Tag Archive | "F&I Products"

Canada’s iA Financial Group Completes Acquisition of SouthwestRe, DAC


ALBUQUERQUE, N.M. and COLUMBUS, Ohio — iA Financial Group (iA) of Canada has finalized its acquisition of Southwest Reinsure Inc. (SouthwestRe) and its insurance arm, Dealers Assurance Co. (DAC), after receiving the necessary regulatory approvals. Both companies will now operate as fully owned subsidiaries of iA.

In September, iA announced it had signed an agreement to acquire SouthwestRe and DAC, with officials saying the purchase would allow the company to expand its footprint in the United States.

“With our solid track record in the extended warranty business in Canada together with the established presence of SouthwestRe [and DAC] in the U.S., we look forward to this new chapter in our U.S. expansion with great anticipation,” said iA American President Mike Stickney.

Founded in 1892, iA is one of the largest life and health insurance companies in Canada as well as one of the largest F&I providers for Canadian auto dealerships.

SouthwestRe was founded in 1985 as a third-party administrator and provider of reinsurance programs. DAC’s roots date back to 1935. It operates as a property and casualty insurance company with offices in Columbus, Ohio, and Dallas. The company primarily serves the automotive, consumer goods and related lending industries.

“Unlike many transactions in our industry, iA has a long-term view of this acquisition and the industry in general,” said Kristen Gruber, who has served as president of DAC since 2014. “With the resources and stability that iA brings to the table, we look forward to becoming one of the premier warranty insurers in the U.S.”

Eddie Eckert, president of SouthwestRe, added: “As you might imagine, this is an important moment for our entire organization. For the past 32 years, we have worked very hard to earn the patronage of each and every individual who has done business with SouthwestRe. Come what may, that will never change. If anything, we will work that much harder to win your business.”

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Dent Wizard Rolls Out New F&I Programs


ST. LOUIS – Dent Wizard International is expanding beyond the appearance protection menu offerings it’s known for with the introduction of three new F&I programs.

The new lineup begins with AlwaysNu, which features base coverage for road hazard tire-and-wheel, cosmetic wheel repair, roadside assistance service and rental car reimbursement of up to $50 per day. Customers have the option to add any or all of the following coverages: dent repair with a hail benefit; windshield repair; interior repair; and key protection featuring Tile technology.

Tile uses Bluetooth to communicate with an easy-to-use companion app on a smartphone or tablet.

The F&I product provider also rolled out Nu Key, a key protection product featuring Tile, key lockout service, roadside assistance and rental car reimbursement of up to $50 per day.

Also included in the rollout is Ding Shield One, which features base coverage for dent repair, plus a hail benefit and rental car reimbursement of up to $50 per day. Buyers can also add cosmetic wheel repair; windshield repair; interior repair; cosmetic bumper repair; and key protection featuring Tile.

“These new F&I programs allow us to apply our proven customer service, product reliability and technician expertise beyond cosmetic reconditioning,” said Lindsey Bird, Dent Wizard’s senior vice president of F&I. “F&I managers can now offer their customers more of the right choices in easy-to-buy programs that let them drive off the lot with greater peace of mind. Customers are protected from the unexpected incidents that affect the safety, appearance, operation, and value of their new purchase.”

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Craig Robinson Named President of AAGI


SCHAUMBURG, Ill. — American Auto Guardian Inc. (AAGI) announced that Craig Robinson, a 20-year veteran of the insurance and third-party administration segments, has joined the company as president. Tim Brugh, who has held the title of president since May 2013, moves into the CEO position.

Robinson started his career with Aon Warranty Group, driving operational results through dealership and manufacturer clients. He went on to manage clients such as CarMax, as well as all automotive, appliance and electronic, powersport, medical device and furniture third-party administrators on behalf of The Warranty Group’s wholly-owned insurance company, Virginia Surety Company.

In June 2011, Robinson was named executive vice president of the The Warranty Group’s Latin American region, a role in which he led all elements of the company’s business in Mexico, Central American and South America. Most recently, Robinson worked for the largest non-publicly traded dealer group in the United States before providing consulting and brokerage services to third-party administrators, private equity companies, and other business in the automotive aftermarket product industry.

In his new role as AAGI president, Robinson will coordinate strategy and development for AAGI’s products, services, and technology, as well as assume responsibility for the company’s day-to-day operations.

“I’ve had a tremendous amount of respect for AAGI for more than a decade,” Robinson said. “After many conversations with Tim regarding his vision for the company, I knew this was the right fit for me.

