Category Archives: Automotive

Portfolio: Antimicrobials Propelled F&I in March and April

FOR IMMEDIATE RELEASE

New data from Portfolio shows sales of antimicrobial treatments as a percentage of F&I product sales increased as more Americans sought protection from communicable diseases.

LAKE FOREST, Calif. — Antimicrobial treatments gained ground as a percentage of all F&I product sales in March and April, reflecting renewed interest in eliminating and protecting against disease-causing pathogens among dealers, agents and consumers, according to internal data from Portfolio, a national provider and administrator of F&I products and dealer participation programs.

Continue reading →

AUL Corp. Launches New VSC Covering Complex Automotive Technology Systems

AUL Corp. launches a new vehicle service contract product covering complex technology systems found in today’s vehicles.

Full Article: https://aulcorp.com/news/posts/2020/may/aul-corp-launches-new-vsc-covering-complex-automotive-technology-systems/

Assurant Acquires American Financial & Automotive Services

  • Acquisition Further Solidifies Assurant’s Position as a Leading Provider in the Global Automotive Market with over 48 Million Covered Vehicles Globally

Full Release: https://www.businesswire.com/news/home/20200505005962/en/Assurant-Acquires-American-Financial-Automotive-Services

Assurant Reports First Quarter 2020 Financial Results

  • Year-over-Year Earnings Growth Driven by Global Lifestyle and Improved Global Housing Results
  • Announces information on AFAS Acquisition

Full Earnings Release: https://www.businesswire.com/news/home/20200505005929/en/Assurant-Reports-Quarter-2020-Financial-Results

Portfolio Launches New Claims Website

Portfolio’s new GAP and ancillary claims website was designed to streamline the submission and adjudication process.

LAKE FOREST, Calif. — Portfolio announced the launch of a new website for GAP and ancillary claims. The new site features a fully redesigned interface intended to offer easy navigation and a better overall user experience.

Continue reading →

PCMI Integrates with C&K Auto Parts to Implement a One-Stop Solution for Parts Ordering to Reduce Claim Expenses

Integration of C&K Auto Parts and PCMI will empower TPAs by giving them a streamlined and efficient process to research pricing, create and document quotes, and order parts all in one place.

Full Release: http://www.prweb.com/releases/pcmi_integrates_with_c_k_auto_parts_to_implement_a_one_stop_solution_for_parts_ordering_to_reduce_claim_expenses/prweb17077617.htm

F&I PROVIDERS RELIEF FUND ANNOUNCES BOARD MEMBERS, $1 MILLION FUNDRAISING GOAL

FOR IMMEDIATE RELEASE

(Florida, April 2020–) The upstart charity F&I Providers Relief Fund for F&I Managers has announced its 7-member board of directors and a $1 million fundraising goal to help professionals in the F&I industry facing hard times.

Founded only two weeks ago by National Auto Care CEO Tony Wanderon, the F&I Providers Relief Fund (F&IPRF) has brought nearly 20 F&I providers together and has now raised close to $300,000 to provide financial grants exclusively to F&I managers who are dealing with financial hardships due to COVID-19.

Continue reading →

Portfolio to Acquire National Automotive Experts/NWAN

Portfolio Holding Inc. today announced it has agreed to acquire National Automotive Experts/NWAN, a Strongsville, Ohio-based F&I products provider and administrator.

Full Article: https://www.naenwan.com/2020/03/09/portfolio-acquire-nae-nwan/

Pennsylvania AG Shapiro Suing Delta Auto Protect to Get Money Back for Consumers in Repair Scam

Attorney General Josh Shapiro announced that his Office has filed a civil lawsuit against extended automobile warranty company Delta Auto Protect to get money back for consumers and repair shops…

Full Article https://www.attorneygeneral.gov/taking-action/press-releases/ag-shapiro-suing-delta-auto-protect-to-get-money-back-for-consumers-in-repair-scam/

Personal Safeguards Group Releases 2020 Service Contract Industry Projections

UPDATE: The shutdown driven by the CoronaVirus will greatly impact every category in 2020. This should be viewed as a run rate prior to the shutdown.

For 2020 Personal Safeguards Group projects over $61b at retail for consumer related service contracts.

Automotive continues to lead the industry in terms of gross revenue with 2020 projected at over $33b for Vehicle Service Contracts and over $6.4b for Ancillary products.

Continue reading →