Daewoo ''No-hassle'' Buying Experience Now Includes Auto Insurance At the Store

Business Wire, Nov 12, 1998

COMPTON, Calif.--(BUSINESS WIRE)--Nov. 12, 1998--Daewoo buyers can now drive away from any of Daewoo's 15 company-owned retail stores in the United States with auto insurance.

The on-site insurance is provided by Insurance Answer Center (IAC) which features more than 50 insurance companies and several hundred auto insurance plans in the United States. Daewoo consumers can obtain insurance from IAC on a 24-hour, seven-day-a-week basis through its Web site, answercenter.com, or by calling a toll-free number.

"When people in Europe and Asia buy a car, the dealers typically feature auto insurance. Now car buyers in the U.S. will have a similar opportunity at Daewoo retail stores," said Bill Tucker, vice president of marketing and customer relations for Daewoo Motor America.

Daewoo's unique marketing program includes company-owned retail stores staffed by salaried customer consultants, targeted marketing to college students, three-year/36,000-mile scheduled maintenance with every new car, and now auto insurance referral.

"On-site insurance information and comparative quoting is another customer service that sets Daewoo apart from other auto manufacturers, Tucker added. "Daewoo's global marketing strategy provides us the opportunity to bring unique customer services, such as auto insurance resources, to car buyers at our retail stores throughout the U.S."

In addition to offering IAC access to customers, Daewoo Motor America is also offering the service to its employees in the United States. "IAC offers the choice, the service and the information we demand for our customers, and we are delighted to be able to offer this service to our employees as well," Tucker added.

Founded in June 1997 by seasoned financial services executives, IAC is a licensed insurance agency subsidiary of Answer Financial Inc., which offers auto, home and life insurance and annuity products from 55 insurance carriers. Offered exclusively to employers and affinity groups, the service provides extensive and unbiased information along with side-by-side quotes of competing insurance products.

Insurance carriers are selected by AFI based on product, independent third-party rating, customer service quality and technological capability. Insurance companies do not pay to participate in the Insurance Answer Center, and the IAC does not accept incentives to advertise or promote a given product or carrier over another.

Daewoo showrooms have opened in Van Nuys, Huntington Beach, Ontario, San Diego and Oakland, Calif.; Orlando, Pompano Beach and St. Petersburg, Fla.; Fairfield, Conn.; Atlanta; Chicago; Boston; Smithtown, N.Y.; Philadelphia; and Warwick, R.I. The company plans to have a total of 24 company-owned retail stores up and running by the end of 1998.

Daewoo Motor America is the U.S. marketing subsidiary of Korea's Daewoo Group. Founded in 1967 by Kim Woo-Choong as a small textile exporter, Daewoo has grown to become a global company with 1997 sales of $71.5 billion, placing Daewoo 18th in the recent Fortune ranking of global companies.

In addition to its worldwide automotive operations, Daewoo is engaged in trading, domestic and overseas construction, shipbuilding and manufacturing heavy equipment, consumer electronics, home appliances, textiles and other products. Daewoo also has investments in financial and telecommunications services and operates hotels worldwide.