Category Archives: Automotive

Budco Financial Services sells for $10.5 million

Budco Financial is a payment processing business that finances vehicle service contract programs for automotive OEMs.

Full Article: https://www.crainsdetroit.com/finance/budco-financial-services-sells-105-million

NAE/NWAN Announces New Powersports Service Contract Program

Cleveland, Ohio, April 10, 2019 – National Automotive Experts and NWAN (NAE/NWAN) is pleased to announce the launch of their brand new powersports service contract program.

The new program, Extreme Powersports, is designed to provide industry-leading mechanical breakdown protection for on-road motorcycles, autocycles, scooters, off-road motorcycles, ATVs, UTVs, golf carts, snowmobiles and personal watercraft. The new program provides new and pre-owned coverage for gas, diesel and electric units. Domestic, Asian and European manufactured units qualify for coverage. In addition, most Chinese and Indian manufacturers are also eligible for coverage.

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Honda dealership fooled customers into buying useless warranties: Pennsylvania Attorney General Josh Shapiro

Pennsylvania Attorney General Josh Shapiro settles with car dealership over warranties the attorney general calls “valueless.”

Full Article: https://www.pennlive.com/news/2019/04/honda-dealership-fooled-customers-into-buying-useless-warranties-attorney-general.html

CARCHEX Named as a Vehicle Protection Plan Provider for Kelley Blue Book and Autotrader

CARCHEX and Cox Automotive announce a new relationship with CARCHEX named as a provider of vehicle protection plans beginning with KBB.com and Autotrader to follow.

Full Release: https://www.accesswire.com/541464/CARCHEX-Named-as-a-Vehicle-Protection-Plan-Provider-for-Kelley-Blue-Book-and-Autotrader

Phillips 66 to offer extended warranty guarantee for FA-4 10W-30 oils

Phillips 66 Lubricants announced that it has extended its product quality guarantee to protect heavy-duty fleets against lubricant-related failure in the engine when using Guardol FE 10W-30.

Full Article: https://www.fleetequipmentmag.com/phillips-66-extended-warranty-heavy-duty-engines-fa4-oils/

Jeb Bush joins board of directors for Protect My Car

Former Florida Governor Jeb Bush has joined the board of directors for Protect My Car after the Tampa Bay area company received a minority stake from Dock Square Capital.

Full Article: https://www.bizjournals.com/tampabay/news/2019/04/03/jeb-bush-joins-board-of-directors-for-protect-my.html

Kingsway Announces Warranty Company Acquisition

ITASCA, IL, March 4, 2019 /PRNewswire/ – (NYSE: KFS) Kingsway Financial Services Inc. (“Kingsway” or the “Company”) today announced it has closed on its acquisition of Geminus Holding Company, Inc. (“Geminus”), a specialty, full-service provider of vehicle service contracts (“VSCs”) and other finance and insurance (“F&I”) products to used car buyers around the country.

Full Release: https://www.prnewswire.com/news-releases/kingsway-announces-warranty-company-acquisition-300805470.html

F&I Admin Merges With StoneEagle

LOMBARD, Ill. And RICHARDSON, Texas — F&I Administration Solutions LLC and StoneEagle Inc. announced the strategic merger of the two companies to form StoneEagle F&I.

Full Article: https://www.fi-magazine.com/355879/fi-admin-merges-with-stoneeagle

AmTrust Signs Agreement with PCMI to Automate and Enhance Reinsurance

New System Will Provide Additional Information and Analytics Driving Enhanced Risk Management and Increased Transparency.

NEW YORK, January 23, 2019 – AmTrust Financial Services, Inc.(“AmTrust” or the “Company”) today announced the Company has signed an agreement with PCMI Corporation (Policy Claim Management International), the leading provider of integrated software solutions for the administration of F&I Products, Service Contracts, and Extended Warranties. Through the agreement, AmTrust will implement PCMI’s Policy Claim and Reporting Solutions™ (PCRS) – Reinsurance Module, which will provide AmTrust clients with an easy to use, robust reporting solution for their reinsurance businesses.

Full Release: http://www.pcmicorp.com/2019/01/amtrust-signs-agreement-with-pcmi-to-automate-and-enhance-reinsurance/

Cox Automotive Acquires F&I Express

Cox Automotive Inc. announces the acquisition of Intersection Technologies Inc., which does business as F&I Express.

Article:  http://www.fi-magazine.com/news/story/2018/10/cox-automotive-acquires-f-i-express.aspx