TitleGuard Vehicle Title Insurance Coverage Issued Now Exceeds $2 Billion
—Increased Industry Adoption Rate Illustrates Growing Recognition of Title Risks in Used Vehicle Transactions—
September 24, 2007, SAN DIEGO
Vehicle Title LLC announced today that as of June 30, 2007, it has issued more than $2 billion of TitleGuard vehicle title insurance coverage, with more than $1 billion of insured value written in the last year alone.
“These results indicate that used vehicle buyers and sellers are becoming more aware of the risks associated with undisclosed brands and other title defects in preowned vehicle transactions,” said Tom Rubadue, president of Vehicle Title LLC.
TitleGuard is a two-part insurance policy. Part one provides a vehicle’s complete DMV title history by searching the world’s largest vehicle database for evidence of salvage brands, lemon brands, hail or flood brands, odometer rollback and other potential issues. Once it is determined that a vehicle has a clean DMV title history, TitleGuard insures the accuracy of this information for up to $50,000 and provides coverage against certain title defects for as long as the consumer owns the vehicle.
Many leading automotive companies recognize the superior coverage provided by TitleGuard, compared to a standard vehicle history report, and incorporate TitleGuard into their programs. For example, all Nissan certified preowned vehicles (CPO) sold in the United States come with TitleGuard coverage.
Lenders also benefit from TitleGuard coverage on vehicles which they finance. “Escrow.com offers a group of services, including TitleGuard, that allows vehicle sellers, buyers and lenders to protect themselves in an Internet transaction,” said Brandon Abbey, Escrow.com’s managing director. “Escrow.com and Vehicle Title LLC provide assurance to lenders on the Finance Express platform that the vehicle can receive a perfected title free of defects, which are more prevalent in the independent dealer market, making TitleGuard a great fit for us and our customers.”
About Vehicle Title LLC
Vehicle Title LLC is a joint venture between The First American Corporation (NYSE: FAF), a FORTUNE 500® company that traces its history to 1889, and Experian Automotive, the automotive industry’s premier information and vehicle history data supplier. 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 against the actual losses that can result from unreported DMV title defects for up to 100 percent of the vehicle’s fair market retail value, or $50,000. To learn more about Vehicle Title’s TitleGuard, visit www.AutoTitleGuard.com.
About First American
The First American Corporation (NYSE: FAF), a FORTUNE 500® company that traces its history to 1889, is America’s largest provider of business information. First American combines advanced analytics with its vast data resources to supply businesses and consumers with valuable information products to support the major economic events of people’s lives, such as getting a job, renting an apartment, buying a car or house, securing a mortgage and opening or buying a business. The First American Family of Companies, many of which command leading market share positions in their respective industries, operate within five primary business segments, including: Title Insurance and Services, Specialty Insurance, Mortgage Information, Property Information and First Advantage. With revenues of $8.5 billion in 2006, First American has approximately 2,100 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.