The Wyncrest Group, Inc. (Pink Sheets: WNCG), a leader in niche insurance and financial products and services recently announced that it has seized the momentum from the successes of the "Cash for Clunkers" program by targeting the extended warranty coverage market for automobiles and trucks. Bill McFarland, Chairman of the Wyncrest Group, commented, "A significant accomplishment of the program is that it took many of the most risky vehicles off the road for good; something which not only benefits the environment, but makes the extended warranty market stronger. Though the program has ended, we can continue to help America's auto industry and average car and truck owners." As many Americans are growing smarter and more frugal when it comes to car repair, extended warranties offer an efficient means to cost savings for those trying to protect the longevity of their vehicles in as environmentally and economical way as possible.
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WNCG has targeted a Louisiana-based extended warranty company which specializes in automobile and truck parts, and service and maintenance policies with yearly sales of $3.5 million. The acquisition is expected to close by year-end. Highlights of the company's comparative advantages are: Importantly, they take what is often a confusing warranty-buying process and simplify it so that the owner of a new or used vehicle receives a policy quote based upon that owner's specific needs. Offshore Services. SFG has been in business for 21 years, has 18,000 clients, and sells through 85 representatives nationwide. WNCG is also in negotiations with several acquisition targets developed over an ongoing two-year campaign to find distressed agencies and consolidate contract assets under one lower cost platform. Through its Wyncrest Offshore Services Division, the Company is expanding into the growing offshore insurance and reinsurance market by offering a variety of services and products. Royalty income is expected from licensing insurance products patented under a new category of business methods, a strategy taken only by a few in a new class of small innovative insurance companies leading the industry.
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