iA Financial Group announced the acquisition of Global Warranty, an independent warranty provider and administrator in the used vehicle market in Canada. The company is headquartered in London, Ontario, and does business with over 1,500 automotive dealerships.
It also does business and more than 400 authorized repair centres across the country and is considered a leading provider of vehicle warranties and other vehicle protection products, based on iA Financial Group. Global Warranty was founded in 1987.
“We couldn’t be more pleased with the acquisition of Global Warranty. It is a well-run organization with a strong reputation and we are pleased to welcome this highly professional team into iA Financial Group,” said Gwen Gareau, Senior Vice-President of iA Dealer Services and iA Auto Finance, in a statement.
Gareau added that this acquisition will help increase the company’s presence in the used vehicle warranty market, “with long-standing operations in London, where our subsidiary Lubrico Warranty is also based.”
Pierre Miron, Executive Vice-President and Chief Growth Officer for Canadian Operations at iA Financial Group, said the company has been in the vehicle warranty business for over 60 years. In a statement, he said they believe strongly that the used car market is an important segment for growth. “Future growth and synergies with Global Warranty look very promising.”
Roy Neufert, CEO and President at Global Warranty, said they chose to sell the business to iA Financial Group because of their long history in the warranty business. “iA Financial Group has been doing this for over 60 years across North America and has relationships with over 10,000 new and used car dealerships. We believe their expertise, experience, and vision for the future will serve all Global employees and iA Financial Group well.”
