DealerPolicy raises $30 million
DealerPolicy has raised $30 million in Series B funding led by 3L Capital and Hudson Structured Capital Management Ltd. – doing its re/insurance business as HSCM Bermuda Management Company. The company will use the funding to accelerate the development of its platform and to expand its team, including the appointment of two new executives, Wayne Pastore as President and Chief Operating Officer and Tara Kasica as Senior Vice President of Sales.
DealerPolicy introduced its insurance solution to the automotive retail industry in early 2016. Today, the company’s wholly owned agency, DealerPolicy Insurance, and its network of over 800 dealers, “has generated over $13 million dollars in annualized insurance savings and over $60 million in increased buying power for its customers.”
“As car buying continues to evolve with the world around us, dealers are prioritizing fully digital, streamlined and connected experiences. Modern insurance solutions such as DealerPolicy’s FastPass, dovetail nicely into the process and give car-buyers the value and convenience they’ve come to expect. DealerPolicy has conducted extensive research into car-buyer sentiments, including access to insurance as part of the process. The results are undeniable – nearly 8 out of 10 shoppers believe that comparing insurance at the point of sale during the car-buying process substantially improves the experience. With an ever-expanding value proposition to dealers, insurance carriers and customers, we are prepared to continue investing in growth.” – Travis Fitzgerald, CEO of DealerPolicy.
“I admire the early success the DealerPolicy team has had and the meaningful value its platform provides for both shoppers and dealers. With the shopper’s continued desire to complete more of the purchasing experience digitally, I look forward to leveraging my experience to help accelerate the company’s growth as dealers continue to demand fully integrated and digital retailing services.” – Wayne Pastore.
“Spending much of my career in various insurance and automotive leadership roles, I immediately recognized the value of DealerPolicy’s offering to the market, and dealerships in particular. I am thrilled to be joining this incredible team and to use my experience at the intersection of P&C insurance and automotive retail to further support the company’s expansion plans.” – Tara Kasica.