Brown & Brown, an insurance brokerage firm, has expanded its portfolio through the acquisition of the assets of DealerMax, a company specializing in enhancing the finance and insurance (F&I) departments of automotive dealerships.
According to a press release, the acquisition was announced on March 13 by J. Scott Penny, Brown & Brown’s chief acquisitions officer, and Jim Maxim, Jr. and Jim Maxim, Sr., the proprietors of DealerMax.
“We have had a long, collaborative relationship with the Maxim family in the F&I automotive industry. We are excited to have the highly experienced DealerMax team and the valuable DealerMax customers become part of Brown & Brown Dealer Services. We look forward to combining the skill and ability of DealerMax with our broader BBDS team,” Mike Neal, president of BBDS, said in the press release.
DealerMax, established in 1982 by Jim Maxim, Sr., as Maxim Automotive, has built a reputation for its focus on the Northeastern U.S. automotive market, particularly in Pennsylvania. The company has been instrumental in the growth of its clients’ F&I departments by providing specialized training and tailored F&I product offerings.
With this acquisition, the DealerMax team is set to join Brown & Brown Dealer Services (BBDS) and will continue their operations from their current location in Berwyn, Pennsylvania, under the leadership of Robert Hunter, president of Automotive F&I. Jim Maxim, Jr., will assist the team during the transition period.
“We deeply value the Brown & Brown relationship and our shared vision, culture, and commitment to excellence. My father, Jim Maxim Sr., and I feel that BBDS is the right home for our employees and customers, and it was evident that this was the right choice for the future of our business. We are honored to become a part of the Brown & Brown team, and we look forward to continuing to provide unparalleled support, training, and products to all of our dealership customers,” Jim Maxim, Jr. said.
Brown & Brown, Inc., with its headquarters in Daytona Beach, Florida, has been a key player in the insurance brokerage industry since 1939. The company delivers comprehensive risk management solutions to both individuals and businesses.
With a global presence, Brown & Brown operates through a network of over 16,000 teammates across more than 500 locations worldwide. For more information, click here.