Good News. One of the largest dealer networks in the US Toronto, Ontario--(Newsfile Corp. - October 27, 2021) - Hank Payments Corp. (TSXV: HANK) ("Hank" or "Corporation"), is pleased to announce that is has signed an agreement with Dennis & Co. Auto Group Inc to offer Hank products to consumers in all of its stores.
Founded in 2006 and headquartered in West Nyack, NY, Dennis & Co. Auto Group, Inc. operates one of the largest networks of dealerships in the US, generating more than half a billion dollars in annual revenue. Dennis & Co. connects prospective buyers with their ideal vehicles and offers warranty and repair services that keep drivers on the roads. Its owner, Brian Dennis, is Secretary of the New York Auto Dealers Association.
Dennis & Co is adding 6 stores to the Hank Platform through this calendar year, and currently sells approximately 1,400 vehicles per month. Hank penetration is expected to be between 25 and 40% of vehicles sales as Dennis & Co intends to leverage the Hank product to make warranty and insurance products more affordable, and to improve the build-up of vehicle equity for the balance of customers that choose Hank.
Having affordable insurance products and improving equity quicker is important as it helps consumers avoid financial surprises like dramatic swings in the value of their vehicle, dings and dents and tire and rim damage, which can all affect the cost of buy-back or residual values.
Owner, founder and President of Dennis & Co., Brian Dennis commented, "We have been using similar platforms in a lesser capacity with good success but the broad capabilities of Hank, coupled with its seasoned leadership and robust product path, convinced us to get serious about this industry leading platform."
"This is a clear signal of confidence in Hank by one of the nation's most respected automotive dealership groups," commented Michael Hilmer, Hank Payments Chairperson and CEO. Hilmer added, "We have followed Brian's success in taking the friction out of the vehicle buying process and in particular putting the customer's needs front and center. Brian is a clear leader in the automotive retail sector and we are thrilled to be partnering with Dennis & Co."