NADA and finance source leaders meet

NADA and finance source leaders meet

NADA and the American Financial Services Association (AFSA) met on Wednesday, of last week (June 20), for their yearly vehicle financing executive forum at NADA Headquarters in McLean, Va. The event brought together CEOs and other senior officials from virtually every major finance company and bank in the nation engaged in indirect auto finance as well as the leaders of the nations franchised automobile dealers (including NADA Chairman Bill Underriner and Vice Chairman Dave Westcott) to discuss the significant issues currently facing the industry. All told, 20 financial institutions participated as did representatives of AIADA, NAMAD and the Automotive Trade Associations Network (ATAE).

The dominant area of concern expressed throughout the meeting was the challenging regulatory environment facing both dealers and their finance sources. The attendees discussed ways to respond to this challenge and educational initiatives that may aid in this process. In addition, significant attention was devoted to both technological innovations (including e-contracting) that may assist the industry operationally and other ways to enhance the efficiency of the indirect lending model. All in attendance recognized the significant value of this collaborative effort, and plans are already underway for the 2013 NADA/AFSA Executive Forum.