TurboCoverage Charges Into Nonstandard Market.TurboCoverage is in the race among niche e-commerce auto insurers, with an online nonstandard non·stan·dard adj. 1. Varying from or not adhering to the standard: nonstandard lengths of board. 2. auto insurance service marketed to car dealerships This article is about car dealerships. For the indie pop band, see Dealership (band). A car dealership or vehicle local distribution is a business that sells new cars and/or used cars at the retail level, based on a dealership contract with an automaker or that strive for fast sign-ups and low costs. The Palo Alto Palo Alto, city, California Palo Alto (păl`ō ăl`tō), city (1990 pop. 55,900), Santa Clara co., W Calif.; inc. 1894. Although primarily residential, Palo Alto has aerospace, electronics, and advanced research industries. , Calif.-based electronic agent/broker began doing business last year in 25 northern California Northern California, sometimes referred to as NorCal, is the northern portion of the U.S. state of California. The region contains the San Francisco Bay Area, the state capital, Sacramento; as well as the substantial natural beauty of the redwood forests, the northern dealerships, and has sold about 500 nonstandard auto insurance policies so far. TurboCoverage Chief Executive Jim Grim said he believes his company's business model will move as quickly as its name implies. "No one else is installing workstations in car dealerships and shaving up to a hour and a half off the insurance sale process," Grim said. The company plans a national rollout beginning this spring, Grim said. "About 3 million car buyers purchase insurance at the dealership each year," he said. "We think there's a big potential among the nation's 22,000 car dealerships." This is how it works: TurboCoverage cuts deals with car dealerships to install its specialized spe·cial·ize v. spe·cial·ized, spe·cial·iz·ing, spe·cial·iz·es v.intr. 1. To pursue a special activity, occupation, or field of study. 2. computer workstation on site. When a customer who does not have auto insurance comes in to buy a car, that person is informed about the TurboCoverage workstation and told how to use it. TurboCoverage collects fees from the participating insurers based on sales and lets the car dealers handle marketing and advertising. "We have the dealer feature the service through their local advertising dollars," Grim said. "We're planning on leveraging that, building our company within the dealership base. We're not going to be saddled with business-to-consumer costs." Among the advantages of TurboCoverage's business model are the low cost of signing up new insureds, quick turnaround Turnaround A situation where a company that has had poor performance for an extended period of time experiences a positive reversal. Notes: A speculator may profit from a turnaround if he or she accurately anticipates the improvement of a poorly performing company. and the reduced liability to car dealers, who can remain separate from the insurance sales process A sales process is a systematic approach for performing product or service sales. The reasons for having a sales process include seller and buyer risk management, achieving standardized customer interaction in sales and scalable revenue generation. , even as they host the TurboCoverage terminals in their showroom, Grim said. Grim said TurboCoverage has eight insurers offering their auto products through its system, and expects that number to go up dramatically. "There's a lot of interest in this out there," he said. TurboCoverage is targeting the nonstandard auto market "because that customer is more likely to buy," Grim said. But the company plans to target preferred-risk customers as it grows. |
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