Over 50 million adults are underbanked in the U.S. Who are they? Do they have bank accounts, jobs? Are they operating off the grid, or homeowners with competitive salaries?
The underbanked population is widely identified as an untapped market for the auto industry. This presentation looks at the demographics of the underbanked and how alternative financial services have become mainstream as these consumers prefer an instantaneous, more efficient process than traditional credit provides.
Learn how the auto industry values alternative credit data. Gain insights into the techniques currently used and hear about the most effective processes for evaluating data sources today.
This session will examine trends for managing risk and minimizing losses. Jose will take a critical look at current pain point issues and solutions, the impact of new technologies, and where the repo industry is heading.
The repossession industry is tough. It's messy. It has a lot of moving parts. Let’s not turn our heads on this. Let’s scrape the polish off the repo industry. Dive in with Clearplan's Justin Zane as he describes how the best repossession companies operate, and illustrates how agents on the ground prioritize and recover your collateral. Boost your recovery rates and profits by understanding the guys in the truck, examining their assignment practices, and identifying where you can make more money each day.
Session Objectives: Knowledge share for Banks, Forwarders and Lienholders:
• They will get a better understanding of how repo companies operate
• Understand how agents use technology to run accounts
• Specific tips for increasing agents ability to run addresses
All attendees should walk away having learned a lot about how a repossession company operates, how they classify work, and most important, how they can do a better job to increase profits.
Many automotive dealerships and automotive lenders are simultaneously experiencing a decrease in originations due to market adjustments from tightening of underwriting criteria, loss or paring of credit facilities, unfavorable credit facility terms, and increasing used car depreciation and delinquencies. Dealerships and lenders alike are looking for ways to maintain or even increase market share with some in need of capital to continue operations.
This presentation looks at the happenings, effects, and expectations within the current cycle of sub-prime auto finance and various alternative programs that are currently in use by both dealerships and lenders to maintain or even increase market share during challenging origination cycles.
Session objectives:
Technology and data are radically transforming the used car market; buyers and sellers now have more data at their fingertips than ever before. But data is only as useful as the information gleaned from it. John will talk about how buyers and sellers can use analytics to harness data to provide meaningful insights and decision-support in the face of rapidly changing demographics.
Aleks Bogoeski is cofounder of AutoGravity and responsible for Sales and Dealer Network. He will review the existing products in the marketplace that are offering digital retailing solutions to dealers. Learn what all the hype is about.
It’s impossible to know how much money and time dealers lose every week to auction vehicles they never should have purchased. The problem started with the buy, because the money wasn’t right. But there’s a new way, where the money comes first, and dealers consistently make better buys, with better results than they could in the past. In this session, Majd Saboura details this new way forward, and how technology and tools help you get the money right on every car. Find out how you can:
We know that pre-owned shoppers evaluate cars differently than new car shoppers. Pre-owned buyers evaluate the make, model and the individual vehicle, while new car shoppers typically only evaluate the model and trim.
However, many OEMs still market their CPOs the same way they market their new vehicles: through branding and incentives but not down to the individual vehicle.
Luckily, dealerships have been marketing individual vehicles for years and have made amazing strides at optimizing inventory based marketing. Come learn about the technology and optimization tips that OEMs can use to bring CPO marketing to the next level.
If you’re relying on valuation averages today, you’re playing with fire. Accurately appraising core inventory with thousands of make/model/trim combinations available is tough enough, let alone valuing 60% of non-core trade-ins or wholesale units dealers currently process. It’s time to 1) Fully understand the differences in today’s appraisal methodologies 2) Correctly value each unit on its own merit, and 3) Shift your current valuation processes to avoid getting burned. Learn how to develop the right appraisal processes for both core and non-core inventory, conquest sales opportunities more effectively, get new inventory at the right price, and improve overall asset management.
Attendees will:
– List the key variances in today’s appraisal methodologies and implement the steps required to improve the pre-owned appraisal process for both core and non-core inventory in their daily business operations.
– Examine Actual Cash Value (ACV) variance trends from 100,000+ used vehicle appraisals and what these variances actually mean, while avoiding the common business pitfalls associated with these variances.
– Shift their processes to more accurately appraise both core and non-core inventory and improve conquest sales, aged inventory sales, and fixed operations profits.
If you need convincing that digital transformation is real, just take a look at the evolution in the big shopping malls near you.
Dozens of malls have closed in the last 10 years, and many more are at risk of shutting down as retailers like Macy’s, JCPenney, and Sears — also known as anchor stores — shutter hundreds of stores to staunch the bleeding from falling sales.
Automotive retail is not immune to this evolution.
As the industry heads into a softening market, most dealers agree that a digital transformation in some form is necessary to remain competitive, keep pace with disruptive technologies and evolve with shifting consumer expectations. Still, many are unsure of how to start the process, or even what it entails.
