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Autobytel.com Continues Momentum in Multi-Billion Dollar Online Insurance with Addition of Four New Insurance Providers
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| New Auto Insurance Partners Solidify Autobytel.com’s Position as Leading Aggregator of Auto Insurance Among Online Car Buying Services |
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| Updated |
Jul 7, 2004 20:31:39 |
| Rating |
 39 ( -6 -15.38% ) |
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Description:
Irvine, CA - December 4, 2000 - Autobytel.com (Nasdaq: ABTL), 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 . 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. |
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