In 1990, Wayne Herring owned and operated an independent used car dealership near Pottsville, Pennsylvania. He prided himself on the quality of his vehicles and customer service, but he couldn’t find an extended service contract company that was as good.
Wayne wasn’t alone. There was a serious demand among car dealers for reputable extended service contracts backed by good customer service and professional claims handling. So Wayne decided to start his own company. In 1992, Preferred Warranties, Inc., opened with three extended service plans and a commitment to provide the most responsive, courteous, professional customer service that the industry had ever seen. Within a year, enthusiastic dealers in three states carried Preferred Warranties plans.
The company grew quickly and steadily. They added new plans and dealerships in more states. In 1998, Preferred Warranties was:
- Ranked by the Northeast Pennsylvania Business Journal as “the region’s #1 fastest growing company.”
- Ranked #179 on the Inc. 500 list of fastest growing U.S. companies
- Honored by the Northeastern Pennsylvania Better Business Bureau’s “Torch Award for Marketplace Ethics.”
Today, there is a wide range of Preferred Warranties plans available through top independent dealerships in 17 states. As technology evolves, so does our coverage. But the good things haven’t changed. Like our commitment to quality plans, outstanding customer service, and professional handling of claims. Preferred Warranties supports voluntary certification of claims adjusters through the National Institute for Automotive Service Excellence (ASE), the most valuable credential available to automotive technicians. Claims are handled by experienced professionals, not a third party administrator. We continue to earn an “A” rating from the Better Business Bureau. Just as in 1992, dealers and customers who call Preferred Warranties’ toll-free hotline are still greeted by friendly, knowledgeable service representatives - never a recording or automated phone system. And our founder and CEO – Wayne Herring Sr. – still leads this company-wide commitment to quality plans backed by personal service.
Preferred Warranties is majority owned by Harbert Private Equity Fund II, LLC, a Delaware Limited Liability Company with $180 million in committed capital.