2018 MEDIA KIT subprimenewsmediakit.autoremarketing.com/pdf/SP_MediaKit_2018.pdf · 1. Arbitration 2. Consumer reporting 3. Debt collection 4. Demand-side consumer behavior 6. Mortgages

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Millennials and their focus on payments

MILLENNIALS continued on page 3

Auto Finance News

May + June 2017 | Volume 12 | No. 3

Commentary:

With fraud increasing, revisit your red

flags program8

Annual subprime ABS

performance

dips for 4th straight year

4

Recapping crucial debt collection case

before Supreme

Court6▼

▼

▼

CFPB & industry

experts consider

potential of alternative data

18

Commentary:

Is the price right on that vehicle? 12

▼

▼

Agency update

6 FTC initiatives

meant to eliminate

wasteful regulations

CFPB remains active

as lawmakers seek

major changes

WASHINGTON, D.C. — Along

with planning a workshop to examine fi-

nancial issues and scams that can affect

military consumers, the Federal Trade

Commission said in April it is moving

“aggressively” to implement presidential

directives aimed at eliminating wasteful,

unnecessary regulations and processes.

Acting chairman Maureen Ohlhau-

sen acknowledged excessive regulation

and bureaucracy can create signifi-

cant burdens on the public, while di-

verting scarce resources from the

CARY, N.C. — As steam builds on Cap-

itol Hill to modify — and perhaps even

eliminate the Consumer Financial Protec-

tion Bureau — the agency remains quite ac-

tive even as the Trump administration pass-

es the noteworthy 100-day threshold at the

White House.In relation to auto finance, first the CFPB

filed a lawsuit in a federal district court in

April against the debt collection law firm

Weltman, Weinberg & Reis. The CFPB con-

tends the firm has been falsely represent-

ing in millions of collection letters sent to

OHLHAUSEN continued on page 13

CORDRAY continued on page 10

Richard Cordray,

CFPB director

Maureen Ohlhausen

Image by Gage Skidmore

wasteful regulations

WASHINGTON, D.C. — Along

with planning a workshop to examine fi-

nancial issues and scams that can affect

military consumers, the Federal Trade

Commission said in April it is moving

“aggressively” to implement presidential

directives aimed at eliminating wasteful,

unnecessary regulations and processes.

Acting chairman Maureen Ohlhau-

sen acknowledged excessive regulation

and bureaucracy can create signifi-

cant burdens on the public, while di-

CARY, N.C. — As steam builds on Cap

itol Hill to modify — and perhaps even

eliminate the Consumer Financial Protec

tion Bureau — the agency remains quite ac

tive even as the Trump administration pass

es the noteworthy 100-day threshold at the

White House.In relation to auto finance, first the CFPB



Weltman, Weinberg & Reis. The CFPB con

By Nick Zulovich, Senior Editor

ATLANTA and NEW YORK — Cox

Automotive vice president of research and

market intelligence Isabelle Helms looked

to give auto finance providers insight into

how to tackle the challenges presented by

millennials: the often-discussed demo-

graphic that’s becoming one of the larg-

est potential vehicle-buying segments out

there today.During a keynote presentation at the

annual event earlier this year, hosted by

the Consumer Bankers Association, Helms

touched on why millennials are different.

“Given the time when millennials start-

ed to consider buying cars, given their

past and some of the challenges they have

faced, given the recession we faced in 2008

and 2009, they have a very different mind-

set when it comes to how they enter the

car shopping process,” Helms said during

a phone conversation with SubPrime Auto

Finance News. “With this crew, a significant amount

begin with a budget in mind, which is dif-

ferent than what we see for older genera-

tions,” she continued.

According to Cox Automotive, Helms

noted that 83 percent of millennials say

an affordable monthly payment is most

tends the firm has been falsely represent- graphic that’s becoming one of the larg

est potential vehicle-buying segments out Weltman, Weinberg & Reis. The CFPB con

tends the firm has been falsely representWeltman, Weinberg & Reis. The CFPB con

tends the firm has been falsely represent





tends the firm has been falsely represent



tends the firm has been falsely represent-


CORDRAY continued on page 10ing in millions of collection letters sent to est potential vehicle-buying segments out

there today.During a keynote presentation at the



“Given the time when millennials start

ed to consider buying cars, given their

Millennials and their focus on payments

Auto Finance News







millennials: the often-discussed demo

graphic that’s becoming one of the larggraphic that’s becoming one of the larg

est potential vehicle-buying segments out

there today.During a keynote presentation at the there today.During a keynote presentation at the



touched on why millennials are different.touched on why millennials are different.

“Given the time when millennials start-

Millennials and their focus on paymentsBy Nick Zulovich, Senior Editor






millennials: the often-discussed demo-

graphic that’s becoming one of the larg-

est potential vehicle-buying segments out est potential vehicle-buying segments out

During a keynote presentation at the


the Consumer Bankers Association, Helms During a keynote presentation at the




Auto Finance News

IN PRINT / ONLINE / IN PERSON

2 2018 MEDIA GUIDE


Original ContentOur industry experts provide

original and timely content for the industry.

Digital PresenceOversizedYou worked harddeveloping yourmessage and brand.Show it off in our10.5 x 12.5 magazine.

E-NewsScheduled and breaking news platforms that reach our 20,000 subscribers.

3

5

{LongevityWe’ve delivered the news to the subprime auto fi nance industry for over 10 years. Reaching 50,000 desks and inboxes every other month. Our subscribers include subprime lenders, independent fi nance companies, banks, and franchised and top independent dealers

4We are everywhere our readership needs us to be. Find the latest news onsubprimenews.com, Twitter, LinkedIn and now on the Auto Remarketing Podcast.

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Top 9 regulatory priorities shared by the CFPB

TOP 9 continued on page 3

Auto Finance News

March + April 2016 | Volume 11 | No. 2

Does your store culture drive subprime business?

18

Whether it’s UDAP or UDAAP, there’s cause for concern

3Some subprime elements of leasing reminiscent of 1990s

4▼

▼

▼

Repossession volume to rise ‘modestly’ in 2016 22

Profile Series with Chuck Jones, National Indirect Lending Head of Dealer Financial Services, SunTrust Banks

20

▼

▼

By Nick Zulovich, Editor

WASHINGTON, D.C. — The chief of staff at the Consumer Fi-nancial Protection Bureau recent-ly spelled out nine priority goals the regulator intends to work toward during the next two years.

