AFSA, NADA Continue Strong Tradition of Cooperation at Executive Forum
For the eighth consecutive year, the American Financial Services Association (AFSA) and the National Automobile Dealers Association (NADA) this week held their joint executive forum to discuss key issues and best practices that are priorities for both auto dealers and finance sources. Executives from a wide range of companies and dealerships participated, as well as representatives from the American International Automobile Dealers Association (AIADA), National Association of Minority Automobile Dealers (NAMAD) and Automotive Trade Association Executives (ATAE).
The forum is co-chaired by Vince Rice, AFSA’s Vehicle Finance Division Chair and Executive Vice President, Bank of the West, and Mark Scarpelli, NADA Chairman and President of Raymond Chevrolet and Raymond Kia in Antioch, Ill. The meeting gathers major finance companies and banks engaged in indirect auto financing, along with the nation’s franchised automobile dealers.
Andy Koblenz, Executive Vice President, NADA, and Marguerite Watanabe, President, Connection Insights, each reviewed the finance source and dealer survey results focusing on lender and dealer concerns and opportunities.
Rice and Scarpelli led a discussion of top concerns for their specific areas of the auto market, touching on loan and equity issues, financing/funding, collections and the changing automobile buyer. Both parties noted the constraints imposed by the Telephone Consumer Protection Act (TCPA), which both AFSA and NADA executives highlighted as a key priority in the coming months.
Todd Zywicki, Professor of Law at the George Mason University School of Law and Executive Director of the GMU Law and Economics Center, provided an overview of the regulatory landscape in the auto space. His presentation highlighted some key improvements to the regulatory structure that Congress and the Administration can make to improve the economy for both the consumer and the industry.
The digital future of dealer financing highlighted in the afternoon session as Mark O’Neill, Executive Vice President, Cox Automotive discussed where the industry is headed, the changing automobile consumer, and how dealers and finance sources can work together to ensure that the industry remains strong and consumer-centered.
June 20th, 2017 by Dan Bucherer