Autobytel.com Inks Deals with Three More Insurance Providers
22 February 2000
Autobytel.com Inks Deals with Three More Insurance Providers, Upping its Stake in the Multi-Billion Dollar Online Insurance Sales MarketeCoverage, Esurance and Avomark.com Expand Autobytel.com's Online Automotive Insurance Comparative Quoting System IRVINE, Calif., Feb. 22 -- Autobytel.com , the company that controls nearly 50% of all online car-buying purchases, today announced that its comparative quoting auto insurance system will now offer real-time quotes through three additional insurance providers, eCoverage, Esurance, and Avomark Insurance Company* or one of its affiliates. "With these agreements in place, Autobytel.com becomes one of the largest one-stop resources for automotive insurance on the Internet," said Mark Lorimer, President and CEO of Autobytel.com. "Autobytel.com's auto insurance program gives our customers fast, real-time insurance quotes from competitive providers and enables application submission online. This is another tool that Autobytel.com has implemented to ensure that the total car-buying experience can be completed online." To receive comparative quotes, consumers need only spend a few moments answering some simple questions on a single online application. The time-saving benefits are tremendous, delivering multiple quotes in real time and eliminating repetitious calls. The addition of eCoverage and Esurance gives Autobytel.com access to two "virtual" insurance providers that were created solely for the Internet. When working with these companies, customers will be able to complete the entire insurance purchasing process online. According to Forrester Research, the Internet will influence $11.4 billion in auto insurance sales in 2003 and actual sales over the Internet are predicted to reach $3.2 billion. As the leading automotive e-commerce site, Autobytel.com plans to capture a significant amount of that business by growing and enhancing its insurance program to meet the needs of its consumers. In addition to eCoverage, Esurance and Avomark.com, Autobytel.com has agreements with three other major insurance carriers, as well as direct relationships with insurance agents through a live lead distribution system established by InsurQuote Systems. Using contracted independent agents that can guarantee a quick response, InsurQuote's distribution system connects consumers with local Internet-enabled agencies that can issue the policies and provide further service. Insurance services are provided through Autobytel.com's wholly-owned subsidiary, Auto-By-Tel Insurance Services, Inc. About autobytel.com inc. Internationally-branded Autobytel.com (http://www.autobytel.com) is the acknowledged leader in online automotive commerce(1). The most comprehensive automotive Internet site, Autobytel.com offers consumers a positive purchasing and ownership experience, while providing its Accredited Dealer Network with the most efficient way to reach online car buyers. As it assists consumers through every aspect of the automotive lifecycle, Autobytel.com provides continuity into the next vehicle purchase. Launched in March 1995, Autobytel.com's low-cost, no-haggle car-buying program is available in the U.S., Canada (http://www.autobytel.ca), the United Kingdom (http://www.autobytel.co.uk), Sweden (http://www.autobytel.se) and Japan (http://www.autobytel-japan.com). In 1999, Autobytel.com was ranked #1 in Dealer Satisfaction with Online Buying Services for the second year in a row(2). The statements contained in this press release that are not historical facts are forward-looking statements under the federal securities laws. These forward-looking statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict. Actual outcomes and results may differ materially from what is expressed in, or implied by, such forward-looking statements. Autobytel.com undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise. Among the important factors that could cause Autobytel.com's actual results to differ materially from those expressed in, or implied by, the forward-looking statements are changes in general economic conditions, increased or unexpected competition, changes in A.I.N. Corporation's financial performance, and other matters disclosed in Autobytel.com's filings with the Securities and Exchange Commission. (1) As reported by J.D. Power and Associates, Autobytel.com accounts for 45% of all new vehicles sold through an online service. (8.23.99). (2) J.D. Power and Associates 1998-1999 Dealer Satisfaction With Online Buying Services Studies(SM). 1999 study conducted among dealership Internet specialists who completed 1,024 individual evaluations. *Description in this press release is intended to give general information only and is subject to and controlled by the terms, conditions and exclusions stated in the actual policy forms. Policies are underwritten by Avomark Insurance Company, the Ohio Casualty Insurance Company, Ohio Security Insurance Company, or West American Insurance Company, subject to availability which may vary by company and by state.