Acquisition will lead to marine industry growth, says recfin
ATLANTA/NIXA, Mo. – Assurant Solutions, a provider of third-party administration services, specialty insurance and extended service contracts, has acquired Recreational Finance, LLC of Nixa, Mo., a developer of Web-based finance and insurance (F&I) operating systems for the marine and recreational vehicle markets in North America, the company reported in a recent statement.
Recreational Finance, also known as recfin, becomes part of Assurant Solutions affiliate United Services Protection Corp., a provider of vehicle service contracts and related services to the Assurant Solutions Automotive and Recreational Vehicle Services (ARVS) business. The acquisition includes rights to recfin.net dealership F&I operating system, recfin F&I training services, the recfin.com full-service operating system and a dealer management system. Terms were not disclosed.
In a recent e-mail interview with Recfin President and Founder Dennis Hamilton, he said one third of recfin’s revenues generate from the marine industry.
“We originate in the neighborhood of $25 million in marine transactions as well as ancillary insurance products for the same,” he explained. “We also offer marine F&I training as well as our recfin.net, recfin.com and F&I Link web based operating systems. Along with this acquisition, we will be expanding our marine dealership offerings and growing that segment of the business exponentially.”
“Uniting recfin’s delivery platforms with our vehicle service and insurance programs enables us to offer a virtual F&I office to dealers,” said Mike Anderson, senior vice president and head of the Assurant Solutions ARVS business. “This joining of forces brings the recreational market the latest in online communication, training, products, menu selling, forms generation, automatic product rating and best practices, all in a consolidated Web-based package.”
Privately held recfin will continue to maintain offices in Nixa, Mo., near Springfield, where it has 25 employees. Hamilton will continue to head the new Assurant Solutions division and join Assurant Solutions as a vice president of United Services Protection.
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