APCO Holdings is shopping for F&I rival Nationwide Auto Care

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Finance and insurance coverage supplier and administrator APCO Holdings purchased rival Nationwide Auto Care on Jan. 3, creating one of many business’s largest suppliers.

Changed Tony Wonderon, 60, who led Nationwide Auto Care as CEO Scottish Eisenfelder as CEO of APCO Holdings. Eisenfelder has left APCO, the corporate stated.

Administration of the 2 corporations didn’t disclose the acquisition worth, however Vanderon stated Automotive information The mixed income of the businesses is about $300 million.

Wonderon stated he and APCO President John Lee mentioned methods to merge their corporations, “and at last, we had the chance final yr to have the ability to make it work and shut at present.”

“We will be one of many prime two or three suppliers within the nation on the measurement and scale we’re at present,” Vanderon added. “Our focus will likely be on growing supplier profitability and including worth to {our relationships} within the market and investing closely as a result of we should be actually way more environment friendly as we transfer ahead and put money into know-how, which all of us must do. follow day by day.”

The mixed APCO and Nationwide Auto Care firm has about 800 staff and commonly serves greater than 2,000 franchised sellers in america, Wanderon estimated. Finbarr O’Neill, govt chairman of APCO Holdings, stated the corporate had about 450 staff on the time of the merger. O’Neill joined APCO’s board in 2017 and have become chairman in 2019. He stated. APCO actively sought to accumulate From Could 2021.

The acquisition “enhances our nationwide footprint, expands our product choices, brings us extra govt administration expertise that may assist us higher serve our sellers and proceed our development,” O’Neill stated. Automotive information.

One potential development space for Norcross, Ga.-based APCO could be the West Coast, similar to California, Arizona and Utah, Wanderon stated, noting there is not a lot overlap between the 2 corporations’ geographic footprints.

“There’s not one state the place we will have a look at and say, ‘ we have now overcapacity,’ or ‘We do not need to develop that market anymore,'” he stated.

One other development alternative will likely be to supply extra insurance coverage merchandise designed particularly for electrical autosVanderon stated.

Nationwide Auto Care in Westerville, Ohio and Ponte Vedra Seashore, Florida supplies monetary and insurance coverage merchandise, administration, consulting companies, coaching and advertising help. His purchasers embrace automotive, RV and powersports sellers, credit score unions and monetary establishments. The corporate, which was based in 1984 expands its enterprise via natural development and strategic acquisitions. Since 2020, it has accomplished 21 acquisitions, bringing new product strains, new areas and repair choices, in response to Lovell Minnick, the personal fairness agency that labored on the deal.

“M&A has been an enormous a part of our development,” Vanderon stated.

Based in 1984, APCO is a supplier and administrator of monetary and insurance coverage merchandise. The corporate markets its merchandise utilizing its EasyCare, GWC Guarantee and MemberCare manufacturers, in addition to different personal labels. The addition of Nationwide Auto Care provides a brand new powersports phase to APCO.

APCO stays in development mode. “We proceed to search for M&A alternatives.”

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