National Auto Care (NAC) not only is growing its geographical footprint via acquisitions, the provider of F&I products, administration, consulting services, training and marketing support to independent agents, insurance companies, financial institutions, third-party administrators and credit unions for more than 35 years is broadening its market reach, too.

On Tuesday, NAC announced it has acquired the assets of Frost Financial Services, representing the first acquisition NAC has completed with a business focused on distributing F&I products through the credit union, community bank and other financial services institutions market.

Founded in 1972, Frost grew to be one of the largest independent GAP administrators in the credit union market prior to this transaction. The company works with hundreds of credit unions, community banks and other institutions nationwide, providing GAP, vehicle service contracts, collateral protection, payment protection and more.

Frost also has an exclusive sales and service platform, VisualGAP, allowing its clients to select the best products for its borrowers.

According to a news release, principals Jim Tenhundfeld and Phil Markwell will continue to lead the operation from the Frost office in Cincinnati, with the added support of NAC’s programs and claims management capabilities.

By combining with NAC, senior vice president of mergers and acquisitions Courtney Hoffman said Frost’s growth will be further accelerated through offering a wider array of value-added products, services and technology to its existing and new finance company relationships.

“I have personally known the team at Frost for many years and have always respected the company they have built as well as their commitment to putting their customers at the forefront of all they do,” Hoffman said in the news release.

“We are excited to have such a strong leadership team and talented employees join the National Auto Care Family. This acquisition allows us to continue and expand our commitment to the financial institution market,” Hoffman continued. 

Executives added that Frost maintains its commitment to “old fashioned” personal service as well as its drive to offer the best products in the marketplace. Paired with Frost’s cutting-edge technology, executive mentioned the company was a “natural fit” for the NAC family. 

“As we celebrate our 50th year in business, we believe the partnership with NAC positions us well for the next 50 years,” Tenhundfeld said. “Frost has evolved quite a bit since its beginnings in 1972, providing credit insurance to Ohio credit unions.

“We are excited to join NAC in this next chapter as we partner to continue our track record of growth and our focus on providing quality auto protection products and services to financial institutions,” Tenhundfeld went on to say.

NAC now has completed a dozen acquisitions in less than two years.