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Preferred Warranties Inc. Adds Ride-Share Coverage to Vehicle Protection Plans

November 14, 2019
PWI color logo
PWI color logo

CARMEL, Ind., Nov. 14, 2019 /PRNewswire/ -- Preferred Warranties Inc. (PWI), a business unit of global vehicle remarketing and technology solutions provider KAR Auction Services d/b/a KAR Global (NYSE: KAR), announces it has added ride-share coverage to its vehicle service contract offerings. These new ride-share options support consumers participating in the burgeoning mobility market. The additional offering and other enhancements to plan coverage and terms align with the introduction of a new underwriter for PWI — Assurant. Rated an “A” by AM Best Ratings, the Assurant partnership brings expertise and experience as one of the most respected and successful underwriters in the business.

“Expanding into the mobility space is a strategic priority for KAR Global, and PWI’s new ride-share coverage helps solidify our investment in this growing market space,” said Edmund Field, president of PWI. “Now backed by Assurant, our enhanced protection plans give dealers more reasons to choose PWI for vehicle service contracts that provide confidence and peace of mind to consumers and a critical revenue stream to dealers.”

“The ride-sharing economy relies heavily on well-maintained vehicles and drivers who have the resources they need to keep their cars on the roads,” said Rich Howse, SVP of mobility solutions for KAR Global. “We are making investments across the enterprise at KAR Global to support the changing nature of car ownership and use — creating the tools and solutions for the evolving mobility landscape.”

The ride-share coverage is available on all products except Preferred Truck or Powersports. PWI has added various term and coverage enhancements to its Plus Plan, Premier Plan, Preferred Truck Plan and Base Plan vehicle service contracts.

The PWI sales team is providing dealers with new contracts and marketing materials, as well as training on the expanded plan offerings to assist in helping consumers choose the right plan for their needs.

“We are committed to listening to customer feedback and implementing improvements to services and products for both dealers and consumers,” said Field. “We give careful consideration to direct feedback, and many of these suggestions are reflected in PWI’s new enhancements.”

Established in 1992, PWI offers extended service contracts to more than 3,000 independent automotive dealers. With a full menu of service contracts and extensive coverage levels, PWI products drive high levels of confidence, value, and revenue for partner dealers. To supplement product offerings, PWI provides best-in-class service and training to assist dealers with selling these products, which in turn creates value and enhanced satisfaction for their customers. For more information, please visit www.warrantys.com.

KAR Contacts


Media Inquiries:

Analyst Inquiries:

Gene Rodriguez Miller

Mike Eliason

(317) 343-5243

(317) 249-4559

gene.rodriguez@karglobal.com

mike.eliason@karglobal.com

About KAR

KAR Auction Services Inc. (NYSE: KAR), known as KAR Global, provides sellers and buyers across the global wholesale used vehicle industry with innovative, technology-driven remarketing solutions. KAR Global’s unique end-to-end platform supports whole car, salvage, financing, logistics and other ancillary and related services, including the sale of nearly 3.5 million units valued at over $40 billion through our auctions. Our integrated physical, online and mobile marketplaces reduce risk, improve transparency and streamline transactions for customers in more than 70 countries. Headquartered in Carmel, Indiana, KAR Global has approximately 15,000 employees across the United States, Canada, Mexico, U.K. and Europe. For more information, go to www.KARglobal.com. For the latest KAR Global news, follow us on Twitter @KARspeaks.

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SOURCE KAR Global