CARS Protection Plus, Inc.
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CARS Protection Plus, Inc. - overview
Established
1998
Location
-, PA, US
Primary Industry
Insurance
About
CARS Protection Plus, Inc. , based in the U. S. , specializes in providing fully insured vehicle service contracts that protect vehicle owners against unexpected repair costs, ensuring peace of mind and enhancing the value of their automotive investments.
CARS Protection Plus, Inc. offers comprehensive vehicle service contracts. The company was founded in 1998 and is headquartered in the U. S.
In October 2020, Spectrum Automotive Holdings LLC acquired CARS Protection Plus from Summit Park Partners and Stellus Capital Management, although the financial terms of the deal were not disclosed. CARS Protection Plus has completed a total of 2 deals to date, with the most recent deal occurring in October 2020. CARS Protection Plus primarily engages in providing fully insured vehicle service contracts designed to cover unexpected repair costs, including plans such as Power Train Limited, Lifetime Limited Warranty, Tire & Wheel Protect, and Value Protect. Underwritten by Dealer’s Assurance Company, these contracts cater to over 1 million customers and 24,000 affiliated dealers across all 50 U.
S. states, focusing on superior customer service and rapid claims processing. CARS Protection Plus generates revenue from the sale of vehicle service contracts, primarily through partnerships with auto dealers who offer these protection plans at the point of sale. Revenue is derived from contracts sold to consumers, whose premiums vary based on vehicle type and protection level.
The company is recognized for its reliable service, maintaining an A+ rating with the Better Business Bureau. Following the acquisition by Spectrum Automotive Holdings LLC in October 2020, CARS Protection Plus plans to expand its product offerings and enhance its market reach. The company is currently designing new protection plans targeted for launch in 2022, aiming to penetrate additional geographical markets. The recent acquisition funding will support these product developments and expansion initiatives, although specific regions for targeted expansion have not been disclosed.
Current Investors
Cornell Capital, Spectrum Automotive Holdings LLC
Primary Industry
Insurance
Sub Industries
Commercial Insurance
Website
www.carsprotectionplus.com
Company Stage
Add-on
Total Amount Raised
Subscriber access only
CARS Protection Plus, Inc. - deals
| Deals Type | Deal Status | Target (s) | Deal Date | Investor(s) | Seller(s) | Deal size (Mn) | Enterprise value (Mn) | Post-money valuation (Mn) | EBITDA multiple (x) | Revenue multiple (x) | Lead partner (s) |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Add-on, Trade Sale | Completed | CARS Protection Plus, Inc. | - | ||||||||
| Recapitalisation | Completed | CARS Protection Plus, Inc. | - |
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