Listen: Takeaways from AFSA and CBA Live

Top takeaways for the auto finance industry from the AFSA Vehicle Finance Conference and CBA Live industry events of last week were the ongoing supply chain issue, hiring and DEI challenges, as well as used-vehicle values. The ongoing war in Ukraine , for one, may further complicate global supply chains. In fact, one potential outcome is the rise of competing logistics networks between China and the United States, Michael Dunne, chief executive at automotive investment company ZoZo Go , said at AFSA. Lenders at AFSA discussed hiring strategies amid a shortage of data scientists. GM Financial , for one, is being creative by revisiting salaries, looking at non-monetary compensation and changing employment requirements. Chase Auto , too, is working to recruit and train people to fill those roles. Turning to the Consumer Bankers Association ‘s CBA Live, 85% of bankers at the event indicated remote work will continue , with employees in offices two to three days a week three years from now. Diversity, too, was a topic at CBA. Comerica Bank , for example, increased female representation in its C-level to 50% from 20% in 2019. Also at CBA, Fifth Third Head of Indirect Lending Craig Harter said the bank is keeping a close eye on loan-to-value ratios as used-vehicle values continue to sit at record highs. Meanwhile, at the National Automobile Dealers Association Show last week, Solera unveiled its captive finance program, Solera Auto Finance , which will integrate with Solera’s dealer management systems and speed funding to just hours. The program will first be piloted in select states and target nonprime and subprime consumers, with plans to extend further geographically and to full spectrum later this year. In this episode of the Weekly Wrap, Auto Finance News Deputy Editor Amanda Harris and Associate Editor Whitney McDonald discuss the week’s top stories coming out of the American Financial Services Association Vehicle Finance Conference and CBA Live. Subscribe to The Roadmap Podcast on iTunes , Spotify , or download the episode. Auto Finance Risk Summit, the premier event for risk and compliance management in auto finance, returns April 25-26 in San Diego. This event is the central resource for education and networking focused on best practices in risk management and will prepare your team for the dynamics of the evolving auto finance market. To learn more about the 2022 event and register, visit www.AutoFinanceRiskSummit.com . Video Transcript: Editor’s note: This transcript has been generated by software and is being presented as is. Some transcription errors may remain . Amanda Harris 00:10 Hello everyone and welcome to the roadmap from Auto Finance News is 1996, a nation's leading newsletter on automotive lending and leasing is Tuesday, March 15. And I'm Amanda Harris joined by Whitney McDonald's. This is our weekly wrap on what happened auto finance for the week ending March 11 2022. This past week was chock full of news due to multiple industry events. As the first at the National Automobile Dealers Association show last week Solera unveiled his captive finance program so they are auto finance. So the program will integrate with Solera dealer management systems and speedy funding for dealers to eventually within hours, the program will first be piloted in select states and target nonprime and subprime consumers with plans to extend the both geographically and into full spectrum later this year. So that's something that I covered. You can read more about it on our site. Last week to our team also attended the asset vehicle Finance Conference and CBA live. So one of the takeaways from Assa was talks on how the ongoing war in Ukraine may further complicate global supply chains. So, in fact, one potential outcome is the rise of competing logistics networks between China and the United States. And that came from Michael Dunn chief executive automotive investment company Zozo Go on the automotive side however, the hope is that the supply chain for semiconductor chips and electric vehicle batteries could return to normal in 2023. So remains to be seen if this split and competing networks will come out of this war and what may happen to the supply chain of raw. Also at an Assa lenders discussed hiring strategies amid a shortage of data scientists. That's kind of something we've been hearing about for a while now. But GM Financial for one share, they're being very creative by revisiting salaries, looking at non monetary compensation and even changing their requirements. Chase auto two is working to recruit and train people to fill those roles. They do have connections with colleges and things like that. So they're actually working to recruit people and train them up to fill those open roles. So being creative in multiple ways, because we know that that's a big need, especially with all the new digital tools that come on board and all the new technology that we're taking advantage of. So it was kind of a highlights from Assa Whitney, I know you attended CDA live in San Antonio, Texas this year. So what were some of the big takeaways from that event?Whitney McDonald 02:49 Yeah, it was great to get out of the in person at CBA live, it was actually my first in person conference with AFN. So very nice to be in person. Like I said, I've been here since July. So So that's, that's pretty exciting to be out and about. But yes, see a live was packed with sessions, topics discussing CFPB regulations, fraud prevention, fair lending, digital transformation, and navigating the industry post pandemic. So lots of sessions to attend a jam packed couple of days. But one of the takeaways was the discussion on what the workplace is going to look like. So bankers think it was 85% of bankers at the event are expecting hybrid to be here to stay. So not 100% remote work long term, but also not returning back to Office full time. So looking more in that two to three day range of being in office, the session on that also discussed how to retain employees. So of course, that includes compensation, which wasn't a shock and company mission, which wasn't a shock, but one of the new ones that employees are looking for is flexibility. So that kind of all goes back into that remote work option or the hybrid option that employees are wanting and desiring so that's that was one of those takeaways that was interesting from that session. I was also able to sit in on a Diversity Equity and Inclusion and inclusion session where executives from Synchrony Financial Comerica Bank, and Santander Consumer USA all spoke so that session was jam packed with top executives. One key figure that stood out was Comerica Bank now has 5050 female executive representation and it's C suite. So that was a big figure when they said that when their chief diversity officers said that people were looking around in the room looking at each other, saying like, wow, that's, that's a big deal, which it is. So one of the things that he said that got them there was, of course, paying close attention to culture, paying close attention to attitude. But as simple as looking around the room, and who's represented and making a change in that. So that was a big deal. There's a story on that up that I wrote about how they got to that place of 5050 representation, but kind of a big deal. Um, other highlights for me being in person was, of course, besides the sessions was networking, I was able to sit down with Craig harder, who was the head of indirect lending at Fifth Third, and discuss what they are up to. He talked about their focus on LTV is building the business and paying close attention to affordability, which we continue to see as vehicle values remain elevated. So it was great to touch base with him. And yeah, it was it was just good to be out and about talking to people that we talk to often. And yeah, across the board, I think all the attendees and speakers at CBA live, we're happy to be back, I'll give you a little anecdote to give you a look into what it was like. So the CBA president and CEO Richard Hunt, who is actually stepping down, he said that during the three days at CBA live, he had more hugs than he had had in the past three years. And I think that just speaks volumes as to what the environment was like down in San Antonio. So it was it was really good all around. Amanda Harris 06:41 That's fantastic. I'm sure after what two plus years of really no interaction just being back together. Everyone's like filing in person I can talk to you not with on the screen with a request to find you. Exactly. That's awesome. I'm glad it went really well. And of course, you'll be having more fun next month, because we're looking forward to our own events, which will be back in person, which is really exciting. So if you haven't already, make sure you register for the auto finance Innovation Summit and the auto finance risks Summit, those will both be returning live in San Diego, April 25 and 26th. So just about a month out. So really excited to see you all there. And that will do it for today's episode. Again, thank you for joining us on the roadmap. Please rate us on whatever platform you used to listen to the program and follow us on Twitter and LinkedIn. And we'll see online at Auto Finance News dotnet and here next time

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