ForeverCar, which sells extended vehicle service policies, has been purchased by CUNA Mutual Group of Madison, Wisconsin, for an undisclosed price.
The Chicago-based company sells four types of vehicle service plans online, which provide automotive protection beyond manufacturers' or powertrain warranties.
CUNA Mutual officials said adding ForeverCar's digital platform and marketing capabilities will boost the Madison company's lending and insurance product portfolio.
"Our investments in start-ups such as ForeverCar ... coupled with our focus on modernizing and digitizing our product portfolio, are essential efforts in responding to a rapidly evolving consumer experience," said Robert Trunzo, president and CEO, CUNA Mutual Group, in a statement.
ForeverCar currently contracts with 180 credit unions as their official mechanical repair coverage (MRC) provider, and it was founded in 2012 by Mark Hodes. In September 2017, the company raised $15 million in equity and debt funding.
