iA Financial Group has invested $10 million in Clutch, a Canadian company focused on online sales of used cars.
Clutch is a company founded in 2017 and based in Toronto, Ontario. In 2023, it became one of Canada’s largest used car dealers. The investment from iA Financial Group is intended to help the insurance company expand its expertise in selling products “on a pure online basis.”
“With this strategic investment in Clutch, we are adding online sales as a new product distribution channel to our existing extensive network of auto dealer services,” said Pierre Miron, Executive Vice-President and Chief Growth Officer Canadian Operations at iA Financial Group, in a statement.
He added that this puts the company well positioned to “serve consumers in their preferred way when purchasing vehicles and insurance products.”
In other words, Clutch customers benefit from a simple yet comprehensive experience in their online transactions – whether it’s purchasing a vehicle or selecting certain types of insurance. They can currently purchase extended warranties and guaranteed asset protection products from iA Financial Group.
“Clutch was founded to provide Canadians with a seamless and transparent car buying experience that gives them complete peace of mind,” said Dan Park, CEO of Clutch, in a statement. “We are thrilled to partner with iA Financial Group to further enhance our user experience and provide our customers with best-in-class warranty and insurance products.”
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