DealerPolicy secures US$110mn Series C Funding
DealerPolicy, a leading insurance marketplace for automotive retail, has announced its $110 million Series C investment led by the Growth Equity business within Goldman Sachs Asset Management (Goldman Sachs) with participation from existing investors including 3L Capital and Hudson Structured Capital Management Ltd.
The new investment will be used to accelerate the growth of the company's next-generation finance and insurance (F&I) offerings for both dealers and car buyers, enabling automotive insurance to be seamlessly integrated online and at the point-of-sale. Goldman Sachs’ Paul Pate will join the company’s board of directors.
The company will also expand its operations to further develop and embed modern-day insurance throughout the entire car shopping and ownership experience and it will increase investments in strategic partnerships.
Creating better customer experiences
“DealerPolicy has successfully pioneered the assimilation of personal insurance into the automotive retail process, in a unified and compliant manner,” said Paul Pate, a Vice President in the Growth Equity business within Goldman Sachs Asset Management. “We’re thrilled to support the DealerPolicy team as they continue to transform the purchase of cars and insurance.”
On average, DealerPolicy Insurance saves consumers who report savings $64 per month on automotive insurance. DealerPolicy Insurance, the brand’s award-winning agency, and its network of over 1,000 dealers and more than 40 leading insurance carriers, have written over $200 million in total premiums for car-buyers nationwide since establishing the company in 2016. Automotive dealerships in their network report on average 44 percent higher gross margins in their F&I departments because of increased customer budgets from their insurance savings.
DealerPolicy Collaborates With JM&A Group And Darwin
DealerPolicy has recently also announced a strategic alliance with JM&A Group, one of the largest independent providers of finance and insurance (F&I) products and dealer services in the industry, and an alliance with Darwin Automotive, a J.D. Power subsidiary and global leader in data analytics and consumer intelligence.
The three companies will work together to deliver the next generation of F&I solutions to dealers nationwide. Through these alliances, DealerPolicy will continue to deliver innovative insurance products that bring together automotive insurance and car buying, with many consumers seeing cost savings.
