Financing

Megasys enhances partnership with Dealertrack

NEW HYDE PARK, N.Y. - 

Megasys and Dealertrack now are collaborating even more; a development that might be especially beneficial to subprime auto finance companies.

Megasys, a provider of complete loan servicing systems for the consumer finance industry, announced this week a new facet of its integral partnership with Dealertrack. The latest partnership integration quickens the indirect financing decisioning process with dealers utilizing Dealertrack’s Credit Application Network solution.

Megasys already relied on Dealertrack to manage the electronic lien and title (ELT) process for finance companies, where state mandates require both dealers and finance companies adopt a fully digital titling solution between them and their governing DMV office.

Megasys said it chose Dealertrack as their preferred ELT provider because of the ease of integration along with perfecting capabilities that speed the entire application-to-title process and lien/title management that helps mitigate fraud risk.

Now with the same ease of integration for the F&I portion of finance companies’ processes, Megasys indicated the Omega Loan Origination System has improved service for its subprime auto finance companies by automating the credit application delivery and decision process to provide real-time approvals, declines and counter-offers back to dealers.

“The vast majority of dealers in the subprime finance industry use Dealertrack’s Credit Application Network,” Megasys president Theo Austin said. “We are excited to expand our partnership with such a trusted industry leader. This Dealertrack integration supports our growing customer demand to provide seamless integration to streamline the credit application process.”

Cheryl Miller, vice president and general manager of F&I solutions at Dealertrack, added, “By integrating with Megasys’ Omega LOS, Dealertrack’s network of lenders can receive credit applications from their dealers in real time and return automated decisions — cutting down time consumers must spend in the F&I office.

“This drastically improves satisfaction with the entire buying process,” Miller went on to say.

For more information about Dealertrack, visit www.Dealertrack.com.

Fed passes on latest chance to raise interest rates

WASHINGTON, D.C. - 

At least for another month, auto finance companies won’t necessarily have to modify the interest rates they charge because of the latest decision by the Federal Reserve.

Thanks to unanimous approval by all eight members of the Federal Open Market Committee (FOMC), policymakers this week decided to maintain the target range for the federal funds rate at 1.50 to 1.75 percent. The committee explained monetary policy remains accommodative, thereby supporting strong labor market conditions and a sustained return to 2-percent inflation.

“Information received since the (FOMC) met in March indicates that the labor market has continued to strengthen and that economic activity has been rising at a moderate rate,” the committee said in a news release distributed by the Fed.

“Job gains have been strong, on average, in recent months, and the unemployment rate has stayed low,” policymakers continued. “Recent data suggest that growth of household spending moderated from its strong fourth-quarter pace, while business fixed investment continued to grow strongly.

“On a 12-month basis, both overall inflation and inflation for items other than food and energy have moved close to 2 percent,” they went on to say. “Market-based measures of inflation compensation remain low; survey-based measures of longer-term inflation expectations are little changed, on balance.”

Reflecting on what this means for the auto business, Cox Automotive senior economist Charlie Chesbrough touched on interest rates after first-quarter new-vehicle sales figures arrived.

“Interest rates, which have been rising with recent Federal Reserve policy tightening, have lifted auto loan rates to levels not seen since 2013 but do not appear to be derailing automotive sales,” Chesbrough said.

“Our expectation is that more interest rate increases will occur in 2018 and the resulting higher monthly payments will, eventually, slow the current pace,” he added.

Meanwhile, Comerica Bank chief economist Robert Dye examined what the Fed is also watching closely — the job market. Dye described April job growth as “moderate,” with payrolls up by 164,000 net new jobs for the month.

Probably what also caught the attention of the Fed, Dye noted the unemployment rate fell to 3.9 percent — the lowest it has been since December 2000

“The establishment data showed gains across most sectors, but was not uniformly good,” Dye said.

“This is a Goldilocks jobs report; not too hot to push the Fed solidly into a fourth rate hike this year, and not too cold to cause concern about the economy,” Dye continued. “I continue to expect at least two more fed funds rate hikes this year, with the next 25-basis-point rate hike coming on June 13.”

CPS’ Bradley scoffs at rising use of ‘guaranteed back-end’

LAS VEGAS - 

There probably are not many strategies leveraged by subprime auto finance companies that Consumer Portfolio Services chairman and chief executive officer Brad Bradley hasn’t seen since joining the company in 1991.

But Bradley described a concept as being “the new thing on the street” during CPS’ latest quarterly conference call. “It’s something called guaranteed back-end,” he continued after first explaining why many of CPS’ upstart competitors are trying this approach.

