F&I Sentinel Announces Agreement to Acquire Express Recoveries Business from Cox Automotive

PR Newswire

The combination will increase F&I Sentinel's footprint and create the auto lending industry's most comprehensive after-market finance and insurance compliance solution

TALLAHASSEE, Fla., Jan. 16, 2024 /PRNewswire/ -- F&I Sentinel, a leading risk management solutions provider for finance and insurance products (F&I) in the automotive finance industry, today announced it has reached a definitive agreement to acquire Express Recoveries from Cox Automotive Inc. As part of the transaction, Cox Automotive's Express Recoveries team that currently supports the business will transition to the F&I Sentinel team. The transaction is expected to close early in the first quarter.

"The decision to acquire Express Recoveries reflects our longstanding commitment to delivering F&I compliance that helps lenders and the auto financing ecosystem stay ahead of highly complex and ever evolving state and federal regulations and litigation," said Stephen McDaniel, CEO at F&I Sentinel. "This acquisition will expand our existing F&I refund solution and gives Express Recoveries clients access to a full suite of compliance solutions concerning F&I products. Our existing ecosystem of over 600 F&I product administrators that are users of our platform combined with Express Recoveries' expertise in processing cancellations will create the only compliance solution in the market that covers the entire lifecycle of an F&I product—from origination to servicing," he added.

Express Recoveries connects lenders with providers and dealers to process product cancellation refunds, minimizing compliance risk and building consumer and dealer relationships. The solution facilitates a streamlined process flow, including initiating cancellations, determining refunds, obtaining recoveries on behalf of consumers and lenders, and helping to ensure adherence with mandates, which can vary by state.

"Cox Automotive is committed to improving car buying for everyone, and sometimes that requires choosing the best steward to perform a specialized function," said Lori Wittman, President of Retail Solutions for Cox Automotive. "Express Recoveries is an important, niche post-sale function for the industry. F&I Sentinel's expertise and proven track record in F&I product regulation make it the ideal company to ensure Express Recoveries clients continue to receive the best-in-class service and solutions they expect. Cox Automotive remains focused on delivering car shopping, selling, financing and transaction solutions for lenders, dealers, OEMs, and consumers."

About F&I Sentinel

F&I Sentinel is how auto finance companies can finally stay ahead of the ever-changing regulatory landscape and away from litigation crosshairs. Our F&I compliance approach uniquely combines automation with human intelligence for unrivaled experience, unmatched rigor and unparalleled insights. Powered by CITADEL^®, the world's first comprehensive F&I compliance operating system, our team helps you achieve compliance throughout the full F&I product lifecycle, from origination to cancellation and refunds. That's why five of the top 10 auto lenders rely on F&I Sentinel to mitigate the reputational, litigation, financial and business risks inherent in financing F&I products. F&I Sentinel. Get Compliance Going Your Way™. Visit https://fandisentinel.com for details.