2023 was a year for LGM that gave us pause for reflection of our 25 years in business (watch video) and to finally take some respite from the long effects of Covid-19. We are grateful to our employees and business partners for their ongoing loyalty and support. Together, we have much to be proud of, particularly knowing that our results have been earned with a social purpose mindset. It really becomes that much more satisfying to achieve greatness when you can do so with pride in your approach and enduring impact.

Industry new vehicle sales began its recovery towards pre-pandemic levels in 2023 with approximately 1.7 million light vehicles sold across Canada. There remains continued pent-up demand from consumers given that at least 1 million fewer vehicles were sold between 2020 and 2023. Despite higher interest rates, exciting new models that deliver fuel efficiency, feature-rich technology, improved safety and alternative powertrains became the center of attention for consumers needing an upgraded vehicle. In addition, Canada’s immigration policy invited more than 500,000 new residents in the past year of which many would seek their own transportation hence driving new and pre-owned vehicle demand.

LGM IN NUMBERS.

A SUCESSFUL YEAR

LGM achieved a 35% annual sales growth, which was
3 times higher than the industry’s growth rate of 12%.

Gross Retail Premiums increased 54% from 2022 to 2023.

GWP increased 54% to $478M from 2022 to 2023.

At LGM, we are pleased that we were able to consistently “beat the market” with increased contracts sales that eclipsed the overall industry growth rates for the year. Specifically, we delivered a 35% increase year-over-year compared to an impressive industry growth rate of 12%.

OUR PARTNERS DRIVE OUR SUCCESS.

Our OEM partners and their highly engaged dealer networks performed to record levels in 2023 with the highest core product penetrations ever achieved. Our collaborative efforts demonstrate how industry-leading sales results can be accomplished while still ensuring an exceptional consumer experience.

We’re the partner of choice for OEM brands across Canada.

We are proud to work with these ten distinguished automotive brands and the most Original Equipment Manufacturers of any provider in our market.

OUR COMMITMENT TO SERVICE EXCELLENCE.

We take pride in our commitment to service excellence.

We provided service to 1,271 dealer partners across Canada.

79566 total claims processed

85% of callers received service in less than 60 seconds

4.4 stars on Google reviews

94% dealers say we meet or exceed their sales service expectations*

We hit a milestone of %claims processed in 5 seconds or less

*Dealer Satisfaction Score (DSAT) – September 2023, 12-month average

With thanks to our CX audit partner, JD Power, LGM continues to deliver best-in-class service to dealers and consumers both with our sales and claims management teams. With more than 90% of our dealers saying that we meet or exceed their expectations, it is not easy to find more ways to improve our service, but we will always keep trying!

PARTNERSHIPS & INNOVATION.

Through a commitment to innovation and providing our exceptional service to our partners, we’ve implemented new initiatives continue driving us forward:

BMW

Renewed Partnership with BMW to be the provider for all BMW, MINI, and BMW Motorrad extended warranty service contract programs. Since 2010, LGM has partnered with BMW and began administrating their extended warranty service contract programs as of January 1, 2023.

BMW Motorrad

We expanded our partnership to include motorcycles by deepening our partnership with BMW Canada Inc. This expansion led to the introduction of two new F&I products: BMW Motorrad Limited Debt Waiver and BMW Motorrad Loan Protection.

Mitsubishi

Strengthened partnership through a 5-year contract extension. Along with this five-year contract extension, Mitsubishi Motors Canada expanded its product offerings with LGM to deliver exceptional value to more customers with the Mitsubishi Diamond Care suite: Excess Wear and Use Protection.

Auto Remarketing Power 150

We were recognized in Auto Remarketing Canada’s Power 150 list of the biggest names in Canada’s used car and remarketing business, acknowledging companies from all sectors who have made a significant impact.

LGM

  • Over half of all claims were resolved in under five seconds, thanks to our AI-powered claims process.
  • Addition of new Dealer Management System (DMS) for our Loan Protection Product to increase efficiency for dealership management. This new DMS helps dealerships manage everything from inventory to getting finance rates more efficiently.
  • Official launch of our Financial Services Manager (FSM) Certification Program. Part of LGM’s broader Learning Journey Program

In 2023, we were thrilled to have renewed agreements and expand our product offerings with BMW, MINI and Motorrad. Today, we take great pride in our partnership with ten renowned automotive brands: Kia, BMW, MINI, Motorrad, Mitsubishi, Jaguar, Land Rover, Volvo, Polestar, and Mazda.

Our commitment extends nationwide as we now provide comprehensive support to over 1,200 franchised dealers throughout Canada, collectively representing more than a third of all dealerships in the country.

SETTING THE STANDARD WITH DEALER TRAINING.

Following a successful beta launch, in 2023 LGM officially rolled out our new proprietary and comprehensive FSM Certification Program on a broader scale for their dealer partners.

The FSM Certification consists of a unique three-phase program designed to empower Financial Services Managers with advanced skills, enhancing dealership performance and customer satisfaction.

0

%

of participants said they saw the value of going through LGM’s customized learning journey

0

%

of our learners said that following the certification in this specific order was beneficial for developing their knowledge, skills and abilities.

SUPPORTING A SUSTAINABLE FUTURE.

Our social purpose philosophy kept us highly engaged in doing what’s right in our local communities and for our planet (view timeline). LGMers continue to give of their time to support local opportunities meaningful to them and as a team of just over 160 we are impressed that over 28,000 hours have been devoted to helping others since 2017. In the past year we also joined the United Nations Global Compact Network which fellow-minded organizations collectively agree to improvements that create a sustainable future for generations to come.

2023 social purpose contributions:

  • CEO Drew Collier recognized as a notable Champion of Diversity
  • Since 2017, our employees have given back over 28,128 hours to organizations across the country.
  • In 2023 we joined the UN Global Compact initiative. A voluntary leadership platform for the development, implementation, and disclosure of responsible business practices.

AS SEEN AT.

LGM IN THE SPOTLIGHT.

We made headlines in 2023 as a trusted industry voice and innovative thought leader.

LGM earned 36 pieces of media coverage in respected industry publications.

Looking to the Future, OUR DIRECTION, OUR VISION. What we aspire to achieve.

Turning our minds to the year ahead, we look forward to continuing improvements in new vehicle sales for our industry, enhancing our product offerings to really meet the evolving needs of consumers and how vehicles (and ownership) are changing and continuing our relentless pursuit of exceptional service experiences for our partners and their customers.

A heartfelt thanks to all our valued partners, suppliers, and fellow LGMers.

Drew Collier,
CEO
Adam Hill,
Founder and Executive Chair

*LGM’s financial numbers reflect our fiscal 2023 year *Canadian automotive statistics sourced from Automotive News Research & Data Center in Detroit, 2023.