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Fortunately, a janitor directed him to Davidson, and the two had an impromptu meeting that would ultimately have a greater impact on the company than either man could have realized at the time. When Leo Goodwin chose to retire in , he named Davidson to be his successor.
The s proved to be similarly successful. GEICO experienced virtually unbroken growth, passing the 1 million policyholder mark in GEICO opened a number of sales and service offices for walk-in customers and its first drive-in claims office in The s, however, were not nearly so good to the company. At the beginning of the decade, both Leo and Lillian Goodwin passed away, and the loss of the company's founders seemed to usher in difficult times for GEICO.
By the mids, the years of aggressive expansion were starting to show some weaknesses in the company's loss reserves. It led to a difficult period for the company. GEICO used the experience to strengthen its underwriting and reserving activities which helped build the company's current reputation as a fiscally superior organization.
Warren Buffett made another appearance in for a second purchase of GEICO stock, reported to total 1 million shares. Prudent underwriting prevailed in the s and expansion continued. GEICO introduced hour a day, day a year telephone service for claims, sales and service in as its emphasis on customer service deepened. Along with it came an increased advertising budget which propelled GEICO toward much higher national visibility. Warren Buffett liked what he saw. In , his Berkshire Hathaway investment firm made a generous bid for the remaining shares of GEICO's outstanding stock, and by , GEICO was a subsidiary of one of the most profitable organizations in the country.
That led to national advertising on an enormous scale. GEICO's ads and direct mail pieces flooded the airwaves and filled mailboxes around the country and the company's growth shot upward. In August , GEICO declared the "good news" about re-entering the New Jersey auto market at a press conference in Trenton that made local, regional and national news.
That was also the year that GEICO introduced the Cavemen to television audiences in order to drive home the point that using geico. Building activities in Buffalo were completed in and associates moved into their new ,square-foot regional center following a grand opening ceremony in October. In , GEICO marketing efforts, expanding Internet capabilities and customer outreach combined to attract the company's 7 millionth policyholder.
GEICO's success continued throughout as the company grew to 8 million policyholders. GEICO introduced several new product lines. Of these, the Powersports unit got off to a good start, driven by the well-established and highly successful motorcycle group. By , the Cavemen were not only featured in new ads, but also on an interactive Web site that showed off their contemporary and very hip lifestyle. Meanwhile, the Gecko took on an extra job and became the spokescreature for a national touring gecko exhibit at several zoos and aquariums around the country in order to promote wildlife conservation efforts.
This was also the year that the company set its sights on Massachusetts drivers and put out the "Open for Business" sign in the Bay State in May. In , GEICO provided mobile users with a first in the insurance industry—the ability to quote and buy a policy from mobile-friendly pages on their iPhone and Android mobile devices. Growth continued in as a new milestone of 11 million GEICO policyholders was reached early in the year, and the company would add another 3 million over the next four years and become the nation's second-largest auto insurer.
And then things really took off! For 12 consecutive months, from July through June , GEICO set monthly records for sales and growth, adding its 15 millionth and 16 millionth policies during , and its 17 millionth early in
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