The transaction will further drive Salty’s product-first strategy, speeding up the in-dealership sales process while delivering value to customers. In addition to their technology, Purple brings 42 contracted auto dealerships that will become Salty distribution partners.
Purple has developed a lead generation and marketing platform natively embedded into a store’s Dealership Management Systems. Their technology enables a car dealer to capture a larger percentage of the untapped opportunity to offer car insurance as part of the car buying experience.
“It was always Purple’s dream to offer an end-to-end technology solution while being both dealer and customer-focused, and we achieved that by teaming up with Salty,” said Jim Maxfield, founder of Purple Insurance. “Together, we speed the sales process through a technology platform that eases the auto insurance experience, unlocking opportunities for existing Purple and Salty partners.”
Purple’s capabilities, combined with those of the existing Salty platform, are expected to increase the amount of vehicle sales that result in bound policies. Later this year, the Salty platform will automatically engage dealership customers, minimizing the workload on dealer staff. Within a few minutes of submitting their application, customers receive a fixed price quote, which they can easily accept from their phone.
Along with the purchase of Purple’s assets, founder Jim Maxfield will become Salty’s Chief Sales Officer, initially focused on Embedded Insurance opportunities undertaken at the point of sale for the Wheels vertical.
“I am excited to welcome Jim to the Salty team,” said James Hall, Founder and CEO of Salty. “There is enormous potential for Embedded Insurance in the automotive market and beyond. The acquisition of Purple Insurance not only accelerates our technology capabilities as a product-first company but also further enhances the user experience.”
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