Tue, 19 Sep 2023 | BUSINESS SALE
Warranty provider Car Care Plan (CCP) has acquired the assets of insurance broker Verex out of administration for an undisclosed sum. Verex, which provides vehicle manufacturer-branded insurance products, fell into administration after being hit by falling sales of new vehicles.
Gary Pettit of PBC Business Recovery & Insolvency was appointed as administrator to the business on August 18 2023. The firm’s assets have now been sold to CCP, one of the UK’s leading providers of vehicle insurance products, using genuine manufacturer parts and approved technicians.
CCP has acquired the company’s team, customers, systems and processes. Following the acquisition, the buyer says that customers will see no disruption to their experience or policies and that excess return vouchers will remain valid post-acquisition.
CCP, which called the deal “a great strategic fit”, also sought to reassure customers that contact details in documentation for customer policy and accident aftercare will remain the same once the deal has gone through.
Ben Russell, CEO of CCP, commented: “Verex is the UK market leader of vehicle manufacturer-branded car insurance products. In my view, there is no other company in the UK that can match their capability to offer the same quotability for vehicle manufacturer-branded insurance products, along with the technical repair expertise and accident management processes, to ensure the use of genuine parts and approved technicians.”
“Like many companies, Verex was hit hard by the reduction in new vehicle sales during the pandemic and subsequently faced financial difficulties, but its employees and systems have market-leading capabilities.”
Russell added that the automotive sector was “rapidly changing” and that improvements in areas such as crash detection, driving automation, vehicle connectivity and active safety functionality would “fundamentally affect how traditional insurance products operate.”
Russell stated that this would provide “significant opportunity” for vehicle companies "to provide value-added insurance services, which generate increased customer satisfaction and loyalty.”
Read more on M&A in the automotive sector
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