Several DRN leaders participated in the AFSA Vehicle Finance Conference and Expo earlier this month in Las Vegas. The event hosted more than 250 members of the auto finance industry, from lenders to auto executives to technology providers. Presenters discussed the latest business trends and innovations in auto finance, as well as changing consumer demands and expectations. Two of the sessions stood out to me this year.
Deloitte, Data and DRN
First, DRN introduced a session titled “Auto Evolution in a Data-Driven World: The Transformation of Mobility,” where industry experts from Deloitte Consulting shared perspectives onthe rapid change in technology and the impact on the auto finance space. Sebastian Pfiefle, Partner at Deloitte Consulting, talked about common themes Deloitte discusses with their clients about ever-changing technology. He emphasized that improving operational excellence (And what company isn’t trying to do that?) creates efficiencies and savings businesses can reinvest in strategies for increased customer satisfaction. He shared four keys to improving operational excellence:
- Eliminate: Stop doing things that don’t add value
- Outsource: Leave activities to others who can perform them more efficiently
- Improve: For activities that do add value, focus on building efficiency
- Automate: Consider automating activities that don’t require human interaction
Our customers tell us that DRN’s data, analytics and services align with all four of these paths to operational excellence: when lenders optimize our data for a full loan life cycle, they’ll gain efficiency and find opportunities to eliminate non-value add activities and eliminate expenses by using a single vendor versus. multiple to get the same result.
The Presidency’s Impact on Auto
Second, I really enjoyed the keynote presentation, which featured Joy Falotico, President of Lincoln Motor Company and Chief Marketing Officer of Ford Motor Company; Chuck Jones, Chief Operating Officer of Truist Dealer Financial Services; and Frank Luntz, political consultant, and pollster. In particular, Frank provided an “insider’s” perspective to the upcoming presidential election and how its outcome could impact our – and just about every other – American industry. Much of what he talked about in terms of the issues and candidates actually played out in the New Hampshire primary and recent polls. This is a great example of some of the unique speakers AFSA presents each year. And it’s a reminder that so many things outside of our industry affect us.
All that said, I think the most valuable part of the AFSA conference continues to be the chance to network with this group of top industry partners to learn and share how DRN can add value to any of their businesses. I look forward to this opportunity every year and encourage you to put it on your “to-consider” list if you don’t typically attend.
Thanks to the others who helped represent DRN with me in Las Vegas: Fred Booker, Mike Villanova & Nick Haaf.
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