“As everyone knows, we’ve talked about cycles and this is what we usually call the third cycle, and third cycle has been dominated by (private equity) players putting money into companies, trying to grow them a lot, take them public have somebody buy them, any of those things,” Bradley said. “Obviously, that hasn’t worked out very well for a whole lot of folks.

“Over the last two years, in 2016 and 2017, everybody said there will be some consolidation in the industry. There was none,” he continued. “So far this year, two companies have gone away. There’s probably another one kind of gone away; at least three or four more on the ropes.

“So, 2018 may finally be the year that consolidation happens in the industry, some of the (private equity) guys give up the ghost and things start to move in the right direction,” Bradley went on to say.

Bradley continued his subprime environment assessment by turning next to football analogies when considering what other auto finance companies are doing with regard to loan-to-value ratios.

“But of course, before that (move in the ‘right’ direction) can happen, you have to have the Hail Mary pass where everybody goes nuts, and so here we are,” Bradley said. “Everyone is buying as aggressively as we’ve seen in 25 years. They’re doing crazy things in terms of both credit and pricing. And so it’s a market we just can’t plan.”

While Bradley is seeing some providers originating contracts as high as 130 percent, CPS is keeping that portfolio metric at its target of 111 percent.

Then Bradley arrived at “guaranteed back-end,” which he explained to investment analysts.

“These lenders are guaranteeing the dealers a guaranteed back-end, which basically allows them to make some money in the loan off the customer,” Bradley said. “As a result of that, that’s just destroying the LTVs.

Later in the call Bradley added, “We’re not 100-percent sure if everyone is doing this, but there’s enough folks out there that it has become very interesting and we’ll see how it all plays.”

So will CPS join the ranks of offering a “guaranteed back-end?”

Bradley said, “We cannot play nor will we play in that game. It’s a great idea if you want to get a whole lot of paper real quick. The paper is going to be horrible and eventually going to default like crazy.”

Leveraging about 30 years of experience, Bradley tried to explain to Wall Street observers why this strategy is being leveraged at all. He noted private equity firms typically operate on five-year plans. Several firms pushed money into subprime auto finance companies in 2012 and 2013, Bradley said, meaning that the juncture when they want to sell off these providers for a profit is now.

“The problem is, a lot of these guys came in back to these companies, made investments in these companies and they like to see a return,” Bradley said. “But part of the problem is to the extent the company rule was a little bit more than should have or didn’t quite have the controls in place, and the results haven’t been what they want.

“To the extent they didn’t make any money, you’ve got a problem. A lot of those folks out there today are facing that problem, whether it’s small companies, medium size companies or large companies,” he continued.

“The plan probably wasn’t executed quite as well as it should have and now they’re standing there with not great results in terms of losses and not great results in terms of earnings, and they’re trying to figure out what to do,” Bradley went on to say. “In past lives or cycles, we’ve seen how this works and it’s difficult. I have huge amounts of pity for everybody who's facing that problem because it is very difficult to get out of it. So that’s what's really going on with the companies.”

CPS Q1 performance

Consumer Portfolio Services announced earnings of $3.1 million, or $0.12 per diluted share, for its first quarter that ended March 31. This compares to net income of $4.5 million, or $0.16 per diluted share, in the first quarter of 2017.

The company reported its Q1 revenues softened to $103.6 million, a decrease of $4.0 million or 3.8 percent, compared to $107.6 million for the first quarter of last year. Total Q1 operating expenses remained nearly steady year-over-year at $99.0 million.

Pretax income for the first quarter came in at $4.6 million compared to pretax income of $7.8 million in the first quarter of 2017, a decrease of 41.5 percent.

During the first quarter, CPS purchased $210.6 million of new contracts compared to $190.8 million during the fourth quarter of 2017 and $229.6 million during the first quarter of 2017. 

The company's receivables totaled $2.332 billion as of March 31, a decrease from $2.334 billion as of Dec. 31 and an increase from $2.323 billion as of March 31 of last year.

CPS noted that its annualized net charge-offs for the first quarter stood at 8.16 percent of the average portfolio as compared to 7.91 percent a year earlier.

The company added that its delinquencies greater than 30 days (including repossession inventory) represented 8.74 percent of the total portfolio when Q1 closed as compared to 9.74 percent when the year-ago quarter finished.

“Our collection is really starting to show some improvement,” Bradley said during the call. “It’s a shame that portfolio isn’t growing. But even with the shrinking portfolio and an aging portfolio, our collections are really beginning to show some of the results we’ve been hoping for literally last two years.”

