From Quebec City comes the news that iA Financial Group announced a $10 million investment in Canadian business Clutch Technologies Inc. (“Clutch”), which specializes in online sales of pre-owned vehicles. 

Founded in 2017, Toronto-based Clutch in 2023, posted sales of over 8,000 used vehicles through its online platform, making it one of Canada’s largest retailers of used vehicles.

This investment enables iA Financial Group to develop its expertise in selling products on an entirely online basis. Clutch customers will now enjoy a simple and complete experience in a single online transaction, from purchasing a vehicle to selecting certain types of coverage.

Clutch customers are currently able to purchase iA Financial Group extended warranty and guaranteed asset protection products.

“Clutch was founded to offer Canadians a seamless and transparent car buying experience, ensuring complete peace of mind,” said Dan Park, Clutch CEO. “We are thrilled to partner with iA Financial Group to further elevate our user experience and provide best-in-class warranty and insurance products to our customers.”

“iA Financial Group has long been a leader in the Canadian dealer services market,” said Pierre Miron, Executive Vice President and Chief Growth Officer Canadian Operations at iA Financial Group. “With this strategic investment in Clutch, we are adding online sales as a new product distribution channel to our current extensive network of automotive dealer services. As a result, we are well positioned to serve consumers in their preferred way when they purchase vehicles and insurance products.”