03:40 PM EDT, 07/05/2024 (MT Newswires) -- iA Financial Group (IAG.TO) announced Friday a $10 million investment in Canadian business Clutch Technologies Inc., which specializes in online sales of pre-owned vehicles.

According to a company statement, this investment enables iA Financial Group to "develop its expertise in selling products on an entirely online basis". Clutch customers "will now enjoy a simple and complete experience in a single online transaction," from purchasing a vehicle to selecting certain types of coverage, states the company press release.

Clutch customers are currently able to purchase iA Financial Group extended warranty and guaranteed asset protection products.

Pierre Miron, Executive Vice-President and Chief Growth Officer Canadian Operations at iA Financial Group, said in a statement: "With this strategic investment in Clutch, we are adding online sales as a new product distribution channel to our current extensive network of automotive dealer services."

Founded in 2017, Toronto-based Clutch in 2023, posted sales of over 8,000 used vehicles through its online platform, making it one of Canada's largest retailers of used vehicles, a statement noted.

IAG was at last look down $1.30 or 1.5% at $84.62.

Price: 84.71, Change: -1.21, Percent Change: -1.41