In a news release, Bradley added, “We are pleased to get 2018 off to a good start.

“We’ve maintained a disciplined approach to pricing and credit in the face of a robust competitive environment, our asset-backed securities continue to be well received in the capital markets and we recorded our 26th consecutive quarter of positive pre-tax earnings,” he went on to say.

Chase, Jaguar Land Rover extend financing relationship

NEW YORK - 

Chase Auto Finance will continue to be a captive-like provider for a luxury brand.

On Tuesday, Chase and Jaguar Land Rover North America announced the renewal of their private-label agreement, extending Chase’s role as the private-label finance provider for the manufacturer.

For the last decade, Chase Auto has been the private-label finance provider for Jaguar Land Rover North America, providing customized retail, lease and commercial offerings as well as strategic support to more than 330 retailers in the U.S.

Through two distinctive financial brands, Jaguar Financial Group and Land Rover Financial Group, Chase has financed more than 350,000 customers.

“We’re proud to have served Jaguar Land Rover for the past 10 years and are excited to be part of their journey as they continue to grow in the United States,” said Chase Auto Finance chief executive officer Mark O'Donovan.

Jaguar Land Rover North America sold 114,333 vehicles last year, up 9 percent year-over-year.

“This renewal means that we’ll continue to build together, delivering a world-class ownership experience that is tailored to their iconic brands and distinctive customers,” O’Donovan said.

For more information about Chase Auto, visit www.chase.com/auto-loans or www.chasedealer.com.

What dealers said about margin, claims from F&I activities

CHESTERFIELD, Mo. - 

When Protective Asset Protection, conducted its latest survey addressing dealer concerns and opportunities with F&I product offerings, the provider of F&I programs, services, and dealer-owned warranty programs wasn’t surprised to see margin to be a primary concern.

An element that did catch the attention of Protective Asset Protection senior vice president of distribution Rick Kurtz revolved around claims.

Dealers of all sizes rely on their finance office for prosperity. Behind financing, Protective Asset Protection noted that additional F&I offerings represent the second-largest opportunity for margin growth for dealers at 57.6 percent.

The online survey was presented to approximately 1,573 dealership owners and professionals between March 5 and March 9. The results show that the majority of dealers are concerned with falling sales, as well as dealership consolidation and administrative challenges to their current roster of F&I products.

More than three quarters (78.8 percent) of dealers surveyed said their current F&I products don’t offer enough margin for the dealership, and nearly half (48.5 percent) said their current F&I offerings are too much of an administrative burden.

A significant number of dealers said they sell a vehicle service contract on 15 percent of all new-vehicle sales. While 36 percent said they sell a vehicle service contract on 25 percent of used vehicle sales. Dealers also said the top three barriers to selling vehicle service contracts include inadequate coverage (66.7 percent), price and customers not seeing the value each at 63.6 percent.

Ideally, 63.6 percent of dealers said they would like to have more control over claims adjudication for their F&I products, and another 57.6 percent said they would like to have control over branding their own F&I products. Training remains critical, as 54.5 percent said more training is needed to sell F&I products, and 51.5 percent said more education is needed to help sales staff when handing customers over to the F&I office.

“Margin opportunities will remain a central concern for dealers in the coming years, especially as sales pressures increase for both new and used vehicles,” Kurtz said. “Many of these dealers will rely on F&I offerings to make up this margin, but they’re saying they want their own F&I products they can offer to their customers to increase margins further, help with the overall branded experience, and improve customer satisfaction.”

To uncover useful data, Kurtz explained how he and the Protective Asset Protection team crafted questions for this survey in order to generate results that might benefit dealers of all sizes.

“When putting together the survey we really wanted to allow all types of dealers to weigh in. As we look at the near future, as well as the long term, there are plenty of varying needs based on the type and relative size of dealers’ operations,” Kurtz said in a message to SubPrime Auto Finance News.

“However, we learned there are a number of core items that remain relevant — primarily, concerns about the impact of future trends of auto sales and the need for dependable F&I program administration,” he continued.

Those structured, well-thought questions led Protective Asset Protection to what Kurtz described as quite noteworthy.

“We were a bit surprised by just how many respondents were interested in having more control over the claims process, as well as the number that recognized value in branding their F&I products,” Kurtz said. “Yet, I wouldn’t say these results were a total surprise. Agencies and dealers have been telling us how important the control of F&I programs is to their respective businesses.

