Experian Automotive and The First American Corporation Launch AutoCheck w/ TitleGuard
—Most Comprehensive Vehicle History and Title Insurance Solution
Offered Direct To Consumers—
March 26, 2003, SCHAUMBURG, Ill., and SANTA ANA, Calif.
Experian Automotive, an industry-leading automotive information provider, and The First American Corporation (NYSE: FAF), the nation's leading diversified provider of business information and related products and services, today announced the joining of Experian's AutoCheck(SM) vehicle history report and the TitleGuard Vehicle Title Insurance product into a single offering for the consumer market: AutoCheck w/ TitleGuard(SM).
Consumers who are in the market for a used vehicle can now visit www.autocheck.com to purchase AutoCheck w/ TitleGuard, the first and only comprehensive vehicle history report and title insurance solution available. For a single fee, used car buyers can research the histories of multiple vehicles during a 60-day period with AutoCheck. When they have selected a vehicle for purchase, they may apply a TitleGuard policy for up to $50,000 to the vehicle that insures the accuracy and completeness of the displayed title information.
"When consumers spend their hard-earned money for a pre-owned vehicle, they deserve the most current vehicle title information, backed by the strength of First American, a Fortune 500 company with more than 100 years of experience providing real title insurance protection," said Scott Waldron, president of Experian Automotive. "As a consumer product, AutoCheck w/ TitleGuard eliminates a key worry for used car buyers."
AutoCheck, the industry's most in-depth vehicle history service, searches through Experian's National Vehicle Database, the world's largest relational automotive database comprised of more than 425 million vehicles, to provide consumers and dealers with information about hidden problems that impact their vehicles' safety and value.
TitleGuard is the first and only product that insures used car buyers, sellers and lenders for up to $50,000 against the losses that can result from unreported title defects. Underwritten by The First American Family of Insurance Companies, each TitleGuard policy insures that there are no hidden DMV brands, title defects or evidence of odometer rollback; that no other party has a right to the vehicle's title arising out of fraud or forgery; and that the title can transfer successfully. In addition, TitleGuard will provide a free legal defense against all third-party title claims that may arise for as long as the policyholder owns the vehicle.
"First American is one of the nation's largest and most respected providers of title insurance, and Experian Automotive is the industry's premier automotive data and vehicle history information supplier," said Tom Rubadue, president of Vehicle Title LLC, the provider of TitleGuard Vehicle Title Insurance. "By combining our strengths and expertise to deliver AutoCheck w/ TitleGuard, we can now provide used car buyers with the critical information and protection they need prior to making a purchase decision."
AutoCheck w/ TitleGuard is the first step in the process of fully integrating both the value and delivery of the two products. It is available through all Experian Automotive affiliates and partners, including leading online automotive portals.
About Experian Automotive
Experian Automotive offers a complete range of automotive information solutions to manufacturers, dealers, finance and insurance companies and marketing agencies. Experian's state-of-the-art technology, consulting services, direct marketing and database tools assist companies serving the automotive industry to better understand existing customers, effectively target new prospects, increase customer satisfaction and loyalty, and ultimately reach its business objectives. The company's National Vehicle Database houses information on nearly 425 million motor vehicles nationwide, serving as the basic building block for all of Experian's automotive solutions. For more information on Experian Automotive and its auto suite of products, visit the company's Web site at www.automotive.experian.com .
Experian(R) provides strategic support to organizations around the world. It helps its clients target, acquire, manage and develop profitable customer relationships. It does this by combining its advanced decision support and outsourcing services with information on consumers, businesses, motor vehicles and property. Experian works with more than 40,000 clients across diverse industries, including financial services, telecommunications, health care, insurance, retail and catalog, automotive, manufacturing, leisure, utilities, property, e-commerce and government. Millions of consumers rely on Experian's consumer credit services to meet their financial management needs. Experian is a subsidiary of GUS plc and has headquarters in Nottingham, UK, and Costa Mesa, Calif. It has a 175-year history and unbroken sales growth over the past 22 years. Its 13,000 people support clients in more than 60 countries. Annual sales exceed $1.5 billion. For more information, visit the company's Web site at www.experian.com.
About The First American Corporation
The First American Corporation, a Fortune 500 company and the nation’s leading diversified provider of business information, supplies businesses and consumers with the information resources that affect the major economic events of people’s lives, such as getting a job; renting an apartment; buying a car, house, boat or airplane; securing a mortgage; opening or buying a business; and planning for retirement. The First American Family of Companies, many of which command leading market share positions in their respective industries, operate within seven primary business segments including: Title Insurance and Services, Specialty Insurance, Trust and Other Services, Mortgage Information, Property Information, Credit Information and Screening Information. With revenues of $4.70 billion in 2002, First American has nearly 25,000 employees in approximately 1,400 offices throughout the United States and abroad. More information about the company and an archive of its press releases can be found at www.firstam.com.
About Vehicle Title LLC
Vehicle Title LLC is a joint venture between The First American Corporation and Experian Automotive. By combining the strengths and expertise of these two companies, Vehicle Title LLC maximizes its efficiencies to deliver TitleGuard Vehicle Title Insurance to the used car buying and selling public. TitleGuard is the first and only product that insures used car buyers, sellers and lenders 100 percent against the actual losses that can result from unreported DMV title defects for up to $50,000. For more information on The First American Corporation, Experian Automotive, or TitleGuard, please visit www.firstam.com, www.automotive.experian.com and www.AutoTitleGuard.com, respectively.