Most people have heard GEICO, its talking gecko, and it's ability to save drivers money on car insurance. But fewer people realize this company is owned and controlled by Warren Buffett's Berkshire Hathaway (NYSE: BRK-B)(NYSE: BRK-A). Warren Buffett recently said "GEICO's cost advantage is the factor that has enabled the company to gobble up market share year after year."
GEICO aims to pass those savings onto customers, and in recent years, the company has been able to acquire customers at a faster rate than its competitors.
In the following video, Motley Fool Financials Bureau Chief Matt Koppenheffer visits the exhibition floor at the annual Berkshire Hathaway shareholder meeting in Omaha, Nebraska. This year, over 40 of Berkshire Hathaway's operating subsidiaries set up exhibits and allowed investors to see their latest products and innovations. During the meeting, Warren Buffett and his business partner, Charlie Munger, field questions from shareholders for nearly six hours and provide their thoughts on everything from investing, corporate governance, and personal success. Touring the floor can give shareholders an improved grasp on the businesses Warren Buffett has acquired over the decades as CEO. Matt details why GEICO is so important to Berkshire's overall business and how it's been able to take market share from competitors like Allstate.
