BEDFORD, Texas (Jan. 22, 2003) — Warrantech Corp., a provider of service contracts and aftermarket warranties, has signed an agreement with Monro Muffler Brake Inc. to launch a retailer warranty program this month.
The direct marketing solicitation program will target consumers who have recently visited Monro service shops. Customers whose vehicles' mileage does not exceed 110,000 miles will be offered renewable service contract protection against mechanical failures, the companies said.
Joel San Antonio, chairman and CEO of Warrantech, said the company “continues to look for innovative ways to help retailers provide the highest level of customer service and provide for incremental revenue streams. The focus of our management team is to find creative new services that offer significant value to retailers and their patrons.”
The new program with Monro, he said, “is a prime example of how we spot developing trends, create new products and bring them to our retail clients to help them meet the needs of their customers.”
Monro, one of the largest providers of automotive undercar repair services in the mid-Eastern U.S., operates about 550 stores in New York, Pennsylvania, Ohio, Connecticut, Massachusetts, West Virginia, Virginia, Maryland, Vermont, New Hampshire, New Jersey, North Carolina, South Carolina, Indiana, Rhode Island, Delaware and Michigan. The company—which last year purchased 34 Kimmel Tire stores in Virginia and Maryland—provides a full range of services for exhaust, brake, steering and suspension systems, vehicle maintenance, and tires and related services.
Rochester, N.Y.-based Monro recently reported record sales and earnings for the third quarter and nine months, ended Dec. 28, 2002, due in part to the addition of business from its Kimmel Tire acquisition.
Warrantech Corp., based in Stamford, Conn., administers and markets service contracts and aftermarket warranties on automobiles, automotive components, recreational vehicles, appliances, consumer electronics, homes, computer and computer peripherals for retailers, distributors and manufacturers. The company operates in the U.S., Canada, Mexico, Puerto Rico and Latin America.
According to its Web page, Warrantech's products include an extended warranty program called RepairMaster, which it said offers plans for “automobile protection against high costs of future repair bills.” Although Warrantech does not market warranties directly to the public, the company said it does have a “vast number of dealerships” across the U.S. that sell its warranties for all types of vehicles.