Tag Archive | "vehicle service contracts"

AUL Brings in Assurant’s David Chang as CFO

NAPA, Calif. — Vehicle service contracts administrator AUL Corp. has appointed David Chang to the position of CFO, announced Jimmy Atkinson, the firm’s president and CEO. Chang, who brings more than 20 years of experience in corporate finance, has been recruited to prepare the firm for its next phase of growth. The appointment represents the second addition to AUL’s executive team in 2018, following new CIO Jose Fleites’ March appointment.

“As we continue to grow, it is vital that we take advantage of opportunities to enhance the strength and expertise of our leadership team, and David brings a depth of knowledge and experience to elevate our financial processes, systems, forecasting, and reporting to an institutional level,” stated Atkinson.

Chang most recently served as vice president of FP&A for Assurant, a global provider of risk-management solutions, where he drove financial planning, forecasting, reporting, and analysis for a $3 billion gross premium business segment. Prior to Assurant, Chang spent nearly 20 years with General Electric, culminating in the position of CFO for a $300 million P&L with six facilities spanning three continents, all according to the announcement.

“In addition to his immense professional qualifications, David’s genuine concern and compassion for his fellow workers demonstrate what a great fit he is for AUL. We welcome him with great excitement and enthusiasm,” Atkinson said.

Posted in P&A NewsComments (0)

Assurant Completes Acquisition of The Warranty Group

NEW YORK — Assurant, which provides vehicle service contracts through its Assurant Solutions business unit, announced the closing of its acquisition of The Warranty Group from TPG Capital.

Following the closing, the risk management solutions provider announced several appointments to its global automotive leadership team, including the appointment of John Laudenslager as president of Assurant Global Automotive.

“We are excited to close our acquisition of The Warranty Group, which significantly advances our global lifestyle growth strategy of helping consumers protect their appliances, mobile devices, and electronics, while solidifying our global position as the premier provider of vehicle protection services,” said Assurant President and CEO Alan Colberg. “The combination of our two companies will support ongoing product and service innovation for the consumer, while we expect to realize significant operating synergies and generate more diversified and predictable earnings over time.”

The transaction’s $2.5 billion total enterprise value reflects approximately 10.4 million Assurant shares, or $993 million based on the acquisition agreement’s closing price, and approximately $1.5 billion in cash — after considering the repayment of The Warranty Group’s $594 million in existing debt.

The Warranty Group, which has annualized revenues of more than $2 billion (as of March 31, 2018), brings new client partnerships and distribution channels, including dealer networks and national accounts to Assurant. Jointly operating across 21 countries, the addition of The Warranty Group also provides additional resources to accelerate the company’s mobile strategy in key markets such as Asia-Pacific, according to company officials.

As part of the transaction, Peter McGoohan and Eric Leathers, both representatives of TPG Capital, will join Assurant’s board of directors and serve on the board’s compensation and finance and risk committees, respectively.

Laudenslager, a 30-year industry veteran who previously served as president of Assurant’s global vehicle protection services operations, will now lead a team consisting of executives from both companies. “With John at the helm of our global automotive business, this team will leverage our collective expertise in risk management, product innovation, operations, client services and program optimization to best support our clients and their customers,” said Keith Demmings, president of Assurant’s global lifestyle business unit.

On Laudenslager’s leadership team is Charlie Robinson, who will continue to lead the team serving the U.S. dealership and agent distribution channels as president of Assurant Resource Automotive — a role he held with The Warranty Group. He brings more than 40 years of experience in the F&I segments of the automobile retail industry.

Additionally, Justin Thomas, former executive vice president of The Warranty Group’s North American Specialty Solutions division, will now lead U.S. automotive national accounts for the combined companies. He will also serve as president of financial services at Assurant. Thomas spent 11 years with The Warranty Group, serving in various account management, sales, and operations positions across the company’s auto, appliance, technology, and administration groups.

Assurant officials also announced that Daniel Lenczner, the firm’s former senior vice president of strategic business development, will assume the role of senior vice president of the company’s third-party administrator group. He has more than 25 years of experience in the automotive and insurance industries.

Assurant also announced changes to its international leadership team. Those appointments can be found here.

“I’m looking forward to leading this talented team, which brings together the best of both organizations,” said Laudenslager. “The collective experience of this team will provide continuity and additional value and benefits to our clients, while also driving innovation in the vehicle protection industry.”

