Salty Dot Inc., a Salt Lake City-based insurance technology and brokerage company, has acquired automobile dealership point-of-sale insurance company Purple Insurance of Ft. Myers, Florida.
“The transaction will further drive Salty’s product-first strategy, speeding up the in-dealership sales process while delivering value to customers,” Salty said in a release. Salty has 42 auto dealers under contract for in-dealership insurance sales. Purple’s lead generation and marketing platform is embedded into a store’s dealership management systems, enabling the 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.”
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.
“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.”