While listed alphabetically, the first three mentioned by Chris D’Angelo certainly could be con-nected with auto financing. The rundown included:

1. Arbitration2. Consumer reporting3. Debt collection4. Demand-side consumer

behavior5. Household balance sheets6. Mortgages7. Open-use credit8. Small business lending9. Student lending

“We selected these goals based on the extent of the consumer harm that we identified and our capaci-ty to eliminate or lessen that harm,” D’Angelo wrote in a blog post on the CFPB’s website.

“We weighed each of our tools — for example, setting basic rules of the road, improving consumer education, or holding institutions


CARY, N.C. — SubPrime Auto Finance News reached out to a wide array of industry leaders to gather perspective on what makes a successful chief executive offi-cer who in some capacity partic-ipates in vehicle financing. A gen-eral consensus sprouted from sev-eral conversations about the CEOs who are leading companies in a marketplace that’s becoming more competitive and regulated.

Jack Tracey is the executive di-rector of the National Automotive Finance Association. For more

than 20 years, Tracey has interact-ed with CEOs from start-up com-panies to some of the largest play-ers in the industry.

“In the position they’re in, they need to bring talent and ex-perience,” Tracey said about what a successful CEO possesses. “But what’s most needed today is adaptability. With the market con-tinuing to change and technolo-gy evolving and regulations be-ing such a challenge, an execu-tive running a finance company has to be able to adapt himself and make his organization adaptable to these challenges.”

Ken Shilson is the co-founder and president of the National Alli-ance of Buy-Here, Pay-Here Deal-ers. Shilson has pored over reams of data with successful operators who have a single lot, to executives who decide where millions of dol-lars worth of capital are deployed

“They’re being very proactive in their approach to the market,” Shilson said about effective chief executive officers.” In other words, they’re not sitting back and saying, ‘Well we’ve done it this way for the last 15 years. We need to do it the same way for the next 15 years.’

Characteristics of successful chief executive officers

SUCCESSFUL continued on page 6

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6

10{

Industry Recognition

Each year, we tip our hats to the good

work being done across the industry.

Live EventsWe partner with NIADA, NAF, and NAAA to bring the industry Used Car Week, which includes the AutoFin Con and Repo Con

In-Demand IssuesA deep look at market infl uencers, including new fi ntech fi rms, regulatory developments and data trends.9

Bonus CirculationEnhance and expand your

marketing efforts at NADA, AFSA, NABD, NAF, NIADA, and UCW.

Industry PartnersOur writing staff has great relationships with industry thought leaders, data providers, associations, alliances, and organizations. All to bring the reader the latest trends, best practices, and impactful changes to the industry.

8 • Millennials and their focus on payments• Fraud could hit $6B in 2017• Expert advice on fi nding successful employees

What sets us apart?

USED CARWEEK

2017

NOVEMBER 13-17 . LA QUINTA

. CA

S U B P R I M E

S U B P R I M E

S U B P R I M E

S U B P R I M E

20%

29%

15%

17%

12%

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ATTENDANCEBY TITLE

Manager 29%

Executive 20%

Senior VP 17%

Director 15%

Dealer / Principal 7%

Other 12%

1330+attendees throughout the entire week of Used Car Week and NAAA Convention

40+Hours ofNetworking

128 Speakers

18 Keynotes

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2016 Educational Opportunities

2016 Attendance

Attendance by Conference

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WRITE-OFFS continued on page 15

Auto Finance News

September + October 2016 | Volume 11 | No. 5

Avoiding subprime completely can make credit unions ‘elitist’

5

Commentary: Digital subprime financing: The new kid in town

3▼

▼

Commentary: Employee relations problems emerge for dealers: Things you need to know

10

Commentary: Let the consumer decide product benefits & values

8▼

▼

Used Car Week preview

Used Car Week is coming back to Las Vegas. The Red Rock Resort and Casino will be the backdrop for Used Car Week’s offerings that delve deep into the auto finance space — the SubPrime Forum and the Re3 Conference. Inside this issue is a glimpse of the experts, information and best-practice recommendations to be highlighted during our industry-leading events set for Nov. 14-18. See pages 12 and 13

Photos by Jonathan Fredin.

Top 25 Lenders in Auto Finance

Sponsored by

See page 6


ATLANTA — Unless a fi-nance company is encounter-ing a federal regulatory investi-gation, part of what they’re shar-ing with shareholders and oth-er stakeholders are their cur-rent and projected levels of charge-offs.

And when computing those losses or forecasting expecta-tions, Equifax auto lending sales leader Craig Sims acknowl-edged that the strategies finance companies leverage can run the gamut.

“Some folks are using rela-tively simple models. In gener-al, they’re going to take into ac-count the credit quality of what they booked and some view of the macroeconomic environ-ment, whether that’s data like we get through our partnership with Moody’s, unemployment, oil prices, those sorts of things,” Sims told SubPrime Auto Finance News before Labor Day. “In the most simplistic cases, they’re looking at historical performance compared with some macro fac-tors like unemployment.

“At the other end of the spec-trum, you’ve got some very heavy analytical lenders who have a se-ries of models that predict each individual type of loss that you

Predicting write-offs not easy

WRITE-OFFS continued on page 15

individual type of loss that you

Contact us today. We want to help you grow! Call Kyle Reese 800.840.2567. Email [email protected].

www.carmarkcertified.com/dealerinfo. Check us out.

READ BY:

TOP INDEPENDENT DEALERS

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SubPrime Auto Finance News, a property of Cherokee Media Group, keeps readers informed on best practices, trends and changes in order to remain profitable.

50,000 Desks & Inboxes

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SubPrime Auto Finance NewsIN PRINT

Cherokee Media Group (CMG) is the publisher of leading business-to-business media brands for the auto remarketing

and used-car industry in the United States and Canada. CMG has delivered news to this industry for over 25 years. Reaching all franchised and independent dealers, remarketers, auctions,

OEM executives, captive fi nance companies and more.

CMG also produces a number of conferences that bring together the auto remarketing and used-car industry to address the trends and future forecasting impacting the

retail, fi nance, repossession and whole sectors.

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Top 9 regulatory priorities shared by the CFPB

TOP 9 continued on page 3

Auto Finance News

March + April 2016 | Volume 11 | No. 2

Does your store culture drive subprime business?