Posted in P&A NewsComments (0)

Vero Partners with Allied Solutions on New VSC Program for Independents

SCOTTSDALE, Ariz. — Fidelis PPM today announced that its sister company, Vero, has partnered with financial services provider Allied Solutions to provide a new inventory merchandising and vehicle service contract program designed for independent dealers.

Together, Vero and Allied Solutions have launched the Dealership Advantage Program, a package designed to help dealers present fresher, more appealing inventory and deliver a better customer experience. Program features include a comprehensive package of Simoniz-branded vehicle protection and appearance services for all inventory at no charge.

Also offered at no additional charge is GlassCoat, Simoniz’s ceramic paint protection. The program also features vehicle service contract options from a range of industry-leading underwriters, as well as a VSC purchase incentive upgrading the ceramic paint protection to a seven-year warranty.

“Market pressure on used-car operators is considerable today, while competition for quality inventory is brisk,” said Vero CEO Joe Annoreno. “But dealers utilizing our Dealership Advantage Program help set apart their dealerships and vehicles as uniquely different and attractive to their customers.

Mark Ladd, vice president of Allied Solutions’ Automotive Service Group, added: “Now independent dealers can enjoy significant market advantages to separate their business and inventory from the competition. We believe this Dealer Advantage Program offers benefits that independent dealers will value while it enhances their competitiveness through a unique protection upgrade to trigger high-grade service contract purchases.”

Posted in Auto Industry NewsComments (0)

AUL Surpasses Two Million Contracts Issued

NAPA, Calif. — AUL Corp. surpassed 2 million contracts issued, the vehicle service contract provider announced last week. Officials said the milestone makes the firm one of the top independent VSC providers in the nation.

Founded in 1990 by industry icon Luis Nieves, AUL achieved the milestone just seven years after it touched the million-policy mark in 2011. Officials said that means the firm reached two million policies issued in about a third of the time.

“We are thrilled for the accomplishment, but we are even more thankful for our amazing family of independent agents and dealers,” said Jimmy Atkinson, AUL Corp.’s president and CEO. “Without [their] help, this achievement would not be possible.”

Atkinson said one of the drivers is consumers, who are keeping their vehicles longer than ever before. Vehicles are also more complex and technologically advanced, increasing the need for added protection. “When you combine the increasing need for VSC’s with AUL’s comprehensive policies and industry-leading customer support staff, you have a business that is primed for growth,” Atkinson said.

The firm recently promoted Henry Paoli to national sales manager and brought in a fourth regional sales executive in response to the company’s strong sales.

“We have always strived to be a leader in customer service and to provide the best suite of policies in the industry. And the only way to deliver upon those high standards is to bring in the best people in the business,” said Jason Garner, AUL’s senior vice president of sales and business development. “With 2017 having been the best performing year in AUL’s history, we look forward to serving our next million customers with our never-ending dedication to hard work and integrity.”

Posted in P&A NewsComments (0)

American Guardian Announces 2018 Growth Plan, Promotion of Key Executives

WARRENVILLE, Ill. — F&I product provider American Guardian Warranty Services Inc. (AGWS) announced the promotion of several key executives, including the appointment of Jon A. Anderson as president and COO. The moves are part of the company’s 2018 plan to grow its marketer base, revenue, and service team. The company also revealed plans to significantly rebrand its Compass Auto VSC program.

Touting a 30% revenue increase in the last five years, the F&I product provider plans to expand its agency base by 25%, enhance and expand its service team at its corporate office as well as at its East Coast sales office. The company also plans to expand its field team. And as part of its rebranding of its Compass Auto VSC program, the company said it plans to improve the product’s eligibility, coverage, and value.

“Since our company was founded 20 years ago, American Guardian has been proud to offer a full suite of F&I products that provide excellent coverage and value, while allowing for higher profitability for dealerships,” said Anderson. “Extended service contracts, appearance protection, warranty protection, and tire-and-wheel coverage are just some of the products that American Guardian offers. We also provide reinsurance services, capital advance, and e-rating for products to help dealers become more profitable and productive.”

Anderson started as the company’s first salesperson in 1998. Since 2011, he has overseen the national sales and marketing teams as senior vice president of sales and marketing and is responsible for the company’s record growth, expansion of the sales team, and updated processes.

According to company officials, AGWS has grown its staff by 36% since 2016. Last year, it hired 32 new employees.

