On January 3, financial and insurance provider and administrator APCO Holdings acquired competitor National Auto Care, making it one of the largest providers in the industry.
Tony Wanderon, 60, who led National Auto Care as CEO, succeeds Scott Eisenfelder as CEO of APCO Holdings. Eisenfelder has left his APCO, the company said.
The leadership of both companies would not disclose the purchase price, Wanderon said. car news Combined revenue for both companies is close to $300 million.
Wanderon said he had been discussing with APCO president John Lee about how to merge the two companies.
“We will be one of the top two or three providers in the country at our current size and scale,” added Wanderon. “Our focus is on increasing dealer profitability, adding value to our relationships in the market and investing heavily. Because we need to be more efficient. We deal with it every day.”
Wanderon estimates that the combined APCO and National Auto Care company has about 800 employees and regularly serves more than 2,000 franchised dealers in the United States. APCO Holdings executive chairman Finbarr O’Neill said the company had about 450 employees at the time of the merger. O’Neill began serving on APCO’s board of directors in 2017 and became chairman in 2019. He said APCO is actively considering an acquisition from May 2021.
The acquisition “completes our national footprint, expands our product offering, better serves our dealers and brings additional executive talent to help us continue to grow,” said O’Neill. said Mr. car news.
One area where APCO, based in Norcross, Georgia, could potentially grow would be on the West Coast, including California, Arizona and Utah, Wanderon said, adding that there is a lot of overlap between the two companies’ geographic footprints. I pointed out no.
“There’s no state that we’ve seen that says, ‘I know we have overcapacity,’ or ‘We don’t want to grow that market any further,'” he said.
Another growth opportunity is to offer more insurance products designed specifically for electric vehicles, Wanderon said.
Located in Westerville, Ohio and Ponte Vedra Beach, Florida, National Auto Care provides financial and insurance products, management, consulting services, training, and marketing support. Its customers include auto, RV and powersports dealers, credit unions and financial institutions. Founded in 1984, the company has expanded its business through organic growth and strategic acquisitions. Since 2020, the company has completed 21 of his acquisitions, offering new product lines, new geographies and services, said Lovell Minnick, of his private equity firm involved in the deals.
“M&A has been a big part of our growth,” says Wanderon.
Established in 1984, APCO is a provider and administrator of financial and insurance products. The company markets its products under the EasyCare, GWC Warranty, MemberCare brand names and other private labels. The addition of National Auto Care adds a new powersports segment to APCO.
APCO continues to be in growth mode. O’Neill said: “We continue to look for M&A opportunities.”
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