Norcross, Ga.-based APCO Holdings, a provider and administrator of automotive financial and insurance products and home to the EasyCare and GWC Warranty brands, has announced its continued commitment to providing COVID-19 assistance by joining the F&I Providers Relief Fund for F&I Managers as a founding partner.
The company said that with the auto industry facing unprecedented losses, dealers are confronting slow business and serious challenges. For some, that means temporarily closing their doors or making the difficult decision to lay off staff, enact furloughs, or make pay cuts. Founded in April, the F&I Providers Relief Fund has brought more than 40 providers together and raised more than $500,000 to provide grants to F&I professionals who are confronting financial setbacks as a result of this crisis. Contributing members include a variety of F&I administrators, underwriters, roadside companies, technology platforms, and others who are involved with dealers and their employees on a day-to-day basis.
“As we continue to see the fallout from this pandemic, it is essential to come together and collaborate on what we can do as an industry,” said Fin O’Neill, chairman and CEO of APCO Holdings. “If our responses are going to be effective and sustainable, they have to be built from a wide range of experiences. The F&I Providers Relief Fund has brought us together with one goal in mind – to help the people we do business with every day who are now impacted by this crisis. It’s an honor and a privilege to be a part of this effort.”
John Lee, president of EasyCare and GWC Warranty, holds a seat on the seven-member relief fund board of directors tasked with raising awareness about the need within the industry and reviewing applications to award financial assistance grants.
“COVID-19 is impacting the automotive business in ways that no one could have foreseen,” said Lee, “and communities are struggling as a result. APCO is committed to dedicating our time, talent, and resources to ease the economic hardships faced by the same F&I employees who have supported our industry for so many years.”
During its first meeting on April 21, the board announced a fundraising goal of $1 million. The relief fund has established a website where industry providers can contribute towards this goal and where F&I managers can view qualification criteria and apply for grants for financial assistance. As more providers and other leading companies in the F&I industry join in the fundraising efforts, the fund hopes to help as many F&I managers and their families as possible. To learn more about the F&I Providers Relief Fund, click here.