4 qualities of a top auto finance executive | Auto Finance News 4 qualities of a top auto finance executive | Auto Finance News
Auto Finance News
Subscribe
  • Home
  • News
    • All News
    • Exec of the Year
    • Innovation & Technology
    • Management
    • Compliance & Regs
    • Risk Management
    • Capital & Funding
    • Powersports
  • Events
    • DEMOvation Challenge
    • Auto Finance Summit
    • Auto Finance Innovation Summit
  • EXCELLENCE
    • Best Practices
    • Topics
      • Compliance
      • Customer Experience
      • Technology
    • White Papers
    • Glossary
  • Magazine
    • Latest
    • Magazine Issues
  • Podcast
  • Data
    • Lender Ranking
    • Fixed Rate Outstandings at Banks
    • Securitizations
    • Market Share Monitor
AFN PLUS
Friday, February 26, 2021
Log In
No Result
View All Result
Auto Finance News
  • Home
  • News
    • All News
    • Exec of the Year
    • Innovation & Technology
    • Management
    • Compliance & Regs
    • Risk Management
    • Capital & Funding
    • Powersports
  • Events
    • DEMOvation Challenge
    • Auto Finance Summit
    • Auto Finance Innovation Summit
  • EXCELLENCE
    • Best Practices
    • Topics
      • Compliance
      • Customer Experience
      • Technology
    • White Papers
    • Glossary
  • Magazine
    • Latest
    • Magazine Issues
  • Podcast
  • Data
    • Lender Ranking
    • Fixed Rate Outstandings at Banks
    • Securitizations
    • Market Share Monitor
AFN PLUS
Log In
No Result
View All Result
Auto Finance News
No Result
View All Result

4 qualities of a top auto finance executive

Lana Johnson by Lana Johnson
December 26, 2019
in Innovation & Technology, Operations, Technology
Reading Time: 2min read

Today’s auto finance environment requires executives to have a far greater breadth of economic, regulatory and technology knowledge and experience than ever before.

Total new-vehicle sales have slowed, yet used-vehicle sales remain healthy. Auto loan debt continues to climb, yet serious delinquency rates haven’t deviated from the norm. Trends like ridesharing, millennials becoming the largest U.S. age group, and economic uncertainty all affect today’s lending practices.

New financing technologies are transforming the industry. Auto finance skills that drove success five years ago don’t guarantee success today. There’s increased need for accelerated decisioning, even as the decisions get more complex. Auto execs must evaluate strategy while continuously assessing risk. What does it take to maximize current and future market opportunities? Based on our years of experience in the lending industry, we consider the following four characteristics essential for a successful auto finance executive.

1. Steeped in the industry

No one knows the industry as well as someone who grew up in the industry. That means hands-on, evolving responsibilities over the course of two or more decades, through multiple industry cycles and evergrowing regulations, contending with challenges, recovering from losses and maximizing opportunities. The best execs demonstrate maturity in pragmatically anticipating and responding to industry dynamics.

2. Understands every step of the lending cycle

The best execs understand the need for relentless and continuous improvement at every step of the lending cycle. They know that efficiency is the product of many factors, and they focus on those that can be modified or adjusted to continually improve productivity and profit. Whether it’s the loan-submission process, underwriter competence, credit policies, regulatory impact, workflows, funding, servicing, collections or recovery, astute executives know where and how cost-effective changes can be introduced.

3. Tech savvy, with an appetite for innovation

Tech-savvy executives understand the economic and operational value of technologies and aggressively adopt them. They consider fintech innovations such as the cloud, machine learning for fraud detection and risk management, automated calls to cloud-based services that offer a more detailed and accurate profile of applicants’ financial strength, and analytics to provide detailed insight into lending efficiency and portfolio profitability to improve decision quality, consistency and speed.

4. Focused on the bottom line

Today’s skilled auto finance executives know that every decision — whether strategic, tactical, technological or policy-related — has an inherent economic factor. Will those decisions improve the lender’s ability to successfully address current market needs and prepare for inevitable industry changes? How do you stack up compared to top auto execs? And how well are you positioned for the future?

With more than 20 years’ experience in the auto finance industry, Lana Johnson leads the charge to drive innovation as chief client officer at defi SOLUTIONS. defi SOLUTIONS is the Technology Partner of Auto Finance Excellence (AutoFinanceExcellence.org), a sister service of Auto Finance News.

Tags: auto financeBest PracticesSponsoredsuccess
Previous Post

4 companies that exited auto finance in 2019

Next Post

New year, new decade… new customer experience strategy?

Related Posts

Identifying and addressing the rise in credit washing, synthetic fraud
Technology

Identifying and addressing the rise in credit washing, synthetic fraud

February 23, 2021
Digital lending lags despite consumer expectations
Innovation & Technology

Digital lending lags despite consumer expectations

February 22, 2021
New Webinar Offers Tips for How Lenders Should Adapt to Digital Disruption
Innovation & Technology

Auto Finance Innovation Summit pre-conference survey now open

February 22, 2021
Next Post

New year, new decade... new customer experience strategy?

Leave a Reply Cancel reply

Your email address will not be published.

By subscribing you agree to our Terms of Use and Privacy Policy

Latest Magazine Issue

INNOVATION & TECHNOLOGY

Digital lending lags despite consumer expectations

Digital lending lags despite consumer expectations

February 22, 2021
New Webinar Offers Tips for How Lenders Should Adapt to Digital Disruption

Auto Finance Innovation Summit pre-conference survey now open

February 22, 2021

CORONAVIRUS

CPS sees decline in Q4 originations amid low-interest competition

CPS sees decline in Q4 originations amid low-interest competition

February 24, 2021
Subprime sinks in Q3, auto originations move closer to pre-pandemic levels

Subprime sinks in Q3, auto originations move closer to pre-pandemic levels

February 19, 2021

SPONSORED

Collateral Protection Insurance (CPI): What is CPI and what does it do?

Collateral Protection Insurance (CPI): What is CPI and what does it do?

January 8, 2021
US auto sales poised for crash after slowest pace in a decade

Driving Customer Loyalty, Retention After Total Loss

December 9, 2020
When tough times hit, proactive strategies pay

When tough times hit, proactive strategies pay

November 2, 2020

About

ABOUT US

PRIVACY TERMS

ADA COMPLIANCE

CODE OF JOURNALISM ETHICS

Contact Us

ADVERTISE

HELP CENTER

EMAIL SIGN UP 

Follow Us

twitter twitter linkedin podcast

©2021 Royal Media & Auto Finance News

No Result
View All Result
  • Home
  • News
    • All News
    • Exec of the Year
    • Innovation & Technology
    • Management
    • Compliance & Regs
    • Risk Management
    • Capital & Funding
    • Powersports
  • Events
    • DEMOvation Challenge
    • Auto Finance Summit
    • Auto Finance Innovation Summit
  • Excellence
    • Best Practices
    • Topics
      • Compliance
      • Customer Experience
      • Technology
    • White Papers
    • Glossary
  • Magazine
    • Latest
    • Magazine Issues
  • Podcast
  • Data
    • Lender Ranking
    • Fixed Rate Outstandings
    • Securitizations
    • Market Share Monitor
  • +PLUS
  • SUBSCRIBE
  • Log In / Account

© 2020 Royal Media

Go to mobile version