AFSA/NADA Executives Address Key Issues
For the seventh consecutive year, the American Financial Services Association (AFSA) and the National Automobile Dealers Association (NADA) co-sponsored an executive forum to discuss legislative, regulatory and operational challenges facing auto dealers and finance sources.
Co-chaired by David Paul, Chair of AFSA’s Vehicle Finance Division and Senior Vice President with American Honda Finance Corp., and Jeff Carlson, NADA Chairman, CEOs and other top executives from virtually every major finance company and major bank in the nation engaged in indirect auto financing attended the forum, along with the leaders of the nation’s franchised automobile dealers. Representatives from the American International Automobile Dealers Association, National Association of Minority Automobile Dealers, and Automotive Trade Association Executives also were in attendance.
The forum featured an engaging discussion with Consumer Financial Protection Bureau (CFPB) Director Richard Cordray, who reviewed the bureau’s activities in the area of vehicle financing and offered some insight on the path forward.
In a separate presentation, Brian Johnson, senior counsel to the House Financial Services Committee and Jelena McWilliams, chief counsel to the Senate Banking Committee, offered their perspectives on the important role vehicle financing plays in the American economy.
Marguerite Watanabe, President, Connection Insights, and Andy Koblenz, Executive Vice President, NADA, each reviewed the finance source and dealer survey results focusing on lender and dealer concerns and opportunities.
Top concerns for finance sources include exams and enforcement actions, cybersecurity, compliance, changes in vehicle values and hiring, training and retaining employees.
Dealers are most concerned with new regulations from the FTC and CFPB, existing regulations and compliance, and hiring, training and retaining employees. New opportunities focused on technology improvements and mobile financing options for lenders, and leasing and e-contracting for dealers.
June 28th, 2016 by Dan Bucherer