“This type of input was an important factor of our acquisition of US Warranty Corp. nearly a year and a half ago. As the creators of the Dealer Owned Warranty Company program we saw great value in providing this to the marketplace to meet the needs that we see in these survey results,” he went on to say.

Kurtz emphasized the heavy burden and pressure that F&I departments encounter nowadays to carry greater profit load for dealerships.

“F&I departments have always played a critical role in dealerships — as part of the buying experience as well as the overall ownership experience. There’s no denying margin compression continues to be a challenge for dealers everywhere. F&I plays an important role in helping a dealer’s operation retain profitability at the time of sale. This pressure is not new, but with continuing decline of margin, it’s likely not unfair to say it’s increased,” Kurtz said.

“However, it’s important to consider the overall impact of F&I for the dealership’s customer experience,” he continued. “We know that customers who opt for protection plans tend to return to the selling dealer for service and they also tend to be more satisfied during the lifetime of their vehicle ownership. This ability to continuously provide a positive experience for the customer plays an important role in retaining that customer for their next purchase.”

18 credit unions join GrooveCar platform in Q1

HAUPPAUGE, N.Y. - 

The ongoing momentum credit unions are generating in the auto finance space surfaced again through a first-quarter development from GrooveCar, which now can reach another 450,000 members who might be purchasing a vehicle.

The company announced 18 new credit union partners have joined the GrooveCar Direct online vehicle buying program in Q1. The program promotes engagement with members during the journey for a new or pre-owned vehicle while harnessing the auto buying power within the credit union’s community.

“With consumer confidence running high and strong economic growth predicted for 2018, these market indicators should bode well for credit union auto loan growth,” said Robert O’Hara, vice president of strategic alliances at GrooveCar.

Joining the program in Q1 were:

—Advantage One Federal Credit Union in Brownstown, Mich., with assets of $140 million, serving 15,554 members
—CME Federal Credit Union in Columbus, Ohio, with assets of $270 million, serving 33,545 members
—Community Financial Credit Union in Springfield, Mo., with assets of $65 million, serving 7,242 members
—Essex County Teachers Federal Credit Union in Bloomfield, N.J., with assets of $12 million, serving 2,650 members
—Frick Tri-County Federal Credit Union in Uniontown, Pa., with assets of $82.6 million, serving 9,005 members
—Guardian Credit Union in Montgomery, Ala., with assets of $450 million, serving 58,121 members
—Lakeshore Federal Credit Union in Muskegon, Mich., with assets of $29 million, serving 2,794 members
—Liberty Savings Federal Credit Union in Jersey City, N.J., with assets of $90 million, serving 22,033 members
—Ohio’s First Class Credit Union in Cleveland with assets of $43 million, serving 10,000 members
—Regional Federal Credit Union in Hammond, Ind., with assets of $130 million, serving 21,801 members
—Royal Credit Union in Eau Claire, Wisc., with assets of $2.2 billion, serving 194,398 members
—Shelby County Federal Credit Union in Memphis, Tenn., with assets of $62 million, serving 10,524 members
—Spirit Financial Credit Union in Morrisville, Pa., with assets of $48.7 million, serving 3,811 members
—Spokane Federal Credit Union in Spokane, Wash., with assets of $155 million, serving 11,408 members
—Syracuse Fire Department Employees Federal Credit Union in Syracuse, N.Y., with assets of $88 million, serving 5,988 members
—Texar Federal Credit Union in Texarkana, Texas, with assets of $341 million, serving 31,712 members
—Texas Health Resources Credit Union in Dallas with assets of $19 million serving 3,684 members
—UPS Employees Credit Union in Memphis, Tenn., with assets of $23 million serving 4,384 members

O’Hara pointed out that recent studies have found the average buyer of new and pre-owned vehicles are spending more of their time using the internet. Furthermore, some consumers prefer to complete their credit and financial paperwork online, something that can connect members to the GrooveCar Direct program.

“All the best practices are loaded onto the platform making the process a seamless experience for the member,” O’Hara said.

During the launch of the GrooveCar Direct platform, an assigned representative supplies technical support, marketing collateral and on-going consulting to ensure success. To schedule a demonstration, visit www.groovecarinc.com.

SNH Capital Partners acquires ProMax

LAS VEGAS - 

Not only is the investment community finding ways to fuel auto finance companies that originate paper, they’re also navigating paths to secure firms that provide critical ancillary services that help foster the entire process.

According to news release distributed on Thursday, SNH Capital Partners announced the acquisition of ProMax, a leading SaaS provider of marketing services and credit data to automotive dealers across the United States. 

