LOMBARD, Ill. And RICHARDSON, Texas — F&I Administration Solutions LLC and StoneEagle Inc. announced the strategic merger of the two companies to form StoneEagle F&I.
Executives said the new company will bring together the most powerful solutions in the industry across the entire F&I ecosystem to complement and enhance the services offered to both F&I Admin and StoneEagle customers. Together, the companies manage over 8 million transactions per year for 85 F&I product administrators, power technology for a network of more than 10,000 dealerships, offer profitability reporting and intelligence tools for over 5,000 dealerships, and provide detailed responses to over 140,000 product rate requests per day.
“This is a rare opportunity for two organizations that occupy uniquely complementary positions in the market,” said David Trinder, CEO of F&I Admin. “In coming together, we provide even stronger value for our clients. StoneEagle’s commitment to providing exceptional customer service and powerful products aligns closely with our own. I am extremely pleased to be able to welcome two extraordinary teams into a single family.”
“We have set out to combine two of the most well-established companies in the industry,” said Cindy Allen, CEO of StoneEagle. “Bringing together these two exceptional teams will drive enhancements and innovation across all our products and fuel the evolution of future solutions. Our merger is about growth – we are dedicated to bringing more options to our clients without disrupting their existing experience and solutions. Together we will bring forward the best of both companies to benefit the clients we serve.”
Cindy Allen will serve as CEO of the combined company, which will be headquartered in Richardson, Texas. Kumar Kathinokkula will take on the position of COO and will operate out of the company’s Lombard, Ill., location. StoneEagle founder Brent Allen and F&I Admin CEO David Trinder will both be board members and play active roles in the company. StoneEagle F&I will continue to operate all its existing locations in order to ensure that all clients continue to enjoy a "first-rate" experience both during and after the merger, according to the announcement.
Originally posted on F&I and Showroom