Cars Protection Plus

Confluence Advisors is pleased to announce the recapitalization of C.A.R.S. Protection Plus (“CARS” or the “Company”), a leading provider of vehicle service contracts (“VSC”), by Summit Park, LLC (“Summit Park”). 

Founded in 1998, CARS sells VSCs through a network of over 10,000 car dealerships in 34 states. The Company specializes in the high mileage, used car segment of the VSC industry and has grown through increases in its dealer base and geographic expansion. CARS is headquartered outside of Pittsburgh, Pennsylvania. 

“We are very excited to partner with the leadership team at CARS. We look forward to working together with them to build on the Company’s historical success,” said Bob Calton, Managing Partner at Summit Park. Mike Tedesco, founder of CARS, added, “Summit Park is an excellent fit for CARS, and our partnership with them allows us to accelerate our growth plans.” 

The transaction marks Summit Park’s third investment in its second fund, Summit Park II. Stellus Capital Management, LLC provided the debt financing for the transaction.