18

Whether it’s UDAP or UDAAP, there’s cause for concern

3Some subprime elements of leasing reminiscent of 1990s

4▼

▼

▼

Repossession volume to rise ‘modestly’ in 2016 22

Profile Series with Chuck Jones, National Indirect Lending Head of Dealer Financial Services, SunTrust Banks

20

▼

▼


WASHINGTON, D.C. — The chief of staff at the Consumer Fi-nancial Protection Bureau recent-ly spelled out nine priority goals the regulator intends to work toward during the next two years.

While listed alphabetically, the first three mentioned by Chris D’Angelo certainly could be con-nected with auto financing. The rundown included:

1. Arbitration2. Consumer reporting3. Debt collection4. Demand-side consumer

behavior5. Household balance sheets6. Mortgages7. Open-use credit8. Small business lending9. Student lending

“We selected these goals based on the extent of the consumer harm that we identified and our capaci-ty to eliminate or lessen that harm,” D’Angelo wrote in a blog post on the CFPB’s website.

“We weighed each of our tools — for example, setting basic rules of the road, improving consumer education, or holding institutions


CARY, N.C. — SubPrime Auto Finance News reached out to a wide array of industry leaders to gather perspective on what makes a successful chief executive offi-cer who in some capacity partic-ipates in vehicle financing. A gen-eral consensus sprouted from sev-eral conversations about the CEOs who are leading companies in a marketplace that’s becoming more competitive and regulated.

Jack Tracey is the executive di-rector of the National Automotive Finance Association. For more

than 20 years, Tracey has interact-ed with CEOs from start-up com-panies to some of the largest play-ers in the industry.

“In the position they’re in, they need to bring talent and ex-perience,” Tracey said about what a successful CEO possesses. “But what’s most needed today is adaptability. With the market con-tinuing to change and technolo-gy evolving and regulations be-ing such a challenge, an execu-tive running a finance company has to be able to adapt himself and make his organization adaptable to these challenges.”

Ken Shilson is the co-founder and president of the National Alli-ance of Buy-Here, Pay-Here Deal-ers. Shilson has pored over reams of data with successful operators who have a single lot, to executives who decide where millions of dol-lars worth of capital are deployed

“They’re being very proactive in their approach to the market,” Shilson said about effective chief executive officers.” In other words, they’re not sitting back and saying, ‘Well we’ve done it this way for the last 15 years. We need to do it the same way for the next 15 years.’

Characteristics of successful chief executive officers

SUCCESSFUL continued on page 6

Sponsored by

Dealers are choosing NextGear Capitalto get the buying power they want

and flexible terms they need!

Specs: 4.875” wide x 1.4” tall

The Front Cover Horizontal is available to select advertisers who also purchase a full page ad in the print edition of SubPrime Auto Finanace News.

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Avoiding subprime completely can make credit unions ‘elitist’By Nick Zulovich, Senior Editor

LAS VEGAS — Indiana Members Credit Union chief executive officer Ron Collier ex-plained how this segment of auto financing providers can become “elitist” if all they do is book vehicle installment contracts with con-sumers whose FICO scores are 800 or higher.

Perhaps credit unions aren’t originating contracts only with super-prime consum-ers, since the latest TransUnion data showed credit unions grew their auto membership by 9.8 percent year-over-year from the first quarter of this year compared to the first quarter of last year.

In addition, TransUnion indicated that in 2010, only 49 credit unions issued more than 10,000 auto loans during the year. In 2015, analysts determined 126 credit unions were issuing more than 10,000 auto loans annually.

TransUnion shared those data points in August from Las Vegas when the credit bu-reau hosted its annual credit union semi-nar, which included participants from lead-ing credit unions across the country. Tran-sUnion arranged for SubPrime Auto Finance News to speak with a couple of them — Col-lier, as well as Mike Long, who is executive vice president and chief credit officer from the University of Wisconsin Credit Union.

“The word subprime is kind of an unusu-al term for credit unions because we have members. I think we know our members a little bit better,” said Collier, who oversees an

institution of more than 115,000 members who mainly are employed in the medical and education fields based in Indianapolis.

“We still have kind of a traditional field of membership at our credit union. We know when negative things are happening in the med-ical or educational fields and allow for that,” Col-lier continued. “We try to strengthen a loan if a member has some bruised credit by getting a little bit more of a down payment or cosigner. That’s the method that we use. We look at the re-lationship they’ve had with us in the past.

“I’m not sure what the industry defini-tion of a subprime loan is, but I can tell you that we have tried very hard to help mem-bers with credit below what we used to,” he went on to say. “It has been a strategy of ours. You can kind of become an elitist lender if you’re not careful, only making loans to those with great credit when people who have run through a little bad times. If you look at the whole relationship and the entire person, you can probably help them if they’re willing to help themselves, too.”

Indiana Members Credit Union does not participate in indirect auto financing, but Collier estimated auto constitutes about 20 percent of the entire credit portfolio the or-ganization has — components that include mortgages and credit cards. Blossoming rela-tionships with Indianapolis-area dealerships as well as a partnership with Enterprise Car Sales fuels the auto origination pipeline for

CU Direct reaches mid-year milestoneONTARIO, Calif. — CU Direct has

reached a new milestone in auto loans, help-ing credit unions fund more than $16.1 bil-lion in loans at the halfway point of the year.

A provider of technology and automotive solutions for the credit union industry, CU Direct has helped its more than 1,000 cred-it union partners increase funded installment contracts by 24.5 percent year-over-year.

Officials highlighted credit unions fund-ed a record 529,000 contracts through CU Di-rect’s Lending 360 and CUDL platforms in the first half of 2016, a 16.4-percent increase above the mid-point of last year. As a result, CU Di-rect calculated that its credit union partners, as an aggregate, are the nation’s third-largest auto financer, experiencing higher loan origination growth than any auto lender ranked among the nation’s top ten.

CU Direct insisted credit unions experi-enced greater loan growth than Wells Fargo Dealer Services and Ally Financial, according

to AutoCount.The growth re-

flects credit unions’ continued appe-tite in auto financ-ing, growing mar-ket share from 19.7 percent year-end 2014 to 21 percent in June of 2016.

“CU Direct is ex-cited to help our partner credit unions increase auto lending scale and efficiency, improving overall market share and creating a better mem-ber experience,” CU Direct president and chief executive officer Tony Boutelle said.

“We are committed to delivering in-novative technology, products and servic-es that help credit unions make more loans and improve their members’ auto buying and auto lending experiences today and in the future,” Boutelle continued.

