DealerPolicy Raises $110M for Embedded Insurance for Retail Auto Sales Industry

DealerPolicy, a digital insurance marketplace for retail car sellers and buyers, announced a $110 million Series C investment led by the growth equity business within Goldman Sachs Asset Management.

The Vermont-based company said the new investment will be used to accelerate the growth of the company’s finance and insurance offerings for both dealers and car buyers, enabling auto insurance to be integrated online and at the point-of-sale.

Its mobile technology enables car buyers to view multiple insurance quotes and immediately purchase online or connect with licensed insurance agents to complete the insurance buying process

DealerPolicy Insurance, the brand’s agency, claims to have a network of more than 1,000 dealers and more than 40 insurance carriers. It says it has written more than $200 million in premiums nationwide since 2016.

The agency’s carriers include Travelers, Progressive, Nationwide, MetLife and Safeco.

The funding round also featured participation from existing investors including 3L Capital and Hudson Structured Capital Management.

Goldman Sachs’ Paul Pate will join the company’s board of directors

Source: DealerPolicy