Online Truck Auction
21 August 2000
2,500 Off-lease, Light and Medium-Duty Vehicles To Go On The Internet Auction Block
VALHALLA, N.Y. - TradeOut (www.tradeout.com), a global Internet marketplace for off-lease assets and business surplus, today announced that it will partner with Penske Truck Leasing, one of the largest providers of transportation services in the U.S., to host the world's largest online used truck event, with over 2,500 vehicles being offered over a nine-day period.The first-ever online event for Penske, which will run from Aug. 23-31 on TradeOut's website, will be open to wholesaler and retail customers. The vehicles, which are off-lease trucks from Penske's Consumer Rental Division, are located nationwide and range in manufacturer, model, year, and mileage. All trucks have been serviced and maintained regularly by Penske, and will be inspected and in ready to roll condition.
August is traditionally the end of the heavy moving season, and the timing of this event coincides with the company's fleet reduction plans for early Fall. For buyers, the event provides earlier access to Penske's inventory, giving them almost a 90-day jump on the season as compared to the normal trade-in and re-distribution cycle. Another unique benefit to buyers is aggressive pricing, the trucks are all priced to move. TradeOut will heavily market the August promotion sale through direct mail pieces, advertising, telemarketing and FAX communications.
"The combination of our traditional marketing and sales efforts with a unique online promotion will help bring a lot more buyers than we've historically seen," said Tom Janowicz, General Manager e-Lease/Rental Solutions of Penske Truck Leasing. "TradeOut offers us a fresh business solution for the annual sale of a portion of our fleet, and has created an additional channel for the sale of our off-lease assets."
"Our partnership with Penske illustrates our mission: to create solutions for businesses looking to sell assets that are no longer needed, but that still have value in the marketplace," said George Samenuk, President and CEO of TradeOut. "We will continue to work with companies like Penske and other marquee partners to help them find more efficient ways to market these goods via the Internet."
About TradeOut(R)
TradeOut, a privately held company based in Valhalla, New York, is a business-to-business Internet marketplace for excess inventory and idle assets. TradeOut offers a fast and easy way to buy and sell business surplus, and features products for sale from a wide variety of industries, from consumer products to utilities.
About Penske Truck Leasing
Penske Truck Leasing, headquartered in Reading, Pa., is a joint venture between Penske Corporation and GE Capital. With annual revenues of approximately US $2.7 billion, Penske Truck Leasing is one of the largest providers of transportation services in North America. The company operates 152,000 heavy, medium, and light-duty trucks to serve customers from more than 1,300 locations in the United States, Canada and Mexico. Product lines include full-service leasing, contract maintenance and commercial and consumer truck rental. Penske Logistics provides integrated logistics services through its network of 220 locations. Penske Logistics Europe, a wholly owned subsidiary of Penske Truck Leasing, provides Pan-European logistics solutions. Cotia Penske Logistics Ltda., a joint venture between Penske Logistics and Cotia Trading, offers supply chain management services in South America.