CREDIT UNION continued on page 9

Tony BoutelleCU Direct

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12 SubPrime Auto Finance News Vol.11 Issue 4

Digital auto retailing: The impact to F&I officeBy Joe Overby, Staff Writer

CARY, N.C. — The growth of digital retailing is broad-based in the auto business.

It runs the gamut from startups offering consumers peer-to-peer or direct-to-consumer online car-buying, to companies like Cox Automotive and CDK Global helping facilitate digital retailing at dealerships. And even certain pieces of the car-buying process are becoming more digi-talized — for instance, consumers being able to get a price on their trade online.

And as digital retailing continues to grow, it may have an effect on the F&I office, says Kelley Blue Book senior an-alyst Alec Gutierrez.

“I would honestly say, within two or three years, I wouldn’t be surprised to see a majority of dealers having at least a buy-it-now, shopping-cart, digital retailing solution integrated into their websites,” Gutierrez said during a con-ference call with the media on July 1.

“Now, with that said, just because there’s a button that says you can buy this thing online doesn’t mean you’re go-ing to find a ton of consumers willing to make that leap. I would say you’re going to see a minority of the market (go that route),” he said.

Gutierrez estimates that the proportion of consumers “willing to go point to point and finalize the deal” would be

5 percent or lower.However, he believes there will be “more and more will-

ing to at least start the process, apply for credit, get a real deal baked and perhaps just not sign on the dotted line, but at least walk into the dealership fully informed on what they should expect to pay.”

Gutierrez has spotted improvements in F&I and extend-ed warranty penetration among dealers his company works with that have implemented “more transparent pricing on-line, where they’re providing actual pricing to market to consumers.”

As such, the customer and dealer don’t spend 45 min-utes or an hour going back and forth on the price of the car or the value of the trade, he said.

“When you’re not focused on getting the right price on the purchase and trade, you’re a little bit more open to spending time on the test drive, understanding the values of the car and ultimately understanding how to protect that car by an extended warranty and some of the other products that are available in the F&I office,” Gutierrez said.

“As digital retailing takes more of a foothold as consum-ers are better informed in terms of what they should expect to pay at the dealership, what they should expect to receive for their trade before they walk in the door, I would suspect that you’re going to see the profit centers of the dealership shift more and more into the F&I office.”

4.71%

8.03%

12.23%12.23%

4.71% 4.79%4.79%

8.03% 7.81%7.81%

12.23%12.23%12.22%12.22%12.22%12.22%

New Franchised used Independent used

AvAvA erage loan rates

Q1 2015 Q1 2016

AvAvA erage loan rates are showing someincreases but remain historically low

11.03%

15.25%

18.53%

11.03%6.57%

15.25%9.12%

11.83%

3.29%

9.12%4.60%4.60%

5.48%

Avg New

Avg Franchised used

Avg Independent used

AvAvA erage loan rate by risk tier for Q1 2016

Prime Nonprime Subprime

“I would honestly say, within two or three years, I wouldn’t be surprised to see a majority of dealers having at least a buy-it-now, shopping-cart, digital retailing solution integrated into their websites.”

— Alec Gutierrez, Kelley Blue Book Source: Experian Automotive

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Auto Finance News

January + February 2016 || Volume 11 || No. 1

FTC’s latest deceptive ad policy statement 5

TransUnion’s forecast should help subprime maintain sector strengths

3

6 takeaways from latest Underbanked Index 4

▼

▼

▼

3 drivers of changein processing & collections 17

▼

Online extra: Learn why spot delivery

can be tricky in this guest column from Rebecca Chernek of Chernek Consulting.

A collection of the industry’s heavy-hitters covers nearly every aspect of the financing business — from lenders, the repossession

and recovery worlds, rapidly advancing technological firms, dealer associations

and much more.

Page 7

D ATA D R I V I N G I N N O V AT I O N SM

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WASHINGTON, D.C. — Coving-ton — a law firm with a global foot-print and whose stable of profession-als includes former Attorney Gener-al Eric Holder, NFL Commissioner Paul Tagliabue and Homeland Securi-ty Secretary Michael Chertoff — creat-ed a new consumer financial services practice aimed at assisting clients with Consumer Financial Protection Bu-reau investigations, examinations and enforcement actions.

Leading this new practice will be co-chair Eric Mogilnicki, who has joined the firm as a partner in its Wash-ington, D.C., office. An-drew Smith, who served as a senior financial ser-vices lawyer at the Fed-eral Trade Commission prior to joining Cov-ington, will also lead the newly formed group.

Covington highlighted that Mo-gilnicki has the combination of four years’ experience at the center of some of the nation’s most critical public pol-icy debates as well as more than 20 years of experience advising and rep-resenting financial institutions. In ad-dition to his extensive experience in private practice, Mogilnicki previous-ly served as chief of staff to Sen. Ed-ward Kennedy when the CFPB was designed and has been a leader with-in the private bar on CFPB issues since its inception.

The firm also mentioned Mo-gilnicki’s CFPB experience includes

counseling clients facing informal re-quests for information from the bu-reau to providing financial institu-tions and other interested parties with product reviews, mock exami-nations and other guidance prior to the commencement of CFPB exam-inations, representing entities in re-sponding to CFPB civil investigative demands, negotiating consent orders with the CFPB, and assisting financial institutions in complying with CFPB consent orders.

“The combination of Eric’s very visible and successful CFPB enforce-

ment experience with Andrew Smith’s prom-inence on consumer fi-nancial services advisory and policy matters posi-tions Covington as an in-dustry leader in the con-sumer financial servic-

es space,” said John Dugan, chair of the firm’s financial institutions group and former U.S. Comptroller of the Currency.

“As the CFPB is coming of age, we now have critical mass of experience in significant CFPB enforcement and advisory matters in a very active area for financial services providers,” Du-gan continued.

Prior to entering private legal prac-tice, Mogilnicki served as Assistant At-torney General in Massachusetts from 1987 to 1991. During that time, he en-gaged in trial and appellate practice in federal and Massachusetts courts.

Covington creates new practice focused on CFPB investigations

Additional CFPB analysis: For more of the latest CFPB-related news and insight, see pages

18 through 22.

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Sell cars without protecting your dealership this tax season? I don’t think so.

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12 SubPrime Auto Finance News Vol. 11 Issue 4

Digital auto retailing: The impact to F&I officeBy Joe Overby, Staff Writer

CARY, N.C. — The growth of digital retailing is broad-based in the auto business.

