Source: Subprime Auto News
On Tuesday, NAC showed why as senior vice president of mergers & acquisitions Courtney Hoffman announced acquisitions of five Midwest and West Coast agencies that further accelerate its growth strategy that focuses on partnering with like-minded, high-growth agents that value a team-oriented culture.
The five acquired agencies include:
—Profit Concepts
—Pinnacle Dealer Services
—Pritchard Insurance
—RRC Companies (RRC)
—Ace Financial Development Group (AFDG)
The announcement is made in partnership with the agencies’ principals, who include:
—Profit Concepts president Dave Griffiths
—Pinnacle Dealer Services owner Rod Watson and VP of sales Gene Patton
—Pritchard Insurance owner Dave Pritchard and president Greg Welch
—RRC Companies owner Rodney Porter
—Ace Financial Development Group president Tim Bartholomew
Profit Concepts was founded in 1979 as a general agency with a vision to help dealers maximize the profit of their sales, finance and service departments. Profit Concepts and NAC have a long history together, including in 2018 when the two companies collaborated to develop National Powersports Care, a line of protection products exclusively for powersports vehicles.
Pinnacle Dealer Services is an Arizona-based agency founded in 2008 that provides a full-suite of products to automotive, RV, powersports and marine dealers primarily in Arizona and to other accounts throughout the Southwest.
Pritchard Insurance is a family agency that has been providing services in the Pacific Northwest, including Washington, Oregon, Idaho, Alaska and Montana for more than 40 years.
RRC is an agency based in Oklahoma City covering dealers primarily on the West Coast and Midwest. The agency is led by Porter, who has been in F&I sales for the past 15 years.
AFDG is an agency based in Portage, Mich., covering auto dealers primarily in the Midwest. President Tim Bartholomew has more than 20 years of F&I experience.
According to a news release, the executive teams of each agency will continue to manage day-to-day operations of their offices with the added support of NAC’s products and claims management capabilities.
“Expansion on the West Coast is an important piece of our agency acquisition strategy,” Hoffman said in the news release. “These transactions enable us to continue to increase NAC’s current footprint in this market.
“We are excited about our future partnership with these agencies. People make the difference,” Hoffman continued.
NAC chief executive officer Tony Wanderon added, “It’s with great pride that we bring these agencies into the NAC Family knowing their history of forward-thinking innovation in the F&I space.”
The company pointed out that Griffiths will play a major role in NAC’s significant West Coast expansion plans.
“As a combined company, the opportunities for growth are immense as we join forces with NAC’s nationwide team,” Griffiths said. “The new systems, NAC team members, training for our dealers and new programs are all industry leading. National Auto Care’s generosity to both me and my employees will never be forgotten.”
Likewise, the company indicated the principals of Pinnacle Dealer Services, Pritchard Insurance, RRC Companies and AFDG each cited the people and culture at NAC as driving factors in their decision.
“We are genuinely excited about the possibilities and support provided by NAC and are continually impressed with the knowledge and expertise provided by their people,” Pritchard and Welch said in a joint statement, while Watson added, “What makes NAC stand out is the people and the atmosphere. They have outstanding products and technology, and we look forward to growing with their support.”
