iA Financial Group has invested $10 million in Clutch Technologies Inc., as the used-vehicle seller integrates iA Financial’s extended warranties and insurance products into its online car-buying platform.
“With this strategic investment in Clutch, we are adding online sales as a new product distribution channel to our current extensive network of automotive dealer services,” he said in a statement. Toronto-based Clutch sold about 8,000 vehicles through its online platform last year. The company currently operates in Ontario and Atlantic Canada after pulling out of several Western Canada provinces in early 2023 as rising interest rates wreaked havoc on used-vehicle prices and the global technology sector.
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