May 3, 2010: Finance Digest
New firm will house multiple F&I?brands
The formation of an umbrella holding company that will house seven industry brands has been announced.
That new company, Interstate National Corp., will be comprised of Interstate National Dealer Services, National Warranty Corporation/Payment Insured Plan Inc., MBAC, Provida Group, RpmOne and INDS Canada.
“This umbrella company will offer an additional level of strength, stability and tenure, plus a full suite of F&I products and services to our valued producers,” CEO Shaun Fetherston said in a press release. “Our long-term goal is for this umbrella company to enhance each subsidiary’s level of service, expertise and products.”
Interstate National Dealer Service (INDS) and INDS Canada are full-service, F&I product providers with a stronghold in the service contract sector targeting the auto, RV, banking/financial and powersports industries with a full range of products, including StarAuto, StarRV, StarSport & AutoGuard.
RpmOne is a provider of service contract products for the powersports sector while National Warranty Corp. is a stronghold in the Northwest, providing the automotive industry with aggressive service contract products to both franchise and independent dealers. Provida Group offers direct-to-consumer service contract products, and MBAC focuses on service contract product sales through banking and financial institution channels.
“An umbrella holding company is the best way to collectively bring power, strength and stability to our family of products,” Fetherston said.
Zurich names new head of motorcycle, auto markets
Zurich, a property and casualty insurance provider in North America and globally, announced that Tina Mallie is the new head of Direct Markets for Zurich North America Commercial.
In her new role, Mallie will be responsible for overseeing Zurich’s insurance offerings to businesses that sell or service automobiles, trucks, motorcycles and equipment, as well as auto recyclers.
“We are looking forward to Tina leading this important part of our business and helping develop products and services for the exclusive group of customers this business area represents,” said Craig Fundum, president of Programs & Direct Markets for Zurich North America Commercial. “She brings insight and experiences from her previous roles in the U.S. and Switzerland that will add to our proven value proposition.”
Polaris names vice president supply chain, integration
Polaris Industries Inc. named Suresh Krishna as vice president of supply chain and integration. Krishna has a background in operations, mergers and acquisitions and business leadership that spans the globe, announced Polaris in a press release.
Most recently, Krishna led global operations, supply chain and IT for a division of UTC Fire & Security, where he was responsible for operations in China, Mexico, United States and Europe.
“We are excited to have Suresh join Polaris and bring a new dimension to our leadership team as we focus on growing our business around the world,” Scott Wine, Polaris’ CEO, said in the release. “Suresh will play a key role in developing our international footprint while overseeing global purchasing and logistics functions with a focus on reducing costs and lead times.”
Loan-processing platform now available to more dealers
Wolters Kluwer Financial Services has expanded its relationship with First Advantage CREDCO, a provider of specialty credit reporting solutions, to provide credit reports to marine, RV and powersports dealerships directly through its AppOne platform.
AppOne helps automate the indirect lending process for lenders and dealers by providing credit application workflow automation and compliant document preparation.
First Advantage CREDCO’s credit reports had previously been integrated with AppOne’s platform for independent automobile dealers. The companies’ expanded relationship allows First Advantage CREDCO to reach more dealers in its non-automobile market segments.