The investment firm highlighted the acquisition of ProMax extends SNH’s market presence across retail automotive solutions, including National Credit Center, an SNH Capital Partners portfolio company and a provider of data, credit, compliance and fraud solutions in the sector. 

Financial terms of the transaction were not disclosed.

While the official announcement arrived on Thursday, ProMax founder and chief executive officer John Palmer shared what was happening with his company via a post on LinkedIn.

“I want to let all my friends and associates in the auto industry know that after 23 amazing and wonderful years, I have sold ProMax,” Palmer said. “I want to thank all the fantastic people that I have had the privilege of working with these last 23 years. You are the reason we were so successful for such a long time.

“I look forward to the future, new opportunities, and challenges,” Palmer added in the social media update.

Founded in 1996, SNH is a U.S.-based, private equity investor dedicated to acquiring and transforming companies in the lower middle-market. SNH has an active strategic presence in each of its core industries, partnering with best-in-class management teams to develop growth platforms across technology and technology-enabled business services leveraging its investment and operational resources.

SNH said its portfolio companies are market-leading and rapidly growing providers of information, technology, and other business services to the automotive, financial services, human capital management and energy sectors.

And now its portfolio includes ProMax.

Based in Davenport, Iowa, ProMax offers front-end sales, development and inventory management software in the auto retail industry including lead generation, website design, desking, inventory, credit reporting, client relationship management and other compliance solutions.

“We are extremely pleased to invest in ProMax, a dynamic market leader with a 20-year history of consistent product innovation,” said Jevin Sackett, chief executive officer and managing director at SNH.

“We are excited to gain the experience and capabilities of the valuable team in Davenport, including Darian Miller, chief technology officer, and Shane Born, chief operating officer,” Sackett continued. “SNH has a significant track record of providing strategic and operational expertise to its portfolio companies. 

“We look forward to working with ProMax's management to both continue and augment its customer value proposition of excellent service and innovation over the long-term,” Sackett went on to say.

For more information, visit www.snhcapitalpartners.com.

GrooveCar gears up for annual April Auto Sales Event

HAUPPAUGE, N.Y. - 

Along with an effort to raise awareness and funds for Special Olympics NY, GrooveCar is running its annual April Auto Sales Event starting on Friday through its network of participating credit unions and dealerships.

Credit unions in the New York region publicize the event to more than 1 million members with the message of savings on their next vehicle purchase.

“This is a wonderful annual event that credit unions, members and participating dealers look forward to. This event is all about creating more sales volume and getting members into vehicles,” GrooveCar senior vice president Frank Rinaudo said.

To help promote the event, GrooveCar provides its member credit unions with digital marketing materials. This content is designed to help drive attention to the event, which is promoted on each of the credit union’s websites.

A special promotion page on the auto buying platform contains all the information on this special sale and advertises a coupon good for $4 over invoice pricing on new vehicles or $400 off pre-owned vehicles at participating dealerships in the region.

“This is a terrific way for the credit union and dealerships to build member relationships and auto loan business. Each year we receive very positive feedback from all the parties participating,” Rinaudo said.

Credit unions participating in the auto sale event include:

—Teachers FCU, Hauppauge, N.Y.
—Island FCU, Hauppauge, N.Y.
—Nassau Financial FCU, Westbury, N.Y.
—ABE FCU, New York,
—People’s Alliance FCU, Hauppauge, N.Y.
—Ocean Financial FCU, Oceanside, N.Y
—Bay Ridge FCU, Brooklyn, N.Y
—Winthrop University Hospital Employees FCU, Mineola, N.Y.

The April Auto Sales Event is one of two annual events GrooveCar helps credit unions promote. Each event is designed to generate exposure for the credit union’s auto financing program and vehicle offerings at participating dealerships.

In addition to the online resources and specific collateral marketing support materials, the GrooveCar program provides a concierge auto buying service that personalizes the buying experience for the member.

“The concierge program is a unique service that helps members with every detail during the purchase process,” Rinaudo said. “Our staff is well-versed in all aspects of auto buying and will provide members with information and assist in completing the paperwork process.

“In most instances members just have to show up at the dealership and pick up the keys,” he went on to say.

For more information on the sale, visit any one of the credit unions listed above or visit www.groovecar.com.

GrooveCar teams up to promote Special Olympics NY

In other company news, GrooveCar has teamed up with NEFCU, a Long Island credit union, and Novak Motors NY, to raise awareness and funds for Special Olympics NY.

