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| Autoweb.Com And Intuit Deliver Insurance Services For Online Auto Shoppers |
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| Autoweb.com with Quicken's InsureMarket Offers Consumers Comprehensive Research and Choices For Complete Online Auto Insurance Purchases |
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Santa Clara, Calif. and Mountain View, Calif. -
October
20,
1999 -
Autoweb.com (NASDAQ: AWEB), the leading consumer automotive Internet service (http://www.autoweb.com), and Intuit Inc. (NASDAQ: INTU), the leading e-finance company, announced today an agreement to offer online auto insurance products to Autoweb.com consumers through Intuit's Quicken® InsureMarket® (http://www.insuremarket.com). From Autoweb.com's site consumers are now able to shop for automobiles and insurance coverage, powered by Quicken InsureMarket, at (http://autoweb.com/insurance/insuremarket.htm). The joint relationship between Autoweb.com and Intuit will be promotionally integrated on Intuit's consumer Web sites and Quicken software products.
"In building our next generation of insurance services, Autoweb.com wanted a partner that would allow us to jointly offer our consumers multiple and competitive insurance choices on demand, plus the ability to purchase insurance completely online," said Dean DeBiase, chairman, president and CEO of Autoweb.com. "Intuit is clearly the right partner for us to launch our new online insurance service and reaffirms our commitment to offer consumers the best ecommerce choices."
The multi-year agreement between Autoweb.com and Quicken InsureMarket aligns both companies' interests through a commitment to offer innovative and integrated services that make it easier for consumers to own their next car. Quicken InsureMarket is a comprehensive service which offers Autoweb.com consumers insurance information and competitive, real-time quotes from multiple carriers. The service is available to consumers in 49 states & D.C. and provides over 45 insurers that offer a variety of choices in auto insurance coverage. Quicken InsureMarket is also the first and only online insurance service to allow consumers to shop for competitive insurance rates and complete the purchase of multiple auto insurance policies online.
"With this agreement between Autoweb.com and Quicken InsureMarket, consumers can now shop for their car and insurance coverage for that car all in one place," said Steven Aldrich, general manager for Quicken InsureMarket. "Our business relationships offer consumers some of the best insurance rates in their region and provides the service when they need it. Furthermore, our insurance information and simple questionnaire can help even the novice insurance shopper acquire an affordable and appropriate policy."
The $120 billion auto insurance market is rapidly moving online. According to recent studies, the online auto insurance market is projected to grow to $3.5 billion by 2001 and $11.1 billion by 2003. [source: Forrester Research, Inc.]. With this announcement, Autoweb.com and Quicken InsureMarket will now be able to present their services to over three million visitors a month.
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About Autoweb.com
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Autoweb.com is the leading consumer automotive Internet service, guiding consumers through every stage of vehicle ownership. From research and buying, to enjoying, maintaining and selling, Autoweb.com delivers everything consumers want. Starting with the most comprehensive, unbiased automotive research, Autoweb.com also provides many options to buy new and used autos through its auction, dealer referral and direct-to-consumer commerce channels. Autoweb.com works with over 5,000 Member Dealers and other commerce partners to provide a valuable experience at every stage of vehicle ownership. For more information, please visit (www.autoweb.com).
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About Quicken InsureMarket
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Quicken InsureMarket (www.insuremarket.com) is the leading insurance service Web site on the Internet, with participation from major, national insurance carriers, and the ability to offer real-time auto, term life, and individual health insurance quotes and online payment options, which can speed the process of buying insurance. The full-service site also features a library of educational material so consumers can learn more about insurance, as well as interactive insurance planning tools and information from independent insurance experts. Quicken InsureMarket is part of Quicken.com (), which provides individuals with information and software tools to help them make better financial decisions.
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About Intuit Inc.
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Intuit Inc. (NASDAQ: INTU) is the leader in e-finance, including financial software and Web-based services. Intuit develops and markets Quicken®, the leading personal finance software; TurboTax®, the best-selling tax preparation software; and QuickBooks®, the most popular small business accounting software. Intuit's Quicken.com® Web site (Quicken.com) is a leading financial Web site, offering a comprehensive set of financial news, information and tools, including insurance, mortgage, investment and tax preparation services. Intuit's products and services enable individuals, small businesses and financial professionals to better manage their financial lives and businesses.
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Intuit, the Intuit logo, Quicken, InsureMarket, QuickBooks, QuickBooks Pro, TurboTax, MacInTax and ProSeries, among others, are registered trademarks and/or registered service marks of Intuit Inc. in the United States and other countries. Quicken.com, BankNOW, QuickenMortgage and Quicken Financial Planner, among others, are trademarks and/or service marks of Intuit Inc., or one of its subsidiaries, in the United States and other countries. Other parties' trademarks or service marks are the property of their respective owners and should be treated as such.
In order to be in compliance with various jurisdictions' sales and solicitation requirements, Intuit Insurance Services subsidiary or its designated employees are licensed as insurance agents for life and health in 50 states and Washington, D.C., and as agents for property and casualty in 50 states and Washington, D.C. IIS also associates with licensed resident agents in those states where insurance transactions must be conducted with or through resident agents.
Statements in this news release, including statements that include words such as "expects," "believes" or other future-oriented statements, contain forward-looking statements that involve risks and uncertainties that could cause actual results to differ from anticipated results. These risks and uncertainties include the difficulties inherent in integrating the operations, products and services of the two companies, the possibility that key personnel from the acquired company may depart, and the risk that Autoweb.com may decide not to pursue the strategies currently planned and set forth in this release. Further information on risk factors that could affect the company's results is detailed in our filings with the Securities and Exchange Commission, including our Registration Statement on Form S-1 (No. 333-71177), our Form 10-Q for the quarter ended March 31, 1999, and our Form 10-Q for the quarter ended June 30, 1999.
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