The National Automotive Finance
(NAF) Association says there was an increase of over 25 percent in the
numbers of people attending and companies exhibiting at their 7th
Annual Non-Prime Auto Lending conference, June 18-20 in Chicago.
"We've seen steady growth in attendance every year," says Jack
Tracey, executive director of the Association, "but this year's
growth is pretty impressive." More than 140 companies were
represented among the speakers, conference attendees, sponsors and
exhibitors.
The Association credits the growth, at least in part, to
pertinent content. "The program is created by people who work in the
industry and so it is always relevant," says Steve Hall, Eastern
Automotive Group and president of the Association, "and, after seven
years, people know that attending the conference is time well spent."
A crossfire session, following the successful format used in the
Association's regional workshops, opened the conference on the
afternoon of the 18th. A panel of executives from leading finance
companies and dealerships debated the tough issues facing non-prime
auto finance today. Participants included: Paul Snider, CIQ,
Inc./VOISYS; John W. Bening, Bening Automotive Group; Keith M.
Wiesman, Dealer Diversified LLC; Brent West, Triad Financial
Corporation; and V. Eric Pointer, Credit Union Services, Inc.
Thursday's program opened with an economic forecast from David
McKay, senior director J.D. Powers and Associates. He focused on
opportunities for and threats to non-prime auto lending in the coming
year.
Technology issues continue to interest the industry.
"Web-based Aggregators," a panel moderated by Steve Hall, Eastern
Automotive Group, and including Rich McLeer, Dealer Track, Patrick
Ghere, Bankers Integration Group, and Kelly Mankin, Route One,
discussed the opportunities and challenges of immediate Internet
access to multiple funding sources.
"Electronic Contracting," a panel including Ed Jen,
DealerTrack, Inc., Chip Riordan, First American CMSI, R. David
Whitaker, Goodwin Proctor, LLP, Christoper Estaphan, Lehman Brothers,
and Dan Doman, RouteOne presented another important technology issue
that is changing and streamlining the dealer-originated auto
financing.
NAF Association's legal affairs subcommittee, chaired by David
Kotkin, presented two panels to discuss issues that included: OFAC
list; product/payment packing cases; collection practices; privacy
safeguards; USA Patriot Act; bankruptcy law; and customer
identification programs.
An additional legal session on the implications on delaer markup
from discrimination law suits was presented by Anne Fortney, partner,
Hudson Cook LLC.
Tom Webb, chief economist, Manheim Auctions, provided a
comprehensive overview of the volatile used car market that so
markedly affects non-prime auto lending.
The annual membership meeting was held on Friday morning.
Tracey reported that the Association has added 37 new members since
the 2002 conference. Elections were held to fill positions on the
board of directors. New to the board are: Paul Rule, Bank One; Rod
Rifai, Consumer Portfolio Services; and Lou Loquasto, Wells Fargo
Financial Acceptance.
The annual non-prime auto lending survey has been completed and
results compiled. According to Marcie Belles, Momentic Research, who
managed this year's survey, non-prime lenders continue to refine
their web-based lending tactics. Responding lenders are increasingly
using the internet for loan pre-qualifications and approvals, while
curtailing their use of the web for functions such as advertising and
loan servicing. The survey will be published in July.
ACS and DealerTrack were corporate sponsors of the 7th annual
conference. The large exhibit area, open throughout the conference,
gave those attending the opportunity to learn about recent
developments in products and services for the industry, says the company.
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