IRVING, Texas — Sean Hicks and Richard Gavino, two veterans of the F&I industry, are looking to bring a new approach the service-contract category with the launch of New Leaf Service Contracts LLC, a new third-party administration company.
With more than 50 years of combined executive experience in the retail consumer electronics and extended service contract industries, Hicks and Gavino have created a dealer-centric formula built around customized service contract programs.
“Dominated by a handful of vertically integrated insurance/administration companies, the service-contract market has been consolidating for years,” said Gavino, New Leaf’s president and COO. “At New Leaf, we’ve created a range of innovative programs that address the changing market by focusing on the driving force of the industry — the retailer.”
Currently, New Leaf offers service contract coverage on automotive components, consumer electronics, fitness equipment, jewelry, musical instruments, optics and eyewear, furniture, medical, and home and garden equipment.
One of the branded programs New Leaf offers is ServicePro, a carded product utilizing a customer-friendly activation website that gives the smaller independent dealers a consumer-driven solution. In addition, New Leaf has developed a full suite of technology solutions to streamline and support the way retailers conduct business online.
“We don’t believe in a one-size-fits-all, service-contract business model,” said Hicks, the company’s CEO. “The biggest benefit of working with New Leaf is that we listen to our clients and then work to develop unique programs tailored to their specific needs. This dealer-centric strategy reinforces the loyalty and value of the retailer’s brand to their customers.”