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LAKEWOOD, NJ - Reliance Global Group, Inc. (NASDAQ: RELI), an InsurTech company with a current market capitalization of $3.86 million, has announced the introduction of its new service, RELI Auto Leasing, which allows its RELI Exchange Agency Partners to offer vehicle leasing. The service is designed to provide additional commission opportunities for partners without requiring them to deviate from their primary insurance focus. According to InvestingPro data, the company has been actively pursuing growth initiatives despite challenging market conditions, with revenue growing 2.35% over the last twelve months.
RELI Auto Leasing integrates into the existing RELI Exchange platform, enabling agents to connect clients with vehicle leasing options directly from their agent dashboard. According to Ezra Beyman, Chairman and CEO of Reliance Global Group, this initiative is a "game-changer" for independent insurance agents, allowing them to expand their services and revenue streams without additional training in auto leasing. This expansion comes at a crucial time, as InvestingPro analysis reveals the company faces financial challenges with a gross profit margin of 18.77% and negative EBITDA of $1.94 million in the last twelve months.
The service aims to enhance the customer experience by offering a selection of vehicles for lease with delivery available across the U.S. It is positioned as a convenient option for clients, aligning the process of acquiring a vehicle lease with insurance policy adjustments.
Moshe Fishman, Director of Insurtech and Operations, highlighted the benefits for consumers, noting that including an insurance agent in the car buying process helps clients understand the potential impact of their vehicle choice on insurance premiums, thus avoiding unexpected increases.
The press release emphasizes the company’s commitment to innovation and its strategy to empower independent agents through technology and strategic partnerships. RELI Auto Leasing is part of Reliance Global Group’s broader ecosystem, which includes its business-to-business InsurTech platform, RELI Exchange, and its business-to-consumer platform, 5minuteinsure.com.
The information provided in this article is based on a press release statement from Reliance Global Group, Inc. The company has outlined its vision to maximize opportunities for agency partners by offering a comprehensive suite of solutions that align with their business models, and RELI Auto Leasing represents the latest step in this direction. For deeper insights into RELI’s financial health and growth prospects, investors can access comprehensive analysis and additional ProTips through InvestingPro’s detailed research reports, which are available for over 1,400 US stocks.
In other recent news, Reliance Global Group reported a 2% increase in revenue for the first quarter of 2024, reaching $14.1 million compared to $13.7 million in the previous year. The company also saw a significant reduction in net loss, decreasing by 24% to $9.1 million from $12.1 million. Reliance Global is in the final stages of acquiring Spentner Associates, a strategic move expected to enhance its market position. The company has launched an AI-powered platform, Reliaxchange, which aims to improve operational efficiency and service delivery. Analysts have not provided new ratings, but the company remains focused on innovation and growth. The strategic acquisition and platform enhancements align with Reliance Global’s goal to become a multibillion-dollar enterprise. Forward-looking projections estimate revenue of $22.8 million for FY2024 and $30.78 million for FY2025. These developments indicate a positive outlook for the company’s future growth and profitability.
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