Warranty and insurance products provider to independent and franchised dealers Autoguard Warranties has acquired Fleetband Warranty Services.
The company hopes the deal will give it a significant foothold in the HGV market as Fleetband is a specialist in this area.
Robert Dockerill, CEO at Autoguard Warranties, said: “Our acquisition of Fleetband was the result of numerous requests we received from commercial vehicle dealers wanting warranty programmes for trucks over 3.5 tonnes.
“Fleetband gives us a great stake in the HGV market and over the next 18 months we aim to become the number one player.”
Autoguard Warranties, which was launched in 2009, employs 50 staff across its head office and field sales division. It provides extended warranty programmes, financial conduct authority compliant insurance, as well as general warranty products and services for 1,000 independent and franchised dealers across the UK. The company also offers Guaranteed Asset Protection and MoT cover.
Paul Gilbert, franchised service manager, commercial vehicles at South of England-based Iveco dealership Hendy Group, said: “We have been using Fleetband for many years and provide its products on all our used commercial vehicles, along with our own care and maintenance packages.
“As many of our customers purchase commercial vehicles that will incur high mileage and heavy usage, a good warranty is essential.”