It runs the gamut from startups offering consumers peer-to-peer or direct-to-consumer online car-buying, to companies like Cox Automotive and CDK Global helping facilitate digital retailing at dealerships. And even certain pieces of the car-buying process are becoming more digi-talized — for instance, consumers being able to get a price on their trade online.

And as digital retailing continues to grow, it may have an effect on the F&I office, says Kelley Blue Book senior an-alyst Alec Gutierrez.

“I would honestly say, within two or three years, I wouldn’t be surprised to see a majority of dealers having at least a buy-it-now, shopping-cart, digital retailing solution integrated into their websites,” Gutierrez said during a con-ference call with the media on July 1.

“Now, with that said, just because there’s a button that says you can buy this thing online doesn’t mean you’re go-ing to find a ton of consumers willing to make that leap. I would say you’re going to see a minority of the market (go that route),” he said.

Gutierrez estimates that the proportion of consumers “willing to go point to point and finalize the deal” would be

5 percent or lower.However, he believes there will be “more and more will-

ing to at least start the process, apply for credit, get a real deal baked and perhaps just not sign on the dotted line, but at least walk into the dealership fully informed on what they should expect to pay.”

Gutierrez has spotted improvements in F&I and extend-ed warranty penetration among dealers his company works with that have implemented “more transparent pricing on-line, where they’re providing actual pricing to market to consumers.”

As such, the customer and dealer don’t spend 45 min-utes or an hour going back and forth on the price of the car or the value of the trade, he said.

“When you’re not focused on getting the right price on the purchase and trade, you’re a little bit more open to spending time on the test drive, understanding the values of the car and ultimately understanding how to protect that car by an extended warranty and some of the other products that are available in the F&I office,” Gutierrez said.

“As digital retailing takes more of a foothold as consum-ers are better informed in terms of what they should expect to pay at the dealership, what they should expect to receive for their trade before they walk in the door, I would suspect that you’re going to see the profit centers of the dealership shift more and more into the F&I office.”

4.71%

8.03%

12.23%

4.79%

7.81%

12.22%

New Franchised used Independent used

Average loan rates

Q1 2015 Q1 2016

Average loan rates are showing some increases but remain historically low

11.03%

15.25%

18.53%

6.57%

9.12%

11.83%

3.29%

4.60%

5.48%

Avg New

Avg Franchised used

Avg Independent used

Average loan rate by risk tier for Q1 2016

Prime Nonprime Subprime

“I would honestly say, within two or three years, I wouldn’t be surprised to see a majority of dealers having at least a buy-it-now, shopping-cart, digital retailing solution integrated into their websites.”

— Alec Gutierrez, Kelley Blue Book Source: Experian Automotive

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䘀䰀伀伀刀倀䰀䄀一September | October 2016 subprimenews.com 5

Avoiding subprime completely can make credit unions ‘elitist’By Nick Zulovich, Senior Editor

LAS VEGAS — Indiana Members Credit Union chief executive officer Ron Collier ex-plained how this segment of auto financing providers can become “elitist” if all they do is book vehicle installment contracts with con-sumers whose FICO scores are 800 or higher.

Perhaps credit unions aren’t originating contracts only with super-prime consum-ers, since the latest TransUnion data showed credit unions grew their auto membership by 9.8 percent year-over-year from the first quarter of this year compared to the first quarter of last year.

In addition, TransUnion indicated that in 2010, only 49 credit unions issued more than 10,000 auto loans during the year. In 2015, analysts determined 126 credit unions were issuing more than 10,000 auto loans annually.

TransUnion shared those data points in August from Las Vegas when the credit bu-reau hosted its annual credit union semi-nar, which included participants from lead-ing credit unions across the country. Tran-sUnion arranged for SubPrime Auto Finance News to speak with a couple of them — Col-lier, as well as Mike Long, who is executive vice president and chief credit officer from the University of Wisconsin Credit Union.

“The word subprime is kind of an unusu-al term for credit unions because we have members. I think we know our members a little bit better,” said Collier, who oversees an

institution of more than 115,000 members who mainly are employed in the medical and education fields based in Indianapolis.

“We still have kind of a traditional field of membership at our credit union. We know when negative things are happening in the med-ical or educational fields and allow for that,” Col-lier continued. “We try to strengthen a loan if a member has some bruised credit by getting a little bit more of a down payment or cosigner. That’s the method that we use. We look at the re-lationship they’ve had with us in the past.

“I’m not sure what the industry defini-tion of a subprime loan is, but I can tell you that we have tried very hard to help mem-bers with credit below what we used to,” he went on to say. “It has been a strategy of ours. You can kind of become an elitist lender if you’re not careful, only making loans to those with great credit when people who have run through a little bad times. If you look at the whole relationship and the entire person, you can probably help them if they’re willing to help themselves, too.”

Indiana Members Credit Union does not participate in indirect auto financing, but Collier estimated auto constitutes about 20 percent of the entire credit portfolio the or-ganization has — components that include mortgages and credit cards. Blossoming rela-tionships with Indianapolis-area dealerships as well as a partnership with Enterprise Car Sales fuels the auto origination pipeline for

CU Direct reaches mid-year milestoneONTARIO, Calif. — CU Direct has

reached a new milestone in auto loans, help-ing credit unions fund more than $16.1 bil-lion in loans at the halfway point of the year.

A provider of technology and automotive solutions for the credit union industry, CU Direct has helped its more than 1,000 cred-it union partners increase funded installment contracts by 24.5 percent year-over-year.

Officials highlighted credit unions fund-ed a record 529,000 contracts through CU Di-rect’s Lending 360 and CUDL platforms in the first half of 2016, a 16.4-percent increase above the mid-point of last year. As a result, CU Di-rect calculated that its credit union partners, as an aggregate, are the nation’s third-largest auto financer, experiencing higher loan origination growth than any auto lender ranked among the nation’s top ten.

CU Direct insisted credit unions experi-enced greater loan growth than Wells Fargo Dealer Services and Ally Financial, according

to AutoCount.The growth re-

flects credit unions’ continued appe-tite in auto financ-ing, growing mar-ket share from 19.7 percent year-end 2014 to 21 percent in June of 2016.

“CU Direct is ex-cited to help our partner credit unions increase auto lending scale and efficiency, improving overall market share and creating a better mem-ber experience,” CU Direct president and chief executive officer Tony Boutelle said.

“We are committed to delivering in-novative technology, products and servic-es that help credit unions make more loans and improve their members’ auto buying and auto lending experiences today and in the future,” Boutelle continued.

