Rent-A-Wreck Rolls Out New -- and Improved -- Insurance Company
12 April 1999
Rent-A-Wreck Rolls Out New -- and Improved -- Insurance Company
OWINGS MILLS, Md.--April 9, 1999--Rent-A-Wreck of America, Inc., the largest late-model vehicle rental company, is unveiling an expansion to its already existing, however previously- limited insurance program.The company's insurance program, Consolidated American Rental Insurance Ltd. (CAR Insurance), has been in existence for just over two years, providing numerous Rent-A-Wreck franchisees with quality and competitive in-house rental vehicle insurance.
With the new offerings of CAR Insurance, Rent-A-Wreck franchisees will be able to take full advantage of an expanded program that will be all encompassing. Insurance will now be available in all 50 states through this program, and will offer all types including auto rental, workman's comp, garage, open lot and any other kind required by the local auto-renting entrepreneurs.
The President of Rent-A-Wreck, Kenneth L. Blum, Jr., says the CAR Insurance program was primarily devised to put Rent-A-Wreck and its franchisees in control of their own destinies. "Consolidating our system's insurance requirements into one all encompassing program that we control will give us greater flexibility and take us farther down the road to securing our future," says Blum.
"It was just the right time. Insurance, across the board, is cheap. By not knowing what lies ahead in terms of influencing factors on rate hikes and the like, we wanted to take advantage of the current soft market, giving our franchisees every opportunity to invest in an insurance company owned by their own franchise system," Blum adds.
Working along-side Rent-A-Wreck and taking over many of the administrative duties on the insurance expansion will be Rental Industry Services (RISE). RISE representative, Steve Deitsch agrees that the new offerings will better serve the franchise system as a whole. "Most Rent-A-Wreck franchisees offer other auto-related services to their customers, a kind of one-stop shop. Along those lines, franchisees can now receive all of their insurance needs from a source they are already familiar with and trust to be in their best interest."
Instrumental in the negotiations and facilitation of the program, David Michels of Willis Corroon says that a priority was to design a program that put the franchisee first, offering coverage for all insurance needs. He will continue to oversee the program, making sure that those needs are being met.
The CAR Insurance expansion comes hot-on-the-heels of a year that has seen Rent-A-Wreck rev up as never before. Among the celebration of a quarter-century in late-model auto rental, it has also seen its greatest year in sales. "CAR Insurance is just one more step closer to assuring the survival of another 25 years for our franchise system," says Blum.