Brown & Brown, Inc. acquires the assets of DealerMax
March 13 2024 - 6:45AM
J. Scott Penny, chief acquisitions officer of Brown & Brown,
Inc. (NYSE:BRO), and Jim Maxim, Jr. and Jim Maxim, Sr., the owners
of DealerMax (“DealerMax”), today announced that Brown & Brown
Dealer Services (“BBDS”) has acquired the assets of DealerMax.
DealerMax, originally founded in 1982 by Jim
Maxim, Sr. as Maxim Automotive, serves dealer customers in
Pennsylvania and throughout the Northeast. Under the leadership of
Jim Maxim, Jr., DealerMax has continued to enhance the success of
the F&I departments of their customers through training and
tailored F&I product offerings. The DealerMax team will join
Brown & Brown Dealer Services and continue to operate from
their offices in Berwyn, Pennsylvania. The team will
report to Robert Hunter, president of Automotive F&I. Jim
Maxim, Jr. will remain with and support the team during a
transition period.
Mike Neal, president-BBDS, stated, “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.”
Jim Maxim, Jr. said, “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
clearly 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.”
Brown & Brown, Inc. (NYSE: BRO) is a leading
insurance brokerage firm, delivering risk management solutions to
individuals and businesses since 1939. With approximately 16,000+
teammates in 500+ locations worldwide, we are committed to
providing innovative strategies to help protect what our customers
value most. For more information or to find an office near you,
please visit bbinsurance.com.
This press release may contain certain
statements relating to future results, which are forward-looking
statements, including those associated with this acquisition. These
statements are not historical facts but instead represent only
Brown & Brown’s current belief regarding future events, many of
which, by their nature, are inherently uncertain and outside of
Brown & Brown’s control. It is possible that Brown &
Brown’s actual results and financial condition may differ, possibly
materially, from the anticipated results and financial condition
indicated in these forward-looking statements. Further information
concerning Brown & Brown and its business, including factors
that potentially could materially affect Brown & Brown’s
financial results and condition, as well as its other achievements,
is contained in Brown & Brown’s filings with the Securities and
Exchange Commission. Such factors include those factors relevant to
Brown & Brown’s consummation and integration of the announced
acquisition, including any matters analyzed in the due diligence
process and material adverse changes in the business and financial
condition of the seller, the buyer, or both, and their respective
customers. All forward-looking statements made herein are made only
as of the date of this release, and Brown & Brown does not
undertake any obligation to publicly update or correct any
forward-looking statements to reflect events or circumstances that
subsequently occur or of which Brown & Brown hereafter becomes
aware.
For more information:
R. Andrew WattsChief financial officer(386) 239-5770
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