iA Financial Group has made a $10 million investment in Canadian online used-car retailer Clutch Technologies to integrate its insurance products into Clutch’s platform.

Clutch, founded in 2017 and based in Toronto, sold more than 8,000 used vehicles through its online platform in 2023, making it one of Canada’s largest used-vehicles retailers, the companies said in a news release.

iA Financial Group said the investment allows it to develop its expertise in selling products entirely online. The integration, it said will give Clutch customers “a simple and complete experience in a single online transaction,” including the vehicle purchase and selection of certain types of coverage.

Currently, Clutch customers can purchase iA Financial Group extended warranty and GAP products.

“Clutch was founded to offer Canadians a seamless and transparent car-buying experience, ensuring complete peace of mind,” Clutch CEO Dan Park said in a news release. “We are thrilled to partner with iA Financial Group to further elevate our user experience and provide best-in-class warranty and insurance products to our customers.”

Pierre Miron, iA Financial Group’s executive vice president and chief growth officer for Canadian operations, said the company’s strategic investment in Clutch adds online sales as “a new product distribution channel to our current extensive network of automotive dealer services. As a result, we are well positioned to serve consumers in their preferred way when they purchase vehicles and insurance products.”