iA Financial Group adds online sales with Clutch investment

iA Financial Group has invested $10 million in Clutch, a Canadian business with a focus on online pre-owned vehicles sales.

Clutch is a Toronto, Ont.-based company that was founded in 2017. It became one of Canada’s largest retailers of used vehicles in 2023. The investment from iA Financial Group is meant to help the insurance firm develop its expertise in selling products on “an entirely online basis.” 

“With this strategic investment in Clutch, we are adding online sales as a new product distribution channel to our current extensive network of automotive dealer services,” said Pierre Miron, Executive Vice-President and Chief Growth Officer Canadian Operations at iA Financial Group, in a statement.

He added that, as a result, the company is well positioned to “serve consumers in their preferred way” when buying vehicles and insurance products. 

In other words, Clutch customers can benefit from a simple, and yet complete experience in their online transaction — whether that means purchasing a vehicle or selecting certain types of coverage. At the moment, they can buy iA Financial Group extended warranty and guaranteed asset protection products.

“Clutch was founded to offer Canadians a seamless and transparent car buying experience, ensuring complete peace-of-mind,” said Dan Park, CEO of Clutch, in a statement. “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.”

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