FinTech DealTrak moved under AutoProtect Group umbrella
FinTech DealTrak has been moved under the AutoProtect Group umbrella as part of a restructuring at the insurance and warranty products provider.
DealTrak will join the existing portfolio of motor assets at AutoProtect, which is also owned by Correlation Investments Limited.
A reorganisation of CIL’s motor assets in December 2018 saw AutoProtect, SMART Insurance and Shine Repairs consolidated within AutoProtect Group.
The addition of finance and insurance software platform DealTrak will see the group’s services used by over 4,000 UK rooftops.
With former AutoProtect Group CEO Wil Beaumont moving to the role of non-executive director, Matthew Briggs has taken over management of the group.
Former MD of Aviva Plc, Briggs has previously held senior roles at Capita PLC and FMG Support Ltd and was part of the executive team responsible for the sale of the RAC to Carlyle in 2011.
“The restructuring of the group’s holdings will allow us to unlock an extremely compelling and aligned value proposition across our range of automotive interests,” said Briggs.
“By creating symbiotic relationships across all three businesses, the whole is greater than the sum of the parts. In turn, we have a powerhouse of businesses, seamlessly delivering unrivalled products and services, to our existing and future clients and partners.
“I want to thank Wil for his tremendous contribution to APG over the past three years. The business has gone from strength to strength under his leadership, and as a result we have a robust platform for future growth.”
Formed in 2004, AutoProtect Ltd is a niche provider of automotive financial service products and has written in excess of 5.1m contracts – equating to £460m of dealer net premium – since its inception.
Mobile cosmetic repair solution Shine! repairs over 77,000 vehicles every year.
Integrated with 200 partners and counting, DealTrak – a technology firm which helps thousands of UK car showrooms to manage the F&I side of their business – passed more than 3.6m proposals through the platform in 2018, representing potential transactions totalling £9.6bn.
DealTrak’s former MD Martin Hill has been promoted to the role of AutoProtect Group’s director of strategic partnerships and will oversee the cohesive and strategic direction of its automotive portfolio.
“The news represents a very exciting time for the AutoProtect Group,” he said. “As some of the UK’s leading automotive brands, we are set to harness the collaborative power of a close, cohesive working relationship led by a robust group management structure.”
AutoProtect Group will be recruiting for several incremental roles in early 2020 – spanning each business – across technology, data science, operations, claims, sales and account management functions.