CREDIT UNION continued on page 9

Tony BoutelleCU Direct

www.routeone.com

You Control.We Support.

We deliver products that support your ability to meet your customers’ growing demands for greater flexibility

in sales and financing while leaving you in control of the profits and process.

1/4

Page

Hor

izon

tal


DON’T IGNORE THE DATA

Recent reports show that over 30% of all auto loans originated are SUBPRIME!

To make sure you are getting your share of this profitable segment you need the experts.

Agents and Reps Needed

855-488-9925www.CreditMailExperts.com

Subprime Auto Credit Mail ProgramDaily Subprime Trigger ProgramWeekly Fresh Chapter 7 Bankruptcy ProgramDischarged Chapter 7 Bankruptcy ProgramOpen Chapter 13 Bankruptcy Program

We offer targeted programs for:Franchised dealersIndependent dealersBHPH dealersLendersOEMs

TOP 20

NEW

USED

LENDERSi n A u t o F i n a n c e 5.

92

5.4545

4.18

4.06

3.91

3.43

2.82

2.77

2.14

1.83

1.71

1.47

1.20

1.19

1.15

0.99

0.99

0.99

0.97

0.93

0%

1%

2%

3%

4%

5%

6%

7%

Top 20 lenders in the retail loan market

Top 20 lienholders among FranchisedDealers Used-Car Sales in 2014

Top 20 lenders with greatestshare of Used-Car Loans amongIndependent Dealers in 2014

Top 20 represent 48.1% of all retail loans



7.99

7.71

7.55

6.86

6.42

4.99

4.30

3.47

3.39

2.39

2.15

1.90

1.87

1.53

1.42

1.36

1.36

1.33

1.23

1.14

0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

6.60

4.88

4.11

3.68

2.42

1.86

1.81

1.79

1.51

1.20

1.06

1.02

1.01

0.91

0.88

0.87

0.84

00.80

00.78

00.75

0%

1%

2%

3%

4%

5%

6%

7%

1. WELLS FARGO DEALER SERVICES 2. CAPITAL ONE AUTO FINANCE 3. ALLY FINANCIAL 4. CHASE MANHATTAN BANK5. TOYOTA MOTOR CREDIT CO. 6. SANTANDER CONSUMER USA7. BANK OF AMERICA 8. FIFTH THIRD BANK 9. HUNTINGTON NATIONAL BANK 10. GM FINANCIAL

11. USAA FEDERAL SAVINGS BANK12. CHRYSLER CAPITAL 13. SUNTRUST BANK 14. US BANK 15. BMW BANK OF NORTH AMERICA 16. FORD MOTOR CREDIT CO. 17. SECURITY SERVICE CREDIT UNION 18. NAVY CREDIT UNION 19. BMO HARRIS BANK 20. TD AUTO FINANCE

1. CARMAX AUTO FINANCE 2. WELLS FARGO DEALER SERVICES 3. SANTANDER CONSUMER USA 4. CREDIT ACCEPTANCE CO. 5. CAPITAL ONE AUTO FINANCE 6. WESTLAKE FINANCIAL 7. CHASE MANHATTAN BANK 8. DRIVETIME ACCEPTANCE CO. 9. ALLY FINANCIAL 10. CAR NOW ACCEPTANCE CORP.

11. GATEWAY ONE LENDING 12. USAA FEDERAL SAVINGS BANK 13. NAVY CU 14. AMERICAN CREDIT ACCEPTANCE 15. EXETER FINANCE CORP. 16. SECU 17. GFC LENDING 18. CONSUMER PORTFOLIO SERVICES 19. UNITED AUTO CREDIT CO. 20. TD AUTO FINANCE

The auto fi nance franchise is a formidable competitor with the associate expertise, customer relationships and fl exibility to adjust the changing dynamics. Results this quarter are another demonstration of it. The auto fi nance

franchise will continue to be a key focus and a cornerstone of our company. We have a strong heritage and expertise in this business and no plans to divert our focus. The adaptability we’ve demonstrated is quite powerful.

We are committed to providing consumers access to a broad credit spectrum of fi nancing through our network of dealers in all economic cycles. Wells Fargo Dealer Services has become a

leading auto lender through our long-term approach to growth, disciplined underwriting practices, ongoing customer feedback and strong relationships with dealers who share our commitment to the communities and customers we serve.

Jeffrey BrownAlly Financial

Natalie BrownWells Fargo

Source: Experian Automotive


Source: Experian AutomotiveSource: Cross-Sell Reports, a division of Dominion Dealer Solutions

Source: Cross-Sell Reports, a division of Dominion Dealer Solutions

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26.80%26.80%26.80%26.80%26.80%

CCrreeddiittUUUnnniiiooonnnn16.83%16.83%16.83%16.83%16.83%

FFiinnaanncecececece14.46%14.46%14.46%14.46%14.46%14.46%14.46%

Q2 2015 total loanmarket share



DON’T IGNORE THE DATA

Recent reports show that over 30% of all auto loans originated are SUBPRIME!

To make sure you are getting your share of this profitable segment you need the experts.

Agents and Reps Needed

855-488-9925www.CreditMailExperts.com

Subprime Auto Credit Mail ProgramDaily Subprime Trigger ProgramWeekly Fresh Chapter 7 Bankruptcy ProgramDischarged Chapter 7 Bankruptcy ProgramOpen Chapter 13 Bankruptcy Program

We offer targeted programs for:Franchised dealersIndependent dealersBHPH dealersLendersOEMs

TOP 20

NEW

USED

LENDERSi n A u t o F i n a n c e 5.