Please join auto retail veteran & digital transformation strategist Kathi Kruse as she shares the 4 key elements that bring dealerships into the now, while boosting performance and profitability.
NOTE: Attendees will receive a Dealership Profitability Best Practices Checklist at no-charge!
Learning Objectives/Takeaways:
-Learn why every dealer must adapt to his or her own version of digital operations.
-Determine which outdated processes impede your store’s performance and how to fix them.
-Find out how to improve store profitability in a softening market.
Speed and efficiency are the keys to succeeding in an increasingly challenging market, and new technologies are helping dealers maximize velocity throughout the used vehicle lifecycle—from acquisition through transportation. Patrick Brennan, senior vice president of logistics solutions at Cox Automotive, will share how evolving technology and digital solutions in the automotive industry can address rising used vehicle volumes and changing consumer expectations, guiding dealers on the path to greater profitability.
How incorporating new billing and payment methods and other emerging technologies can increase customer satisfaction and improve the customer experience.
The explosion of computational power, software, sensors, and broadband wireless connectivity accompanying the rollout of Highly Automated Vehicles (HAVs) is creating consumer privacy and cybersecurity fallout that will affect the used car market. Cox Automotive attorney Erin McCandless and Eversheds Sutherland attorneys Jason McCarter and Tony Ficarrotta will lead a discussion touching on:
Financing within the used car industry has traditionally been a challenge for both car dealers and car buyers. The current experience is fragmented as a customer must shop for a car in one location, then apply, receive, and maintain a loan from another. Instamotor, an online used car marketplace, will become the first one-stop-shop used car financing provider for customers. Cofounder and COO Val Gui will share how they developed the financing program and what steps used car dealers and private sellers can take to list inventory through Instamotor’s platform, and offer financing to eligible customers.
Three main topics discussed in this workshop:
Technology and the access to information has not only changed the way you retail used cars, but the way you acquire them as well! Wholesale Auctions are not what they used to be. Institutional sellers want integrated logistics and faster wholesale turns. Buyers want more information to make better buying decisions. With the push from sellers and buyers to be more efficient, the wholesale industry has turned to data and new technologies like never before. Auctions are now employing Data Scientists (I’m not kidding) to sift through the data and help buyers and sellers be more successful.
Just when you thought you knew everything there was to know about the buying and selling wholesale vehicles in-lane or online, new technologies come in and increase your options. The Dealer to Dealer space is quickly becoming one of the most efficient and profitable ways to dispose of fresh trades and unwanted aged units with little or no work on your part. See how dealers all over the country are taking advantage of this new technology and learn how you can too!
With somewhere in the neighborhood of 3.7 million OLOCs (One owner, Low mileage, Off-lease, Cars) back in the market this year, now is the time to have a clear and defined used car strategy in your store. Understanding what data to use and how to apply it to your inventory plan is now the norm, not the exception. In my session you will discover how the big captives remarket their off-lease vehicles and learn how to take advantage of the free technologies and programs they offer such as reduced buy fees and transportation assistance.
Primary Learning Objective 1:
Discover how the manufacturers captive and other large lenders sell their off-lease vehicles upstream, midstream and downstream.
Primary Learning Objective 2:
Identify the most profitable pre-owned inventory with systems and data you probably already have.
Primary Learning Objective 3:
See how technology is changing the wholesale auction business and learn how to take advantage of new offerings both in-lane and online.
Review current state of auction announced conditions and discuss the impact of variability on the efficiency of the auction marketplace.
Present samples of the problematic announcements that are used every week and discuss the impact of these announcements on buyers, consignor and auctions.
The explosion of computational power, software, sensors, and broadband wireless connectivity accompanying the rollout of Highly Automated Vehicles (HAVs) is creating consumer privacy and cybersecurity fallout that will affect the used car market. Eversheds Sutherland attorneys Jason McCarter and Tony Ficarrotta will lead a discussion touching on:
Discussion on the market forces that are prompting consignors and their service providers to reexamine their in-lane, online and retail remarketing strategies including how disruption is affecting their day-to-day decision making.
Jim will deliver a compelling, forward-looking keynote on auction safety during the NAAA plenary session. Grounded in his personal experiences from more than 40 years in the business, Jim will explore safety from every angle: the latest physical and process innovations to enhance safety, how the digital transformation is upending everything we thought we knew about auctions and safety, our responsibilities to our local communities as good corporate citizens, and the regulatory sword of Damocles hanging over the industry. Jim will challenge the audience with a new vision for safety, and lay a path forward.
A conversation focused on trends in recruiting and working in remarketing as the industry becomes increasingly technology-driven, the role of mentoring, and developing women into industry leaders. The dialogue will also explore the impact of changing demographics.
