Hyundai Capital America (HCA) has collaborated with Root, the parent company of Root Insurance, to improve the vehicle ownership experience for its customers.
This partnership combines Root’s expertise in mobile technology and customer-centric insurance models with HCA’s auto finance expertise.
The initiative aims to meet the needs of the auto finance and insurance industries by offering HCA customers personalised insurance options with “data-driven” rates.
HCA caters to the financial services requirements of Hyundai Motor America, Genesis Motor America and Kia America.
Through its Hyundai Motor Finance, Genesis Finance and Kia Finance America brands, HCA offers financing products including instalment loans and leasing options to individual and commercial clients nationwide.
HCA CEO and president Marcelo Brutti said: “HCA’s commitment to customer-centric innovation and technology is at the forefront of our mission this year. Through this partnership, we aim to unlock new possibilities and improve the ownership journey for our drivers.”
Root founder and CEO Alex Timm stated: “We are excited to partner with Hyundai Capital America, a company that shares our passion for innovation and customer-first solutions. This partnership allows us to build something unique for HCA drivers, while further diversifying and expanding our insurance offerings across multiple distribution channels.”
Root posted a net income of $31m for the full year 2024, an increase of $178m from 2023.
The company also reported year-on-year growth in its operating income, which increased to $79m, with adjusted EBITDA (earnings before interest, taxes, depreciation and amortisation) rising to $112m.
Its gross premiums written totalled $1.3bn in 2024, up 66% from the prior year.