92

5.45

4.18

4.06

3.91

3.43

2.82

2.77

2.14

1.83

1.71

1.47

1.20

1.19

1.15

0.99

0.99

0.99

0.97

0.93

0%

1%

2%

3%

4%

5%

6%

7%

Top 20 lenders in the retail loan market

Top 20 lienholders among FranchisedDealers Used-Car Sales in 2014

Top 20 lenders with greatestshare of Used-Car Loans amongIndependent Dealers in 2014




7.99

7.71

7.55

6.86

6.42

4.99

4.30

3.47

3.39

2.39

2.15

1.90

1.87

1.53

1.42

1.36

1.36

1.33

1.23

1.14

0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

6.60

4.88

4.11

3.68

2.42

1.86

1.81

1.79

1.51

1.20

1.06

1.02

1.01

0.91

0.88

0.87

0.84

0.80

0.78

0.75

0%

1%

2%

3%

4%

5%

6%

7%

1. WELLS FARGO DEALER SERVICES 2. CAPITAL ONE AUTO FINANCE 3. ALLY FINANCIAL 4. CHASE MANHATTAN BANK5. TOYOTA MOTOR CREDIT CO. 6. SANTANDER CONSUMER USA7. BANK OF AMERICA 8. FIFTH THIRD BANK 9. HUNTINGTON NATIONAL BANK 10. GM FINANCIAL

11. USAA FEDERAL SAVINGS BANK12. CHRYSLER CAPITAL 13. SUNTRUST BANK 14. US BANK 15. BMW BANK OF NORTH AMERICA 16. FORD MOTOR CREDIT CO. 17. SECURITY SERVICE CREDIT UNION 18. NAVY CREDIT UNION 19. BMO HARRIS BANK 20. TD AUTO FINANCE

1. CARMAX AUTO FINANCE 2. WELLS FARGO DEALER SERVICES 3. SANTANDER CONSUMER USA 4. CREDIT ACCEPTANCE CO. 5. CAPITAL ONE AUTO FINANCE 6. WESTLAKE FINANCIAL 7. CHASE MANHATTAN BANK 8. DRIVETIME ACCEPTANCE CO. 9. ALLY FINANCIAL 10. CAR NOW ACCEPTANCE CORP.

11. GATEWAY ONE LENDING 12. USAA FEDERAL SAVINGS BANK 13. NAVY CU 14. AMERICAN CREDIT ACCEPTANCE 15. EXETER FINANCE CORP. 16. SECU 17. GFC LENDING 18. CONSUMER PORTFOLIO SERVICES 19. UNITED AUTO CREDIT CO. 20. TD AUTO FINANCE

The auto fi nance franchise is a formidable competitor with the associate expertise, customer relationships and fl exibility to adjust the changing dynamics. Results this quarter are another demonstration of it. The auto fi nance

franchise will continue to be a key focus and a cornerstone of our company. We have a strong heritage and expertise in this business and no plans to divert our focus. The adaptability we’ve demonstrated is quite powerful.

We are committed to providing consumers access to a broad credit spectrum of fi nancing through our network of dealers in all economic cycles. Wells Fargo Dealer Services has become a

leading auto lender through our long-term approach to growth, disciplined underwriting practices, ongoing customer feedback and strong relationships with dealers who share our commitment to the communities and customers we serve.

Jeffrey BrownAlly Financial

Natalie BrownWells Fargo



Source: Experian AutomotiveSource: Cross-Sell Reports, a division of Dominion Dealer Solutions

Source: Cross-Sell Reports, a division of Dominion Dealer Solutions

Bank34.72%

BHPH7.15%Captive

26.80%

Credit Union16.83%

Finance14.46%

Q2 2015 total loanmarket share


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September | October 2016 subprimenews.com 13 12 SubPrime Auto Finance News Vol. 11 Issue 5 September | October 2016 subprimenews.com 13 12 SubPrime Auto Finance News Vol. 11 Issue 5

Re3 Conference highlightsAssessments from Inside the Capitol Beltway

Nov. 16 at 8:15 a.m.By the time Chris Stinebert arrives at

Used Car Week, we will have elected a new president and new members of Congress.

� e American Financial Services Association president and chief executive o� cer will appear for the second consecutive year to provide an updates on AFSA’s e� orts to represent the auto � nance community in Washington, D.C.

“� e message AFSA is trying to convey to lawmakers, regulators and other important stakeholders inside and outside the Beltway is something that regulators do not think of when they are writing regulations for our industry. � at is, in order to enact all of these rules it takes money,” Stinebert said. “Unfortunately, more o� en than not, the unforeseen costs of overzealous regulations ultimately � ows to the customer and what they are paying for the cost of access to credit.”

Streamlining the Recovery ProcessNov. 16 at 9:15 a.m.A collection of a half dozen top executives from the leading forwarding and recovery providers in the

nation will gather for a candid discussion about how this part of the auto � nance lifecycle can improve.Each executive representing ALS Resolvion, Consolidated Asset Recovery Systems, Del Mar

Recovery Solutions, MBSi Corp., Millennium Capital and Recovery Corp., PAR North America and Primeritis Financial Services plans to o� er a unique perspective aimed at bene� tting � nance companies and other service providers of all sizes.

Financing AccoladePresented by Black Book Lender Solutions, the 2016 SubPrime Auto Finance Executive of the Year will be named during the fi rst full day of the SubPrime Forum. Last year’s recipient was Dan Ulatowski of Credit Acceptance.

Recovery HonorThe 2016 Re3 Executive of the Year will be handed out during the Re3 Conference by the sponsor of the award, Consolidated Asset Recovery Systems. Last year’s winner was Scott Phillips of Lendmark Financial Services.

Nov. 15 at 9:15 a.m.Digital Recognition Network chief executive o� cer

Chris Metaxas will be making one of the keynote presentations during this year’s SubPrime Forum, where DRN is the presenting sponsor for that segment of Used Car Week. He will highlight the prudent moves some auto � nance companies are making and the areas involving collections where some institutions could improve.

“� e key to e� ective commerce is knowing your customers. � at means you need to stay close to them

during their entire lifecycle experience with you,” Metaxas said. “� e mistake that lenders make is that they are reactive to a point in time,” he continued. “During origination, they scramble to get data to close the opportunity, and during collection they scramble to � nd you when the data was not up to date. � at’s why smart lenders are now deploying location intelligence data, like vehicle sightings from DRN, throughout the entire lifecycle of the loan, so they can stay close, communicate frequently and adapt with you to help avert payment challenges.”

presented by presented by

SubPrime Forum highlightsTraversing the Rocky Landscape: An In-Depth Look at the Subprime Auto Finance Market

Nov. 15 at 11:15 a.m.� roughout the years, automotive � nancing has seen some no-

ticeable changes, from rising vehicle prices and loan amounts, to monthly payments and loan terms extending out to record highs. As these trends continue, how will they a� ect the subprime auto lend-ing market moving forward? Will delinquencies remain low? Are the concerns of a subprime bubble real? In this session, Melinda Zabrits-ki, Experian’s senior director of automotive � nance, will examine several key areas of subprime auto lending, and provide an in-depth analysis of how current market realities are a� ecting the industry as a whole.

