Middle market private equity firm Genstar Capital has acquired Innovative Aftermarket Systems (IAS), an Austin, TX-based marketer, administrator and underwriter of vehicle protection products and related services sold through franchised automobile dealers.
The acquisition, which made along with several senior IAS executives, is expected to help the company grow both organically and through acquisitions.
Bob Corbin, President and CEO of IAS, will continue to lead IAS, which offers a comprehensive portfolio of finance and insurance products and services including anti-theft protection, tire and wheel coverage, windshield repair and replacement, key replacement, paintless dent repair and appearance protection systems.
The company also offers guaranteed asset protection (GAP) that pays the difference between the actual cash value and loan balance of an automobile if a customer’s vehicle is stolen or totaled in a collision.
These products are offered through a network of independent agents to automobile dealers in 49 states.