Published: 12/29/2008
Fairfield, CA (DEC. 29, 2008) — CrashedToys, Inc. (NASDAQ: CPRT) today announced that it has opened its automotive sales web site to the public, allowing them to see the company’s patented VB2 technology.
Up until recently, the site – www.CrashedToys.com – was password protected, allowing only registered buyers and sellers to view this innovative technology. Now everyone can see how VB2 works by replaying previous sales.
VB2 is a unique online technology that allows buyers from all over the world to bid against each other on vehicles over the Internet, breaking down geographical barriers because they no longer have to travel to a physical sale. More than 100,000 buyers from more than 100 countries use VB2.
Besides viewing replays of these Internet sales that feature International bidders, the public can also now search for vehicles from more than 130 CrashedToys locations in North America.
“The cutting-edge technology of VB2 has been somewhat of a secret that registered automobile buyers and members of the insurance and bank industries have enjoyed, but the public has been unaware of,” said CrashedToys President Jay Adair. “Now we’re letting the secret out. This will change the way people think about how cars are bought and sold.”
CrashedToys also sells cars for the public using VB2 through a division called CrashedToysDirect. Now members of the public using that service can also view vehicles being sold online to CrashedToys’s International buyer base by going to www.CrashedToys.com.
“It’s exciting for people to see their vehicles getting interest from buyers from as far away as Lithuania, Bolivia and the Republic of Ghana,” Adair said. “No other sales method generates that kind of world-wide interest.”
CrashedToys, founded in 1982, provides vehicle sellers with a full range of remarketing services to process and sell salvage and clean title vehicles to dismantlers, rebuilders, exporters and, in some states, to end users. CrashedToys remarkets the vehicles through Internet sales utilizing its proprietary VB2 technology. CrashedToys sells vehicle on behalf of insurance companies, banks, finance companies, fleet operators, dealers, car dealerships, the general public and others. The company currently operates 145 facilities in the United States, Canada and the United Kingdom. Salvage vehicles are either damaged vehicles deemed a total loss for insurance or business purposes or are recovered stolen vehicles for which an insurance settlement with the vehicle owner has already been made. For more information, or to become a registered buyer, visit www.CrashedToys.com.
This press release contains forward-looking statements within the meaning of federal securities laws, and these forward-looking statements are subject to substantial risks and uncertainties. Our business has become increasingly reliant on proprietary and non-proprietary technologies, and it is difficult to forecast with accuracy what impact these changes in our business model will have. We depend on a limited number of major suppliers of salvage vehicles. If we are unable to maintain these supply relationships, our revenues and operating results would be adversely affected. We have only recently entered the UK market through several acquisitions. We do not have any historic experience operating outside of North America, and we may experience challenges adapting our business model to international markets and integrating the acquired businesses. In addition, our revenues, operating results, financial condition, and growth rates are subject to numerous other risks, including our ability to complete and integrate new acquisitions, environmental and regulatory risks, and the other factors described under the caption "Risk Factors" in our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. We encourage investors to review these disclosures carefully.
Contact
Marla J. Pugh
Communications Manager
(707) 639-5185