“AAGI is often referred to as the best company many people have never heard of. Well, that’s about to change,” he added. “We have enormous aspirations and I look forward to working with Tim and our entire team of automotive experts to capitalize on what’s been built to date. The sky’s the limit for AAGI, and I’m incredibly excited to help continue shaping the company into a dominant force in the automotive aftermarket space.”

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Craig Robinson Named President of AAGI


SCHAUMBURG, Ill. — American Auto Guardian Inc. (AAGI) announced that Craig Robinson, a 20-year veteran of the insurance and third-party administration segments, has joined the company as president. Tim Brugh, who has held the title of president since May 2013, moves into the CEO position.

Robinson started his career with Aon Warranty Group, driving operational results through dealership and manufacturer clients. He went on to manage clients such as CarMax, as well as all automotive, appliance and electronic, powersport, medical device and furniture third-party administrators on behalf of The Warranty Group’s wholly-owned insurance company, Virginia Surety Company.

In June 2011, Robinson was named executive vice president of the The Warranty Group’s Latin American region, a role in which he led all elements of the company’s business in Mexico, Central American and South America. Most recently, Robinson worked for the largest non-publicly traded dealer group in the United States before providing consulting and brokerage services to third-party administrators, private equity companies, and other business in the automotive aftermarket product industry.

In his new role as AAGI president, Robinson will coordinate strategy and development for AAGI’s products, services, and technology, as well as assume responsibility for the company’s day-to-day operations.

“I’ve had a tremendous amount of respect for AAGI for more than a decade,” Robinson said. “After many conversations with Tim regarding his vision for the company, I knew this was the right fit for me.

“AAGI is often referred to as the best company many people have never heard of. Well, that’s about to change,” he added. “We have enormous aspirations and I look forward to working with Tim and our entire team of automotive experts to capitalize on what’s been built to date. The sky’s the limit for AAGI, and I’m incredibly excited to help continue shaping the company into a dominant force in the automotive aftermarket space.”

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AmTrust Names Jackie Banks Vice President of Reinsurance for Special Risk Division


NEW YORK — AmTrust Financial Services Inc. today announced that Jackie Banks, an experienced F&I industry executive, has joined the company as vice president of reinsurance for its Special Risk division. She will be responsible for all aspects of reinsurance for the division, including sales support, training and development of staff, as well as general management responsibilities.

Banks joins AmTrust from Allstate Dealer Services, where she served as vice president of reinsurance sales and strategy. In that role, she directed all sales, training, and business development efforts related to reinsurance and other client participation programs.

“We are very excited to welcome Jackie to our team at AmTrust,” said Stuart Hollander, president of the AmTrust Special Risk Division. “Not only will she bring a tighter focus and expertise to our reinsurance activities, she will also be a great role model for all our employees and clients who come into contact with her.”

Banks added: “I am thrilled to be part of the AmTrust team. My entire career after earning my CPA designation has been spent in the industry, and I look forward to continuing that tradition by providing best-in-class solutions to AmTrust’s current and future clients.”

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‘Total Loss Protection’ at Center of NY Dealer’s $298K Settlement With State AG


ALBANY, N.Y. — Nissan of New Rochelle will pay more than $298,000 to settle claims that the dealership willfully defrauded 298 car buyers of a total of $276,127 by tacking on a window-etch program that included a “Total Loss Protection” benefit after customers had agreed to a price for the vehicle and often without their knowledge or consent, Attorney General Eric Schneiderman announced this week.

In addition to refunding the cost of the product, which varied from $215 to more than $5,000 per vehicle, the dealership’s owners have agreed to pay the state $22,084 in penalties, fees and costs. They also agreed to “certain reforms” of the dealership’s sales and F& processes.

“Consumers should not have to worry that they are being scammed into adding on bogus products and services when they purchase a car,” Schneiderman said. “Buying a car is already a major investment for many families, and tacking on thousands of dollars extra can become a significant financial burden. I am pleased that we are able to return hundreds of thousands of dollars in restitution to the nearly 300 consumers who were scammed and defrauded.”

According to Schneiderman, his office’s investigation into the 2015 complaint revealed that the product, described as a window- and windshield-etch program backed by a $3,000 or $5,000 guarantee against theft, was deceptive or outright fraudulent on at least three counts — tacking on the cost of the product without customers’ knowledge being one of them.

The regulator also charged that conditions and limitations related to the guarantee made it “essentially worthless.” The regulator noted that only one car buyer was issued credit under the program. The attorney general’s investigation also revealed that the “etching” of each vehicle’s VIN was actually a sticker affixed to the inside of a door or doorjam, and in many cases was not performed at all.

As part of the settlement, Nissan of New Rochelle’s directors have agreed to include full disclosures and explanations for each product and express consent on the car buyer’s part before any products can be added to the deal, according to the regulator’s statement.

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