Changing consumer behavior is stress testing all stakeholders’ business practices | March 18, 2021
Lenders are preparing for the next wave of fallout from the pandemic and associated market volatility. Many expect to face higher defaults and losses, but uncertainty remains on how exactly continued economic woes will affect lending business in the next year. Financial institutions are at risk of being too slow and taking too long to recover in adapting to the new normal.
The automotive industry has faced its share of obstacles and uncertainty over the last 12 months, from the pandemic itself, the rush to implement digital retailing solutions and accommodating the consumer through new and redefined dealership best practices.
Illustrated through some recent consumer research Market Scan conducted, we will discuss how digital retailing is challenging all stake holders involved – manufacturers, retailers and especially lenders – to provide consumers a consistent experience across the journey, including information that can be used to transact online or in the showroom, which will require engagement and strategies executed much earlier in the process.
We will highlight the consumer pain points surrounding payment offer inconsistencies, including the impacts on affordability. Finally, we will discuss several critical best practices and how to work them into your lending strategies, from setting competitive market programs, navigating vehicle affordability, and overall portfolio management. Join us for this educational session to help you set the right strategy and direction for the remainder of 2021 and beyond.
Presenter: Jennifer “Jenn” Reid, Vice President of Strategic Partnerships, Market Scan Information Systems.
Jennifer “Jenn” Reid is Vice President of Strategic Partnerships for Market Scan Information Systems. With nearly two decades in the automotive industry, Reid has senior operational and executive experience in the dealer, lender and information services’ sectors.
Reid’s mission is to help elevate the automotive industry to exciting new levels, developing and strengthening industry relationships that leverage science, technology and data to improve the consumer experience and create more transaction-able opportunities. Reid accomplishes this by partnering with today’s leading lenders, manufacturers, data providers and dealers to further the use of innovative solutions and game-changing analytics.
Reid is personally committed to providing industry education, particularly in the areas of incorporating data and actionable insights into the consumer vehicle sales process, and she believes there will be considerable innovation in this area over the next five years. As a recognized leader in automotive, Reid believes this path will not only prove beneficial in reinforcing the right customer experience with less friction, but it will also create an atmosphere of increased sales transactions and higher profits for all parties involved.