Total
0
Shares
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Heartland Bank and Turners Automotive Group have agreed to a distribution agreement between their respective brands, Autosure and MARAC
  • Under the agreement, Turner’s brand, Autosure, will have its insurance products sold through Heartland’s consumer network of over 400 dealers
  • The partnership expands Autosure’s network by roughly 20 per cent and is expected to generate $2 million in added revenue
  • The distribution will commence from mid-next month
  • Company shares remain flat today and trading for $2.20 each

Heartland Bank and Turners Automotive Group have agreed to a distribution agreement between their respective brands, Autosure and MARAC.

Autosure provides automotive-owner protection policies for the New Zealand retail motor vehicle industry.

Also based in New Zealand, is MARAC who is a leading financial services provider. MARAC provides vehicle finance through a select network of authorised motor vehicle dealers.

So far, Autosure has provided MARAC with mechanical breakdown insurance.

This distribution agreement will extend its commercial relationship with Autosure providing payment protection insurance and guaranteed asset protection products throughout the MARAC dealer network.

“This is a major opportunity for Autosure, that builds on the progress made over recent years. We look forward to working closely with MARAC to create a comprehensive product offering and a seamless experience for their customers,” Turners CEO Todd Hunter said.

MARAC’s network comprises over 400 dealers which represents a significant expansion of roughly 20 per cent in Autosure’s distribution network.

As a result, Autosure is expecting a material uplift in policy sales, potentially generating additional revenue of $2 million per year from the financial year 2021.

Autosure’s insurance products will be sold through the MARAC network from mid-December 2019.

Company shares remain flat today and trading for $2.20 each.

TRA by the numbers
More From The Market Herald

" Vmoto’s (ASX:VMT) profit takes off in HY report

Vmoto’s (VMT) profit has taken off in the last six months, increasing 119 per cent to total $4 million at the end of

" Air New Zealand (ASX:AIZ) defers capital raise to 2022

Air New Zealand (AIZ) will defer its capital raise plans until 2022, as COVID-19 continues to hamper the tourism sector.

" Regional Express (ASX:REX) flags bigger loss due to lockdowns

Regional Express (REX) is expecting an even bigger loss due to the current lockdowns in the east coast.
EROAD (ASX:ERD) - Chair Graham Stuart

" EROAD (ASX:ERD) raises $19m in oversubscribed share purchase plan

EROAD (ERD) has closed its NZ$16.1 million (A$15.3 million) share purchase plan (SPP) following strong shareholder support, with applications totalling almost NZ$43 millio…