Autobytel.com Continues Momentum in Multi-Billion Dollar Online Insurance With Addition of Four New Insurance Providers
4 December 2000
Autobytel.com Continues Momentum in Multi-Billion Dollar Online Insurance With Addition of Four New Insurance ProvidersNew Auto Insurance Partners Solidify Autobytel.com's Position as Leading Aggregator of Auto Insurance Among Online Car Buying Services IRVINE, Calif., Dec. 4 Autobytel.com , the global leader in automotive e-commerce, today announced the addition of four new insurance providers to its comparative, real-time quoting auto insurance system(1). The agreements with Instant Auto, Kemper Auto and Home Insurance Company, Tri-State and Electric Insurance further strengthen Autobytel.com's position as the leading aggregator of automotive insurance among online car buying services and also continues to demonstrate the company's commitment to providing the most comprehensive suite of automotive products and services to its consumers. According to Forrester Research, online auto insurance sales will surge to $12 billion in 2004-up from just over $1 billion this year; while $35 billion of insurance purchasing decisions will be affected by online research. By aggressively developing its auto insurance program through strategic, mutually beneficial partnerships with leading automotive insurance providers, Autobytel.com is poised to capture a significant amount of this future business through its growing customer base. "Autobytel.com had nearly 5.7 million unique visitors during Q3 2000 alone. Ours is an ideal portal for insurers, providing access to an enormous, highly-focused demographic," said Mark Lorimer, President and CEO of Autobytel.com. "By adding more insurers, we're furthering the competitive, consumer-focused environment we've created, allowing our customers to save both time and money on automotive and related purchases. This is what the Internet is all about: creating more efficient markets to the benefit of all participants." These latest insurance program partnerships are part of an on-going strategy to diversify company services and revenues, capitalizing on Autobytel.com's market-leading online car-buying consumer base. In addition to insurance, Autobytel.com also offers automotive financing and service products and is developing an Aftermarket Program to penetrate this $20 billion industry, enabling Internet car buyers to view, customize and request vehicle-specific aftermarket products and accessories when they purchase vehicles online. "Autobytel.com's rapid ascension to becoming one of the largest online automotive insurance resources on the Internet underscores the company's commitment to developing diverse affiliate revenue streams, while empowering customers through every phase of the car-buying experience," added Lorimer. With the addition of Instant Auto, Kemper Auto and Home Insurance Company, TriState Consumer Insurance and Electric Insurance, Autobytel.com offers consumers ten of the nation's leading auto insurance providers. The company has also established relationships with an extensive network of insurance agents through a live lead distribution system established by InsurQuote Systems. Using contracted independent agents that guarantee a quick response, InsurQuote's distribution system connects consumers with local Internet-enabled agencies that can issue the policies and provide further service. About autobytel.com inc. Autobytel.com inc. , the global leader in online automotive commerce, brings car buyers, owners, and sellers together in a trusted environment, empowered by the Internet. Through its extensive automotive content and multiple purchasing, financing, insurance and service options, Autobytel.com offers consumers choice and peace of mind throughout the automotive lifecycle, while providing its network of accredited dealers and automotive services partners the most efficient way to reach online car buyers and owners. Autobytel.com and its wholly-owned subsidiary, CarSmart.com, have a network of over 5,000 Dealers nationwide and are the seventh largest generator of automotive sales in the United States, just behind GM, Ford, DaimlerChrysler, Toyota, Honda and Nissan. Autobytel.com has been ranked #1 in Dealer Satisfaction with Online Buying Services for three years in a row by J.D. Power and Associates.* 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), Japan (http://www.autobytel-japan.com) and Australia (http://www.autobytel.com.au). Headquartered in Irvine, California, Autobytel.com is recognized as the company that transformed the $1 trillion new car industry when it invented online car buying. (1) Insurance services are provided through Autobytel.com's wholly owned subsidiary, Auto-By-Tel Insurance Services, Inc. * J.D. Power and Associates 1998 - 2000 Dealer Satisfaction With Online Buying Services Studies(SM). 2000 study conducted among dealership Internet specialists who completed 2,144 evaluations of individual services. http://www.jdpower.com. 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. Investors are strongly encouraged to review the Company's annual report on Form 10-K for the year ended December 31, 1999, and quarterly reports on Form 10-Q on file with the Securities and Exchange Commission for a discussion of risks and uncertainties that could affect operating results and the market price of the Company's stock.