Innovative Aftermarket Systems

In 1984, Garret Lacour co-founded Innovative Aftermarket Systems, or IAS, to provide aftermarket products and services to car dealerships. The company started by offering a range of vehicle protection products, including anti-theft systems, guaranteed asset protection (GAP), and tire and wheel coverage. The business model focused on distributing these finance and insurance (F&I) products through a network of independent agents to automobile dealers across the United States. A key part of the strategy was not just the products themselves, but also providing the software and training for dealership F&I departments to sell them effectively. The company’s journey involved several key ownership changes. In 2008, CIVC Partners acquired the company, with CEO Garret Lacour and President Bob Corbin retaining ownership stakes and their leadership roles. Then, in late 2011, private equity firm Genstar Capital acquired IAS, seeing an opportunity to expand its footprint. Under new leadership, with Patrick Brown eventually taking over as CEO, the company continued to grow. A major milestone occurred in May 2020 when iA Financial Group, a Canadian insurance and financial services company, acquired IAS for $720 million. This acquisition integrated IAS into a larger financial entity, and the combined operations are now known as iA American. The deal marked a significant outcome for a company that started by identifying a niche need within auto dealerships and grew by becoming a comprehensive solutions provider for that market.