Gapcorp to provide services in Latin America and Canada

Dubai: Automotive extended warranty company, Gapcorp Holdings entered into an agreement with Warrantech and Mexbrit to provide automotive and appliance extended warranty products in Latin American and Canadian markets.

"This business partnership will further boost Gapcorp Holdings total regional luxury market growth by Dh750 million, with more than Dh75 million business generated in the UAE alone.

Presently, the company has sales figure of Dh375 million in the GCC market with a 35 per cent stake in the UAE for extended warranty services for luxury automobiles," the company said in a statement on Monday.

Established six years ago in Saudi Arabia, the company managed to quickly assert itself as a global player specifically in the automotive extended warranty product business.

Nasser Watar, Chairman and CEO of Gapcorp Holdings said, "Our agreement with US based Warrantech, marks yet another important milestone in the history of our young company. Now we are a Global, yet a local company."

"Few people believed that we could have expanded at this pace in a span of six years. All our products are supported by local insurers in each of the markets and minimum "A" rated re-insurers."

"The fact that we tie up with such companies is surely a must have key factor that has contributed to our success."

Gapcorp Holdings already have a joint venture with Zuellig Group, one of the largest privately held companies in South East Asia covering Thailand, Philippines, Singapore, Hong Kong, Malaysia and Indonesia under Asia Warranty Services and in the GCC under Gapgulf and in Europe through its European arm affiliate Lonsdale Insurance Brokers.

The company has established regional relationship with key automotive leaders such as BMW, Lexus, Toyota, Nissan, Infiniti, Mazda, Mitsubishi and Renault.