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Press Release Headlines
2/16/2001
Launch of Boatsbank and boatsinsurance Bring Unique Web-Based Marine Financing And Insurance Solutions to Boat Dealers and Consumers
KeyBank USA, INAMAR Recreational Marine Insurance and boats.com offer dealers
and consumers simple, user-friendly access to multiple lenders and insurance carriers
MIAMI, Feb. 16 /PRNewswire/ -- Two new marine "e-resources," boatsbank(TM)
and boatsinsurance(TM), have opened for business on boats.com. These new
services, the culmination of a year of planning, connect boat buyers and boat
dealers to multiple lenders and insurance carriers via a single, user-friendly
web channel.
"Boatsbank powered by KeyBank USA and boatsinsurance powered by INAMAR,
both in partnership with boats.com, represent teamwork and technology at its
best," said Paul Rabe, president, chief operating officer and co-founder,
boats.com. "It is a fine example of different sectors of the marine industry
working as a team to improve the consumer buying experience. Finance and
insurance go hand in hand, and we've developed a system that will deliver a
seamless consumer experience while enhancing dealer opportunity."
"Boatsbank and boatsinsurance have the potential to increase the flow of
qualified, pre-approved prospects through the doors of boat dealers, and to
simplify the entire process for both dealers and consumers," said Phil Keeter,
president of the Marine Retailers Association of America. "Additionally,
these products have been built with our dealers' interests in mind -- they
enhance the opportunity for the dealer to participate in the deal."
The Key Recreation Lending division of Key Bank USA, National Association,
and boats.com collaborated with other lenders, dealers and industry leaders to
create boatsbank, an Internet-based marine financing system for boat dealers
and consumers. Operated by Key Recreation Lending, boatsbank leverages each
partner's strengths to bring more opportunity to the industry and to the boat
buyer.
Boatsbank is the financial component of the boats.com site, offering
access to multiple lenders that review and approve online applications.
Consumers and dealers enjoy the convenience of completing one loan application
online while boatsbank works with multiple lenders to provide flexible
financing options and competitive rates. Boat dealers profit further by
offering their customers one-stop shopping for financing while retaining their
participation in the deal.
"There is nothing else like it -- not on the Internet, not at the bank on
Main Street, not anywhere -- for finding the best financing solution for boat
buyers," said Ken Landon senior vice president of KeyBank USA and president of
Key Recreation Lending. "Nowhere else will consumers be able to enjoy the
convenience and speed of obtaining marine financing online, the capability to
access such a wide variety of financing products to best meet specific needs,
and excellent customer support, including a call center, to provide counseling
on loan options."
"Boats.com recognized how important the financing and insurance components
are -- both for dealers and consumers -- in helping to grow the sport of
boating," said Rabe. "Boatsbank, through our partnership with KeyBank USA,
and boatsinsurance, with INAMAR, are unquestionably the best choice for us and
the dealers and consumers we serve."
Today, boats.com and INAMAR Recreational Marine Insurance, an operating
unit of ACE USA, have launched the first phase of the new venture
boatsinsurance. Boatsinsurance will complement boatsbank, enabling dealers to
offer all the services required to complete the loan and insurance process in
one place. Additionally, consumers will be able to estimate insurance costs,
receive quotes and obtain insurance in the same confidential and secure
environment where they are securing financing and researching their boat
purchase.
The initial phase of boatsinsurance links consumers from boats.com through
to the INAMAR Recreational Marine Insurance online rate quote service.
Future versions of boatsinsurance will allow boat owners to be able to pay
installment loan and premium payments with a single check, supported by a team
of premier and trusted players.
"Boatsinsurance will work together with boatsbank to simplify the process
that often complicates a boat sale," said Robert Chapman, president, INAMAR.
"In bringing INAMAR and KeyBank USA together through an easy-to-use online
resource, boats.com gives consumers a much needed product and at the same time
offers increased sales for marine dealers."
About boats.com
Through boats.com, marine dealers and manufacturers can utilize a new
channel of operation and consumer interaction. Boats.com enhances the
capabilities of the boating industry by offering a range of unique products,
online and offline, that will help sell, finance, insure and market all marine
product lines. In addition to boats.com, the company operates other marine-
oriented Web sites including YachtWorld, the world's leading Web marketplace
for brokerage-listed boats.
With an established network of industry alliances -- including the
exclusive endorsements from the industry's two leading associations, the
National Marine Manufacturers Association (NMMA) and the Marine Retailers
Association of America (MRAA) -- and an unmatched level of consumer access to
information, boat listings, accessories, and financial and insurance products,
boats.com plays the unique role of integrating and simplifying the demand side
of the marine industry.
About INAMAR Recreational Marine Insurance and ACE USA
INAMAR, as one of the country's leading producers of pleasure boat and
yacht insurance, offers innovative marine insurance products and consulting
services, with unparalleled expertise and history in the industry. As part of
the ACE USA group of companies, INAMAR is affiliated with the Insurance
Company of North America (INA), one of the oldest marine insurers in the
United States.
INAMAR (R) is the marine marketing and underwriting division of ACE USA,
the U.S.-based operating division of the ACE Group of Companies, headed by ACE
Limited (NYSE: ACL). ACE USA provides insurance products and services through
the U.S. operating subsidiaries. The ACE Group of Companies provides
insurance and reinsurance for a diverse group of clients around the world.
Additional information can be found at: www.ace-ina.com. ACE USA is rated A
(Excellent) by A.M. Best and A+ (Strong) by Standard & Poor's.
About KeyBank USA
Key Recreation Lending is the leading marine and RV consumer lender in the
U.S. with a track record of more than 50 years in the business, including
recent success in launching online consumer lending.
KeyBank USA is a Division of KeyCorp (NYSE: KEY), one of the nation's
largest multiline financial services companies, with assets of approximately
$87 billion. Key companies provide investment management, retail and
commercial banking, consumer finance and investment banking products and
services to individuals and companies throughout the United States and, for
certain businesses, internationally. The company's businesses deliver their
products and services through facilities located in 46 states; a network of
2,443 ATMs; telephone banking centers; a robust Web site, Key.com(SM) that
provides account access and financial products 24 hours a day.
Contacts:
For KeyBank USA:
John Quinn Ken Grimes Lisa Fleishman-Hicks
Haber & Quinn PR boats.com ACE USA
(954) 764-6011 (415) 947-5015 (215) 640-4759
(954) 764-6012 (fax) (415) 356-5417 (215) 640-1133 (fax)
[email protected] [email protected] [email protected]
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