Archive for 2020

Portfolio Closes Acquisition of NAE/NWAN

Portfolio Closes Acquisition of NAE/NWAN

LAKE FOREST, Calif. — Portfolio has officially acquired National Automotive Experts and NWAN, uniting two leaders in the F&I product provider, administration and reinsurance space, closing an agreement initially announced in March.  

Portfolio President and CEO Brent Griggs noted the world has changed unalterably since the companies first announced the move in March. “The pandemic has affected every aspect of our operations. However, our shared interest in protecting and supporting our dealers, distribution partners and end customers has not wavered,” Griggs said. “The fact that we prevailed through numerous additional hurdles on our way to closing is a testament to our determination to make this transaction happen from our very first discussions with NAE and our shared goal of creating the leading F&I provider in the country.”

“Our complementary footprints and offerings were apparent from the outset. We could not have found a better partner,” said Kelly Price, founder and CEO of NAE/NWAN. “Both companies have been made stronger by our union and we look forward to writing our next chapter together.”

The transaction was facilitated with assistance from Abry Partners, the Boston-based private equity firm that acquired a majority interest in Portfolio in 2019, and Houlihan Lokey, which advised NAE/NWAN. Kirkland & Ellis LLP served as legal advisor.

“This acquisition joins the efforts of two leaders in a competitive space,” said Brent Stone, a senior partner at Abry. “The combined companies’ talent and resources are without equal and the future is bright.”

About Portfolio

Portfolio is a national provider of F&I products and dealer reinsurance programs. Founded in 1989 and based in Lake Forest, Calif., and Dallas, Portfolio has earned national recognition as a leading dealership and agency partner.

About National Automotive Experts and NWAN

Since 1996, Strongsville, Ohio-based National Automotive Experts and its administration company, NWAN, have offered leading-edge protection products and specialized service and support to dealers and agents nationwide.

Contact

Tariq Kamal
949-544-8005
tkamal@portfolioco.com          

ANNOUNCING: WARRANTY FOREVER® UNIVERSITY

In these fast-changing times, NAE continues to be adaptable and ready to respond to the needs of our partners.  We are currently in the process of rolling out our new Online Learning Management System.

Our agent partners have expressed enthusiasm and excitement about this new and innovative way to educate and stay connected with their dealers.  Our Warranty Forever University course is just one way to remotely train your dealers with this new LMS.  The possibilities are endless with this system and it can be modified to suit the individual needs of your dealers.

This is a fantastic resource for all of us during these challenging times.  It is an excellent way for us to stay connected to our customers and continue to provide the same level of support that they are accustomed to.  Please reach out to your Account Executive, or Chuck Chase to learn more about this dynamic and versatile system.  We are proud to continue our mission by being adaptable and proactively responding to the needs of our partners.

IMPORTANT (COVID-19) UPDATE – 3.23.20

In accordance with the Ohio Department of Heath’s stay home order, we have transitioned all but business critical staff to work from home.

We will continue to conduct business operations as normal and will process business as it is received. As outlined in our update last week, customer experience continues to be our top priority. Our claims team will remain available Monday – Friday from 8:00 a.m. – 8:00 p.m., Eastern and Saturday from 9:00 a.m. – 5:00 p.m., Eastern. Claims can also be filed electronically through our Online Claims Portal. For the rest of our team, please communicate with them as you normally would via phone or email.

We appreciate your business and support and will continue to regularly and proactively communicate updates as we receive them.

IMPORTANT (COVID-19) UPDATE – 3.19.20

EFFECTIVE 3/19/2020

Dear Valued Partners,

In an effort to promote social responsibility and protect our associates during the COVID-19 pandemic, we have transitioned the majority our team to work from home.

Customer experience remains our top priority. As such, we have enacted our business continuity plan that allows most of our team to work remotely. Our claims team will remain available Monday – Friday from 8:00am – 8:00pm, Eastern and Saturday from 9:00am – 5:00pm, Eastern. For the rest of our team, please continue to communicate with them as you normally would via phone or email.

We are also temporarily extending the grace period for all Warranty Forever® programs due to many dealerships closing, and consumers being unable to bring their vehicle/unit in for maintenance.

WARRANTY FOREVER® – AUTO

Auto customers will now have a grace period of 4 months or 4,000 miles, whichever comes first. Maintenance notification is still required.

WARRANTY FOREVER® – MOTORCYCLE

Motorcycle customers will have the grace period extended to 4 months or 2,000 miles, whichever comes first. Maintenance notification is still required.

WARRANTY FOREVER® – RV

RV customers will have 4 months from the agreement anniversary date to complete and submit inspection records.

Claims for all three programs will be adjudicated according to these revised grace periods. A memo is included below that can be distributed to your dealers.

Please know that we are 100% committed to providing you the service you have come to expect during these trying times. On behalf of the entire NAE/NWAN team we appreciate your continued business and support. We will continue to regularly and proactively communicate updates as we receive them. In the meantime, if there is anything we can do to assist you or a member of your team please don’t hesitate to reach out.