Great article from David Sulfridge on General Motors path back into the Vehicle Service Contract and Protection Plan business.
Full Article: https://www.linkedin.com/pulse/gms-new-protection-plan-business-david-sulfridge-are-arc/
Category Archives: Automotive
PCMI Named to “20 Most Promising Automotive Technology Solution Providers 2017” by CIOReview
PCMI’s administration software, Policy Claim and Reporting Solutions (PCRS), automates the full lifecycle of all aftermarket products.
Full Article: http://www.pcmicorp.com/2017/10/pcmi-20-automotive-technology-cioreview/
Assurant to Acquire The Warranty Group in Transaction Valued at $2.5 Billion
The transaction values The Warranty Group at $1.9 billion in equity value, or $2.5 billion of enterprise value, including their existing debt.
The deal is expected to yield $60m in pre-tax operating synergies. View Assurant’s presentation on the deal breakdown: http://s1.q4cdn.com/131015182/files/doc_presentations/2017/Assurant’s-Acquisition-of-The-Warranty-Group-Presentation.pdf
CarMD and CARCHEX Announce Strategic Partnership
CarMD, a leading provider of automotive diagnostic information, and CARCHEX, the industry-leading provider of direct-to-consumer Vehicle Protection Plans, today announced a strategic partnership to provide CarMD customers with additional means to reduce unforeseen car repair costs.
Full Release: https://www.prnewswire.com/news-releases/carmd-and-carchex-announce-strategic-partnership-300539274.html
Five Major Trends Surfacing in the U.S. Consumer Service Contract Industry
Warranty Week estimates the U.S. service contract industry generated $40 billion in revenue in 2016 with $17 billion from vehicle service contracts and $23 billion from all other products and devices. Personal Safeguards Group estimates U.S. consumers spent approximately $33.4 billion on new and used vehicle service contracts (at retail prices) in 2016. The numbers are hard to pin down, in part, because of the different ways contracts are classified and revenues reported. Sellers report revenue from retail sales whereas administrators report revenue from wholesale sales, and insurers report gross written premium. Warranty Week attributes slightly more than half the total volume to ten major players and the balance spread among 140 administrators and 33 admitted insurance companies. Any way you measure it, it’s a big industry, and getting bigger.
Allied Solutions and Interstate National Announce 5 Year Partnership Renewal
Strengthening their longstanding commitment to the credit union community, Interstate National announced that Allied Solutions has renewed their strategic partnership for another five years.
Volkswagen Extends Powertrain Warranty to Six Years/72,000 Miles
For the 2018 model year, most new Volkswagen vehicles in the US will come with a six-year, 72,000-mile bumper-to-bumper limited warranty – which doubles the current warranty.
SouthwestRe, DAC Sold to Canada’s Largest Publicly Traded Company
One of the largest life and health insurance companies in Canada has signed an agreement to acquire shares of third-party administrator SouthwestRe and its insurance arm, Dealers Assurance Co. (DAC), for $135 million.
Source: SouthwestRe, DAC Sold to Canada’s Largest Publicly Trade Company
September 13-15, 2017 – 8th Annual Extended Warranty and Service Contract Innovations Event
Connectivity is today’s key success ingredient in service contract & warranty customer care. Hear from Amazon, Microsoft, GM, GE, Electrolux, and AMT Warranty about Customer Care in the New Digital Age and how connectivity is dramatically transforming the Warranty and Service Contract industry. We are proud to announce the 2017 agenda for this highly acclaimed 8th Annual Extended Warranty and Service Contract Innovations event, taking place September 13-15, 2017, at the Renaissance Hotel in Nashville, Tennessee. Use WN300 for a $300 discount. Register today at: http://www.warrantyinnovations.com.
Don’t miss hearing from 40 top industry leaders from multiple key industries in the extended warranty/service contract market. This all new event features ground breaking innovations ranging from sales, marketing, coverage, new technologies to customer experience, risk, legal, and global ventures.
N.J. Dealer Agrees to Pay $136,000 to Resolve Consumer Fraud Investigation
Sansone Hyundai and its directors agreed not to add and charge for aftermarket products, such as window etch and service contracts, without the consumers’ knowledge and/or authorization, or represent to consumers that certain dealer-installed options are mandatory when they’re not.
Source: N.J. Dealer Agrees to Pay $136,000 to Resolve Consumer Fraud Investigation