Introduction
The National Auto Finance Association’s or NAF’s Non-prime Auto Finance Conference 2023 serves as a valuable educational platform for lenders, recovery service providers, and the auto industry as a whole. While it encompasses a wide range of topics, its focus extends beyond delinquency management to cover various aspects of the collections process, documentation, recovery, auction sales and handling outstanding balances. In this blog we’ll explore the highlights of this renowned event, providing insights into the educational opportunities, networking experiences and key sessions.
Education for All Auto Industry Players
The NAF conference aims to provide comprehensive portfolio management education for companies operating in the auto space. Its target audience includes lenders, recovery agencies and all those involved in the automotive industry. By offering a wide range of educational sessions, the conference ensures that attendees gain valuable knowledge about managing collections, proper documentation practices, recovery strategies, auction sales and addressing delinquency or deficiency balances.
Networking Opportunities
New networking opportunities such as top golf, and the wine & spirits pull allowed for casual conversation following the informative sessions.
A Diverse Agenda
The NAF conference offered a diverse range of sessions catering to the interests and needs of participants. The agenda featured experts from various sectors, covering topics such as use of fintech data in portfolio management debt recovery, aftermarket product handling, origination trends and loss mitigation processes. With the hot topic of delinquency on the rise, lenders were in tune with how to more efficiently manage payment, recovery and post sale processes with a more positive customer experience.
Life Cycle of Loss Management
The opportunity to join the two part panel was extremely beneficial to understand how technology can lead more efficient portfolio management from purchase, to vehicle wholesale. Use of LPR was a focus of the part II panel discussion as a tool to improve right party contact, collections and risk assessment prior to recovery. Joining Claudia Plasencia, a peer and partner in the recovery outsourcing industry, we were able to highlight the benefits of outsourcing for compliance. Additionally, the panel allowed time to call out the need to support recovery agencies with fair SLA requirements pre and post recovery as well as review of fees. The assignment decline trends in the recovery industry with a reduced network, are glaring. Partnering with LPR providers and recovery servicing entities who support the network and reviewing pricing for services in the age of record inflation are key takeaways for lenders.
Conclusion
The NAF conference serves as an educational platform, bringing together industry professionals from various backgrounds within the auto space. Its diverse agenda, networking opportunities, and insightful sessions enable attendees to enhance their knowledge and stay up to date with industry trends. By addressing key topics such as data utilization, customer resolutions, compliance, and consistency, the conference strives to promote best practices and collaborative efforts among lenders, recovery agencies and other stakeholders in the auto industry.
