DealerPolicy Announces $ 30 Million Series B Funding, Appoints President / COO and Senior Vice President of Sales
DealerPolicy on Tuesday announced a $ 30 million Series B financing, which the company plans to use to grow its insurance market serving the auto retail business as well as to expand its team.
The latter includes the addition of a President and Chief Operating Officer as well as a Senior Vice President of Sales.
Former Dealer.com vice president and general manager Wayne Pastore is named president and chief operating officer, while the new senior vice president of sales is Tara Kasica, who was most recently at Allstate.
The financing was led by 3L Capital and Hudson Structured Capital Management Ltd.
“As car buying continues to evolve with the world around us, dealers are prioritizing fully digital, streamlined and connected experiences. Modern insurance solutions like DealerPolicy’s FastPass fit seamlessly into the process and provide car buyers with the value and convenience they expect, ”said Travis Fitzgerald, Managing Director of DealerPolicy, in a statement from hurry. “DealerPolicy has conducted extensive research into the feelings of car buyers, including accessing insurance as part of the process.
“The results are undeniable – almost eight in 10 buyers believe that comparing point-of-sale insurance during the car buying process significantly improves the experience,” he said. “With an ever-expanding value proposition for dealers, insurance companies and customers, we are poised to continue investing in growth. “
As for the new executives, both have already joined the company. In addition to his leadership at Dealer.com prior to joining DealerPolicy, Pastore held additional leadership roles at Cox Automotive and Dealertrack.
“I admire the early successes of the DealerPolicy team and the significant value their platform provides to both buyers and resellers,” said Pastore. “With buyers’ continued desire to further complement the shopping experience digitally, I look forward to leveraging my experience to help accelerate the growth of the business as dealers continue to demand services. fully integrated and digital retail. “
At Allstate, Kasica oversaw the activities around the dealer owned insurance agencies.
“Spending much of my career in various leadership roles in the insurance and automotive industry, I immediately recognized the value of DealerPolicy’s offering in the marketplace, and dealerships in particular” , Kasica said. “I am delighted to join this incredible team and to use my experience at the intersection of P&C insurance and automotive retail to further support the company’s expansion plans. “