Tag Archive | "Portfolio"

Portfolio Acquires Finance Concepts, LLC


LAKE FOREST, Cali. – Portfolio Group announced today that it has acquired a majority interest in Finance Concepts, LLC, one of its largest producing agencies headquartered in Folsom, California. Portfolio is owned by the company’s management and Capital Z Partners, a New York-based private equity firm. Terms of the transaction were not disclosed.

“We are very pleased to be adding one of the finest automotive finance and insurance agencies in the country to the Portfolio group of companies,” said President and Chief Executive Officer Brent Griggs. “Perry Montoya and Jeff Burnett have led Finance Concepts to exceptional growth since its founding in 2005 and we are delighted that they will continue that leadership as part of the Portfolio team.”

As a result of this transaction, Finance Concepts will have access to Portfolio’s significant resources to help accelerate their growth plan while Portfolio further strengthens its already excellent relationships with Finance Concepts and their large portfolio of dealer clients. No changes to the management of Finance Concepts are contemplated, as Portfolio’s investment is driven by their confidence in the current Finance Concepts leadership team.

Brad Cooper, Managing Partner of Capital Z, said about the transaction, “Our strategy for Portfolio combines continued strong organic growth with strategic acquisitions of successful agencies run by first class management whose business philosophy and approach are consistent with ours. Finance Concepts  meets each of these criteria and this acquisition significantly strengthens Portfolio’s distribution network.”

Based in Lake Forest, CA with operations in Dallas, TX, Portfolio is a leading independent provider of finance and insurance products and services to automotive dealers across the country with an emphasis on reinsurance management. The Company develops, sells and administers automotive dealer extended warranty programs including vehicle service contracts, GAP insurance and ancillary products.

More can be learned about Portfolio at http://www.PortfolioReinsurance.com.

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Portfolio Named Endorsed Provider by Wyoming Auto Dealers


LAKE FOREST, Calif. – Portfolio one of the nation’s leading reinsurance program managers for automotive dealers, has entered into an agreement with the Wyoming Automobile Dealers Association (WADA) to bring reinsurance profit participation and retrospective commission programs to the association and its dealers who sell Portfolio F&I products.

Former WADA President, Chuck Ruwart, who provided leadership in the agreement, observed, “Portfolio brings a true dealer-centered approach to the vital F&I profit center, so we believe they are a great fit with our organization. They were very creative in creating a win-win for both all our members and the association, so we endorse them to our members.”

Details of the agreement were not released, but the program is designed to provide reinsurance profit participation benefits to any WADA dealer who chooses to sell Portfolio products, regardless of their size.

Association Executive Vice-President Marsha Allen added, “Portfolio offers more products to our dealers than they previously had access to, and has created an annual bonus plan for our smaller dealers who sell them. Our larger dealers will have access to the same products plus Portfolio’s superb reinsurance management services. There are more profits here for everyone, and more vehicle protection options for our dealers’ customers.”

“We thank everyone we worked with in Wyoming, both in the Association and our dealer supporters,” said Graye Wolfe, Portfolio’s Managing Director. “I am confident that our local team of Fred Flores and Wendy Phillips of FITS Services, supported by our Reinsurance Specialist, Lance Young, will deliver great service and value to all the participating dealerships.”

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Portfolio’s Dallas Office Is Named Best Place to Work For in Texas


DALLAS – Portfolio has been named one of the 2017 Best Companies to Work For in Texas. This year’s award is the first time the company has entered and been recognized in the survey. The awards program was created in 2006 and is a project of Texas Monthly, the Texas Association of Business (TAB), Texas SHRM and Best Companies Group.

“Our Dallas office is vital to our company and our clients, being responsible for Vehicle Service Contrract administration and many facets of reinsurance company administration for our dealer clients. Our Dallas team is at the core of Portfolio’s brand promise,” observed Brent Griggs, President and CEO. “This award shows that our Dallas employees are not only 100% engaged in our mission, but are enthusiastic about the opportunity to accomplish their important duties for all our stakeholders. They deserve every bit of the support we give them with our policies and practices.”

This statewide survey and awards program was designed to identify, recognize and honor the best places of employment in Texas, benefiting the state’s economy, workforce and businesses. The 2017 Best Companies to Work for in Texas list is made up of 100 companies. Portfolio has been named one of the Best Companies to Work for in Texas.

To be considered for participation, companies had to fulfill the following eligibility requirements:

– Have at least 15 employees working in Texas

– Be a for-profit or not-for-profit business or government entity

– Be a publicly or privately held business

– Have a facility in the state of Texas

– Be in business a minimum of 1 year

Companies from across the state entered the two-part survey process to determine the Best Companies to Work for in Texas. The first part consisted of evaluating each nominated company’s workplace policies, systems, philosophies, practices, and demographics. This part of the process was worth approximately 25% of the total evaluation. The second part consisted of an employee survey to measure the employee experience. This part of the process was worth approximately 75% of the total evaluation. The combined scores determined the top companies and the final rankings. Best Companies Group managed the overall registration and survey process in Texas and also analyzed the data and used their expertise to determine the final rankings.