The company also announced the appointment of Ric Simmons as executive vice president and CFO. He joined AGWS in 2004 as CFO with an extensive background in public accounting. Simmons was promoted to senior vice president and CFO in 2011.

Also promoted was Dan Lievrouw. He was named executive vice president, CIO, and president of American Guardian Systems Inc. Lievrouw has overseen the IT operations since joining American Guardian in 2008. His role was expanded in 2011 with his promotion to vice president of IT and operations.

Lievrouw’s promotion will allow him to continue developing opportunities and technology tools that have been instrumental in American Guardian’s growth. Company officials noted that the ongoing evolution in dealership technology has increased opportunities for American Guardian’s continued expansion of services.

The company also announced that Matt Weil was promoted to vice president, general counsel, and corporate secretary. He has served as legal counsel for American Guardian Group of Companies since 2006. In 2011, his title was elevated to vice president and general counsel.

The F&I product provider also named John Wendt senior vice president of claims and underwriting. Wendt has overseen American Guardian’s call center since its inception in 1998. In 2011, Wendt’s role was expanded to include underwriting when he was promoted to vice president of claims and underwriting. Since then, his role has evolved as the company’s services and support teams have increased in size over the last couple of years.

With more 35 years in the industry, Wendt has continually provided expertise and steady guidance to the increasingly demanding call center, the company said. With his promotion, he will continue to oversee the busy claims area while assisting the company in other areas.

Lastly, the company noted that one of its new hires in 2017 was Jim Fisher, who serves as assistant vice president of dealer programs. He is responsible for finding, analyzing, and recommending programs that American Guardian’s agents can market to their dealership customers in the automotive, RV, powersports, marine, and commercial trucking industries.

Fisher was a nine-time winner of the Chrysler Award of Excellence and won Ford Motor Co.’s coveted President’s Award. He has trained more than 7,000 automotive salespeople over the course of his more than 40-year industry career.

“We offer great products and services at American Guardian,” Anderson said. “I believe that American Guardian will lead the industry by offering unparalleled service, focusing on continuous improvement, and not only meeting but exceeding the expectations of our partners and customers.”

Posted in P&A NewsComments (0)

N.J. Dealer Agrees to Pay $136,000 to Resolve Consumer Fraud Investigation

NEWARK, N.J. — Sansone Hyundai has agreed to pay $136,000 to resolve charges that it failed to disclose the total price of certain advertised vehicles and charged consumers for F&I products listed at “no charge” on certain leases and sales contracts,” New Jersey Attorney General Christopher S. Porrino and the state’s Division of Consumer Affairs announced on Friday.

The dealership, winner of DealerRater’s 2016 and 2017 Consumer Satisfaction Award, also agreed to change its advertising, sales, and leasing practices, including disclosing all costs and fees associated with the purchase or lease of a vehicle before consumers sign on the dotted line.

“Consumers should be able to purchase a new car without having to worry about misinformation and hidden costs,” said Attorney General Porrino. “This settlement ensures that consumers will receive transparency and honesty from this dealership, as required by law.”

The settlement was announced three days after New York’s Nissan of Rochelle, located two hours north of Sansone, agreed to pay more than $298,000 to settle Attorney General Eric Schneiderman’s charges that it willfully defrauded 298 car buyers by tacking on a window-etch programs after customers agreed to a price for the vehicle and often without their knowledge.

In a consent order with the Division of Consumer Affairs, 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.

The New Jersey dealership also agreed not to sell consumers aftermarket products that overlap or provide similar benefits the consumer has already purchased through the lease and sale transaction; accurately reflect in leases the “gross capitalized cost” as required by the consumer leasing act; provide consumers with an opportunity to review all leases and/or sales documents and/or aftermarket contracts prior to signing; and not identify the advertised prices of vehicles by reference to the MSRP sticker, when the vehicle includes an addendum to the MSRP sticker that reflects a higher total price.

The dealership must also comply with all applicable state and/or federal laws, rules, and regulations, including the Consumer Fraud Act, the Motor Vehicle Advertising Regulations, the Automotive Sales Regulations, and the Consumer Leasing Act, according to the consent order.

“Dealerships must fully disclose all costs and fees associated with the purchase or lease of a vehicle before consumers sign on the dotted line,” said Steve Lee, director of New Jersey’s Division of Consumer Affairs. “We will continue to enforce the laws and regulations in place to ensure consumers have the facts they need to make informed decisions.”

Posted in Auto Industry NewsComments (0)

Page 1 of 41234