Creating a composite auto finance D&I program

Infinite levels of diversity within corporate workplaces provide an endless supply of ideas for fostering inclusiveness. In fact, despite Consumer Financial Protection Bureau findings that 44% of financial services companies lacked public information about diversity and inclusion (D&I) efforts on their websites or in their annual reports, auto financiers address D&I in a host of creative ways. Flagship Credit Acceptance hosts a D&I Day — with prizes awarded for trivia questions — and Exeter Finance has Culture Week, which kicked off a series of monthly events designed to educate and inform employees about different cultures. Truist Bank and Citizens both hold Days of Understanding sessions to provide candid, open venues for teammates to discuss uncomfortable topics with executive leadership. Here’s a look at ideas from around the industry: Santander Consumer USA ’s website is brimming with short video clips from employees discussing how the company creates a diverse workplace and engages team members in specific groups. For instance, Anna, a marketing operations manager, talks about the company’s learning culture, which includes training for emotional intelligence, communicating with impact, and figuring out what makes people go above and beyond their normal job responsibilities. Tiffany, a business information security officer, discusses employee network groups and how they’ve shaped the corporate culture. To that end, SCUSA has multiple employee resource groups, including groups for female employees, along with those who are Asian American, Pacific Islander, Black, Latino, Hispanic or members of the LGBTQ+ community. The company also has groups for caregivers, veterans, and those who are living with cognitive and physical differences. Carvana , too, dedicates resources to veterans. The lender hosts a Military Veterans Community, which is created and led by employees who are veterans, sponsored by senior leaders and supported by the company. Flagship Credit Acceptance, which doubled down on D&I efforts in 2020 when it developed a Diversity & Inclusion Council, practices inclusion in three main areas: culture, customers and community. For example, the company hosted an MLK Day of Service on Jan. 17, and for Black History Month, it has been highlighting Black community contributions in each of its office locations. At DriveTime , an enterprisewide community outreach program called “Give for Good” connects employees with their communities. Through a four-pronged approach — centered on poverty, education, veterans and child health — DriveTime creates opportunities and improves lives for its employees and others in need. The beauty of the efforts within the auto finance sector is that every company puts its own spin on D&I. Capital One , for instance, dubs its unit “Diversity and Inclusion & Belonging.” Exeter’s framework hinges on four pillars — empowerment, structure, environment and accountability — because “each plays a critical role in building and supporting a culture that enables every employee to feel equally engaged, valued, connected and empowered to achieve their full potential,” according to the company’s website. Santander uses the hashtag “ThePlaceToBeYourself,” while GM Financial uses the tagline: “Diversity, Equity and Inclusion at GM Financial Starts with You.” GM Financial’s diversity, equity and inclusion microsite incorporates a video entitled, “We are stronger united.” Meanwhile, Toyota Financial Services urges visitors to its website and mobile app to reach out if they notice any content, feature or functionality “that you believe is not fully accessible to people with disabilities.” Capital One is one of few auto financiers with a supplier diversity program. It seeks relationships with minority-, woman-, veteran-, disability- and LGBTQ-owned businesses. While a generic D&I leadership statement sets the tone for employees, job candidates, consumers and vendors, a statement that addresses a specific event can go further to foster a united front companywide. In mid-2020, SCUSA CEO Mahesh Aditya penned a letter, which was posted on the company’s website, about the death of George Floyd. “Our greatest asset as a company is our diversity, and we are committed to an inclusive environment in which everyone has an equal opportunity to succeed,” he wrote. The letter served as a springboard for D&I discussions companywide, including a campaign of “listening sessions” with Employee Resource Groups and team members across the organization. Ultimately, the idea is to create a corporate environment that encourages employees of all backgrounds to thrive by being themselves. It’s no surprise that the path to that goal is unique to each company. 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 .

Creating a composite auto finance D&I program

Auto lenders have taken a wide range of approaches to D&I

The space between: Legal gray areas for vehicle subscription programs

Industry Pulse: Examining consumer health amid inflation with Cox Automotive’s Jonathan Smoke

Related Posts

Porsche ABS deal reveals changes in luxury market (Under the Hood)

Ally Financial cuts 2% of workforce

CAC’s Ken Booth to retire, new CEO named

Industry Pulse: Examining consumer health amid inflation with Cox Automotive’s Jonathan Smoke

Stay Informed with Our Newsletters

The Roadmap Podcast

SPONSORED

Driving Innovation in Automotive Refunds: How Onbe and Allied Solutions Are Modernizing the Payment Experience

Navigating the Margin Squeeze: EVs, Tariffs & Pricing — A Q&A with Earnix

Enhancing credit approaches to boost conversion and dealer loyalty

Welcome Back!

Retrieve your password