DRN was happy to join Used Car Week again this year … this time in sunny San Diego. The event brings together all aspects of the used car industry and is a great opportunity to learn about current trends, discuss what’s ahead, network and enjoy time with colleagues and partners.
This year’s new venue hosted one of the biggest UCW turnouts to date, with more than 1,200 guests. It was nice to hear most of the discussions centered on the future, rather than on issues related to COVID. The industry is focused on the rise in delinquencies that we’ve been expecting since the pandemic – how dealers, lenders and repossession agents will handle the influx; what the CFPB recommends in handling loan deferments and special payment plans; and changing interest rates. It was interesting to hear about how collection strategies are changing based on the post-pandemic environment and in the face of general inflation and other economic trends.
We also noticed that the agenda offered sessions on very specific topics directed at targeted audiences this year – including a forwarding panel that was very well attended. There was also an Agent Advisory Board Meeting, which was a great time to hear directly from recovery agents. We were also happy to demo our new L5M Camera System. I think these targeted discussions were a positive change for UCW as guests had the chance to go deep into subjects that are relevant to them.
Of course, a highlight of the week was our Great Gatsby-themed cocktail party. Guests enjoyed the 1920s vibe and showed off some great costumes. We had a great mix of people attend including vendors, tech and consulting companies, and others. The best part of the night was raising just over $37,000 – half of which ($18,700) was donated to the Repo Alliance, which helps educate legislators on our industry and represents us on Capital Hill. The other half was won by Starr Sawalqah with Alpha Towing and Recovery.
Starr commented, “I’m always happy to support Repo Alliance as it’s a great cause. My win was an unexpected, but exciting result! I’ve appreciated the opportunity to be on the DRN Advisory Board. It’s been a challenging time for the repo industry. It means a lot that DRN took the time to allow our voices to be heard.”
Thanks to everyone who visited our DRN booth, cocktail receptions and our Great Gatsby party. We always appreciate face-to-face time with our industry friends and look forward to our next time together.