Throughout the month of April, the mission of the auto sales event is to assist Special Olympics NY in their quest to provide people with disabilities continuing opportunities to realize their potential. During the auto sales event, credit union members and the public, who are in the market for a pre-owned vehicle are encouraged to visit Novak Motors NY's indoor showroom.

For every vehicle sold in April, Novak Motors and NEFCU will donate $100 to the organization.

“For the past seven years we have proudly been a major supporter of the Special Olympics on Long Island.  So, any time we can do even more to assist this phenomenal organization, we’re excited to get on board,” GrooveCar associate vice president of marketing Eric Budzinski said.

“This effort with GrooveCar and Novak Motors is a win-win for everyone: the kids, Special Olympics and those looking for a great car."

 "There was a great deal of excitement by all the parties to make this a successful promotion. Credit unions serve members of their community, and this was an excellent opportunity to reach out and give back.

“We were thrilled NEFCU jumped onboard with us. Credit unions are built on community values. This was a perfect opportunity to engage members for a great cause,” Budzinski said.

GrooveCar will be looking to promote other charitable organizations in the community.

“Our goal is to hold charity sales events in collaboration with our area credit unions,” said Budzinski, who added that promoting auto financing and vehicle buying incentives allows for all the parties to come together for the good of the community.

The auto sales event will be punctuated by an autograph signing on April 28. Credit union members, as well as the public, are invited to Novak Motors at 215 Daniel St. in Farmingdale N.Y., to meet the athletes of Special Olympics NY beginning at 1 p.m.

Novak Motors NY sales manager Jackie Faha added, “The pre-owned market provides a consistent area of growth for credit unions, and members love a good deal on a quality vehicle.”

To learn more about the sales event and how pre-owned vehicle sales are popular with members, visit www.novakmotorsNY.com.

Zurich now available on Darwin Automotive

ISELIN, N.J. - 

Darwin Automotive’s menu for dealership F&I departments became even more robust this week.

Darwin announced that it has added Zurich North America’s F&I products to the Darwin core F&I menu, as well as Darwin digital retailing and service menu.

“We are thrilled to add access to Zurich’s suite of F&I products to our growing network, which now includes more than 150 F&I product providers,” said Christopher Grimes, Darwin’s chief product officer.

“I believe Zurich’s willingness to work with technology companies like Darwin is symbolic of an industry that is evolving and giving dealers flexibility to choose the best technology fit for them,” Grimes said.

Grimes went on to mention that Zurich and Darwin conducted a successful pilot program last year with a number of mutual dealer customers to test a potential joint effort.

“The Zurich team is continuously looking for ways to help dealers provide an efficient, transparent and improved customer experience,” said Marie Knight, head of direct markets and programs strategic services at Zurich.

“Zurich’s F&I products and services, together with Darwin’s platform, make a great combination for dealers looking to ensure F&I is an integral part of the digital retailing future,” Knight added.

Darwin’s F&I technology is utilized by more than 2,500 dealerships across the United States.  Dealerships use the Darwin technology platform to deliver a personalized effective customer experience and to electronically rate, contract and remit F&I contracts.

“We look forward to our new collaboration with Zurich and are excited to provide access to Zurich F&I to our dealer customers nationwide,” Grimes said.

APCO lands Vickers as new chief financial officer

NORCROSS, Ga. - 

APCO Holdings recently brought a top executive over from a competitor in the F&I space to be one of its crucial leaders.

APCO Holdings, home of the EasyCare, GWC Warranty, Covideo and SAVY brands, has named David Vickers as the company’s new chief financial officer. Vickers brings 35 years of experience in the insurance and automotive industries to the role, having most recently served as executive vice president and CFO of The Warranty Group.

APCO Holdings chairman Larry Dorfman said the addition of Vickers will help propel an ongoing effort to rapidly grow and diversify the company. 

“You can’t succeed in business, and you certainly can’t expect to grow, without great people. David Vickers knows our industry, believes in our mission, lives our core values and is a perfect fit for our company at this time of rapid opportunity and growth,” Dorfman said.

Vickers’ career began with a nine-year stint in the insurance division at Ernst & Young. He has served as CFO for both publicly-held and private-equity backed organizations. His executive skillset includes strategic planning and analysis, financial reporting, tax planning, new business development, and mergers and acquisitions.

“I couldn’t be more excited to be part of this great senior management team. They are quality people and they have fun together,” Vickers said. “I am happy to have hit the ground running, and I look forward to helping the company grow while adhering to our core values.”

X