The list of the 100 Best Companies to Work for in Texas and how they rank will be revealed for the first time at the Texas Association of Business (TAB) Best Companies to Work for in Texas Awards Dinner and Celebration on March 23 at the Sheraton Austin at the Capitol in Austin, Texas. The winners will also be profiled by Texas Monthly in a special publication that will be released in conjunction with the event.

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Lori Hallissey Named Chief Operating Officer at Portfolio


LAKE FOREST, CA – Portfolio, a leading reinsurance program manager for automotive dealers, has named Lori Hallissey Chief Operating Officer effective October 3rd. As part of the senior management team, she will be responsible for all Portfolio operations including contract processing, claims management and Information Technology, with six directors and managers reporting to her directly. Hallissey will report to the President and CEO, Brent Griggs.

“I have known Lori for over 20 years and she has impressed me at every turn,” observed Griggs. “She brings expertise, drive and a hands-on approach to her responsibilities. She is also very personable, which fits with the Portfolio corporate culture of being a fun but focused place to work. All of the stakeholders in Portfolio- dealers, consumers, agents, and employees- will benefit from having Lori in this key position.”

Hallissey remarked, “Portfolio may be the single most dynamic and exciting company in our industry. Their growth over the past six years has been remarkable, and makes me want to contribute my best to the company’s ongoing success. I look forward to working with all the teams to assist in taking the company to the next level.”

Hallissey will be based in the Lake Forest, CA office of Portfolio. She joins Portfolio after having served as Vice President of Operations and Customer Experience at Allstate Dealers Services in Jacksonville, FL, leading a team of 75 that managed all aspects of VSC, GAP and ancillary product administration for both new business and in-force business.

Prior to Allstate, she was Senior Vice President of Administration for the Asset Protection Division of Protective Life in Bannockburn, IL. She led core teams totaling 210 employees in administering new and in-force business, technology conversions, vendor selection and implementation, tier one web support, customer service, and all claims activities. During this time she helped to integrate and administer business related to four acquisitions.

Hallissey began her career in 1989 at OwnerCare, a multi-state dealer services general agency acquired by Protective during her tenure, and is a graduate of North Park University in Chicago. She has been a speaker and panelist at numerous industry conferences, including the Vehicles Service Contract Administrators Conference (VSCAC) and Providers & Administrators Leadership Summit (PALS).

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New Portfolio Edge Program Reinsures Service Drive Warranties


Lake Forest, Calif. – Portfolio, one of the nation’s leading reinsurance program managers for automotive dealers, has launched Portfolio Edge, a program to extend coverage on the manufacturer’s parts and labor warranties for repairs in dealership service drives, and then reinsure the extended coverage contracts to the dealer’s Affiliated Reinsurance Company.

Portfolio Edge comes with two options for the dealership: a limited warranty that is included in the customer’s payment of the repair order, or a service contract covering the repair paid for separately by the customer. The coverage can be extended for 1-4 additional years not to exceed 5 years total coverage. All consumer documents will be generated electronically.

“With reinsurance being a vital part of most dealers’ business strategy, we have recently been asked for a service drive product that can be reinsured,” observed Steve Burke, Chief Executive of Sales. “We believe this is the first program of its kind to meet that dealer need. Plus it boosts wholesale parts sales and helps with customer satisfaction and retention.”

To achieve a seamless technology solution for the dealership, Portfolio partnered with PartShield, which created a similar extended warranty program for OEMs such as Ford Motor Company. PartShield developed a Portfolio private labeled website and will assist in implementing this technology in the dealership. The website facilitates the sale and distribution of the Portfolio Edge product for the consumer documents (electronic contract) and determines part eligibilities. The website integrates with most major DMS providers to more easily install the program in the service department.

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Portfolio Is Again Named One of the Best Places to Work


LAKE FOREST, CA – Portfolio has been named one of the 2016 Best Places to Work in Orange County. This year’s award is the third time the company has been recognized in the survey. The awards program was created in 2009 and is a project of the Orange County Business Journal and Best Companies Group.

“We strive to create a work environment where our employees enjoy interacting with each other and applying themselves as a team to meeting the needs of our dealers, agents, and consumers, so we are especially grateful for this recognition,” said Brent Griggs, President and CEO. “The fact that 75% of the award is based on our employees’ day-to-day experience in our office attests that we are succeeding in that goal. It’s the best team of people I have ever had the opportunity to work with and I appreciate each one of them.”

The county-wide survey and awards program was designed to identify, recognize and honor the best places of employment in Orange County, benefiting the county’s economy, its workforce and businesses.

To be considered for participation, employers had to fulfill the following eligibility requirements:

– Have at least 15 employees working in Orange County;

– Be a for-profit or not-for-profit business or government entity;

– Be a publicly or privately held business;

– Have a facility in Orange County; and

– Must be in business a minimum of 1 year.

Organizations from across the county entered the two-part process to determine the Best Places to Work in Orange County. The first part consisted of evaluating each employer’s workplace policies, practices, and demographics. This part of the process was worth approximately 25% of the total evaluation. The second part consisted of an employee survey to measure the employee experience. This part of the process was worth approximately 75% of the total evaluation. The combined scores determined the top organizations and the final ranking. Best Companies Group managed the overall registration and survey process in Orange County and also analyzed the data and used their expertise to determine the final ranking.

The ranking of the winning organizations has been released via a special section of the Orange County Business Journal’s July 25th issue.

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