BURLINGTON, Vt., Aug. 26, 2021 /PRNewswire/ -- DealerPolicy, the
leading insurance marketplace for automotive retail, today
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. (doing its re/insurance business as HSCM Bermuda).
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.
"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."
DealerPolicy will expand its operations to further develop and
embed modern day insurance throughout the entire car shopping and
ownership experience. To expedite the development and roll-out of
its insurance distribution and fulfillment solutions with its major
insurance carrier partners, the company intends to triple its
product and engineering teams over the next 12 months by hiring new
talent. Additionally, the company will increase investments in
strategic partnerships.
"We started the company with the vision of providing a more
convenient, transparent, and connected car-buying experience," said
Travis Fitzgerald, Co-Founder and
CEO of DealerPolicy. "The funding comes at a time when we're seeing
mainstream adoption of automotive insurance into dealer sales and
F&I processes driven by consumer desire for new dealership
practices. This investment will allow us to advance our
next-generation F&I offering, which provides consumers with
competitive coverage options and tangible savings, as well
as greatly increases dealer profitability."
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.
For more information about DealerPolicy please visit,
www.dealerpolicy.com.
About DealerPolicy
DealerPolicy is the most trusted
and complete digital insurance marketplace for automotive retailers
and their valued customers. The company's innovative mobile
technology enables car-buyers to view multiple insurance quotes and
immediately purchase online and/or connect with licensed insurance
agents to complete the process. With an exclusive combination of
partnerships among premier automotive retailers and data providers,
an industry-best insurance carrier network, and access to
DealerPolicy Insurance licensed agents, DealerPolicy is recognized
for its place at the forefront of Insurtech. DealerPolicy Insurance
is a licensed insurance agency, with licenses to operate in the
lower 48 states. For more information, visit
www.dealerpolicy.com.
About Goldman Sachs Asset Management Growth
Equity
Bringing together traditional and alternative
investments, Goldman Sachs Asset Management provides clients around
the world with a dedicated partnership and focus on long-term
performance. As the primary investing area within Goldman Sachs
(NYSE: GS), we deliver investment and advisory services for the
world's leading institutions, financial advisors, and individuals,
drawing from our deeply connected global network and tailored
expert insights, across every region and market—overseeing more
than $2 trillion in assets under
supervision worldwide as of March 31,
2021. Driven by a passion for our clients' performance, we
seek to build long-term relationships based on conviction,
sustainable outcomes, and shared success over time. Goldman Sachs
Asset Management invests in the full spectrum of alternatives,
including private equity, growth equity, private credit, real
estate and infrastructure. Since 2003 the Growth Equity business
within Goldman Sachs Asset Management comprising more than 75
individuals has invested over $13
billion in companies led by visionary founders and CEOs. We
focus exclusively on investments in growth stage and
technology-driven companies spanning multiple industries, including
enterprise technology, financial technology, consumer and
healthcare. Follow us on LinkedIn.
About Hudson Structured Capital Management Ltd. (doing its
re/insurance business as HSCM Bermuda)
Hudson Structured
Capital Management Ltd. is an asset manager focused on alternative
investments seeking mezzanine level returns. Our focus is on the
Re/Insurance and Transportation sectors. HSCM launched in 2016 and
as of July 1, 2021, has more than
$3.3 billion in assets under
management and committed capital. HSCM focuses on core economic
sectors that are likely to outgrow global GDP, offer low
correlations with broader markets, and are experiencing a shift
from balance sheet and to market financing. For more information,
please visit www.hscm.com.
About 3L
3L provides capital, perspective and a
global network of entrepreneurs and industry leaders to
exceptional, early-stage growth companies. The firm invests in both
consumer and enterprise businesses characterized by strong founders
and executives, demonstrable product-market fit and scalable unit
economics. Representative 3L companies include goPuff, Ro, Daily
Harvest, Flaschenpost, ChowNow, and Relativity Space, among others.
The firm was founded in 2017 and has offices in Los Angeles and New
York City. For more information, visit www.3Lcap.com
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SOURCE DealerPolicy