� e Role of Technology in the Consumer ExperienceNov. 15 at 1 p.m.Dealers must continue to evolve the experience they deliver

to consumers by understanding the technologies and tactics used. While new channels emerge, existing channels evolve but rarely dis-appear. RouteOne chief strategy o� cer Todd Mason says the key is building an integrated experience with technologies that best suit your organization’s individual strategies and provide customers with the end-to-end journey they are looking for. Mason’s discussion will be based on market trends overall and among tech-savvy, Gen Z buyers who are budget conscious and want the most value for their money. Does your strategy address the diversity of consumers’ needs and provide a compelling experience?

Unconventional Wisdom: Auto Repossession in the Data Age

Nov. 16 at 10:15 a.m.Recent data insights give us the power to stress test long

held beliefs about the best ways to maximize recovery and minimize liability. In an age of increasing technology inte-grations, we now have unprecedented access to cross func-tional data. � is empowers new insights into best practices and compliance management.

“For years, lenders and forwarders have struggled to in-spect all of the lots in their network on an annual basis. With hundreds of vendors and thousands of lots, this proved near impossible,” said MBSi’s Cort DeHart, who will explore in a session these powerful data connections and discuss how we can leverage them as an industry.

NOVEMBER 14-16, 2016SUBPRIME.AUTOREMARKETING.COM

PRESENTS

NOVEMBER 15-18, 2016NRC.AUTOREMARKETING.COM

PRESENTS

NOVEMBER 14-15, 2016CPO.AUTOREMARKETING.COM

PRESENTS

NOVEMBER 15-16, 2016RE3.AUTOREMARKETING.COM

PRESENTS

Value of Lenders Using Location-Based Data

Cort DeHartPhoto by Jonathan Fredin

Photo by Jonathan Fredin

Chris Metaxas Photo by Jonathan Fredin

Photos by Jonathan Fredin

Photo by Jonathan Fredin

Melinda Zabritski

Todd Mason

Chris Stinebert

JANUARY/FEBRUARY Ad Materials: 1/18

SubPrime 175: The Most Powerful Companies in the Industry Top Compliance Expectations and Enforcement Coming from the CFPB in 2017

MARCH/APRIL Ad Materials: 2/26

NADA / AFSA Convention Issue >> Bonus Circulation Top CEOs in the SubPrime Finance Industry Special Advertising Section: GPS + Tracking – latest trends

MAY/JUNE Ad Materials: 5/3

NAF / NABD / NIADA Issue >> Bonus Circulation Top CFPB, FTC and Governmental Compliance Actions. Special Advertising Section: Most Innovative New Products and Services in the SubPrime markets

JULY/AUGUST Ad Materials: 6/28

SubPrime Trailblazers, Innovators & DisruptorsMid-Year Intelligence Report Special Advertising Section: Compliance Technology + Services for Finance Companies and Dealers

SEPTEMBER/OCTOBER Ad Materials: 9/8

The Biggest Finance Companies in SubPrime Auto Finance – Franchise + Independents Used Car Week Preview

NOVEMBER/DECEMBER Ad Materials: 10/18

Used Car Week Special >> Bonus Circulation SubPrime and Repossession Executives of the Year DealerGroups and Focus on Finance Compliance Year in Review

INTERNATIONAL USED CAR INDUSTRY REPORTAd Materials: 10/11

■ Includes data and analysis covering every corner of the remarketing business

■ Sneak preview copy of the special edition will be delivered to all attendees of the Used Car Week onsite

Auto Finance News

May + June 2016 | Volume 11 | No. 3

5 findings from Black Book’s finance company survey

8

2 trends being watched by NAF Association 4What not to do when a regulator arrives 6

▼

▼

▼

Profile Series with Andrew Stuart, president and chief executive officer of TD Auto Finance

16

Tips to tracking subprime sales at your dealership

10▼

▼

CFPB & FTC ramp up regulatory activitiesBy Nick Zulovich, Senior Editor

CARY, N.C. — What likely will be a topic discussed in compliance meetings between fi-nance companies and their counsel for much of the rest of the year came to light in May. The auto finance industry has new terminology for what the Consumer Financial Protection Bureau re-fers to as arbitration — “contract gotchas.”

Ahead of a field hearing the bureau held in Albuquerque, N.M., the CFPB released its pro-posed rules that would prohibit mandatory ar-bitration clauses that the bureau said denies groups of consumers “their day in court.”

Meanwhile, one of the other major regula-tors that is involved with overseeing auto financ-ing — the Federal Trade Commission — made moves this spring, too.

The FTC issued an Enforcement Policy

Statement on Deceptively Formatted Advertise-ments, which officials explained as a statement describing the underlying consumer protection principles that guide the agency’s enforcement actions, advisory opinions, and other guidance addressing various forms of deceptively format-ted advertising, including advertising and pro-motional messages integrated into and present-ed as non-commercial content.

SubPrime Auto Finance News gathered de-tails from a wide array of sources to summarize the stances of regulators and legal experts so fi-nance companies have information they need to strengthen their compliance efforts.

More details of CFPB rule proposalThe bureau insisted many consumer finan-

cial products such as vehicle installment con-tracts, credit cards and bank accounts have

“contract gotchas” that generally prevent con-sumers from joining together to sue their bank or financial company for wrongdoing. The CFPB believes these widely used clauses leave consumers with no choice but to seek relief on their own — usually over small amounts.

With this “contract gotcha,” the CFPB con-tends that finance companies can “sidestep” the legal system, “avoid accountability” and contin-ue to pursue profitable practices that may violate the law and “harm” countless consumers.

The CFPB stressed that its proposal is de-signed to protect consumers’ right to pursue jus-tice and relief, and deter companies from violat-ing the law.

“Many banks and financial companies avoid accountability by putting arbitration claus-es in their contracts that block groups of their

“Many banks and financial companies avoid

accountability by putting arbitration clauses in their

contracts that block groups of their customers from

suing them.”

— Richard Cordray, CFPB

“The FTC continues to examine the complex system of automobile sales. And we are still asking whether consumers benefit from that system or if change is needed.”

— Edith Ramirez, FTC

REGULATORY continued on page 3

Photo courtesy of the CFPB.

Photo courtesy of the Internet

Education Foundation.

Sponsored by

Why 13.1% delinquency rise was ‘natural’ in Q1“We’ve been tracking for years on how lenders are expanding their credit to non-prime and subprime consumers. When you do that, you should naturally expect that the overall delinquency level for all consumers is going to go up, reflecting the change in mixture to add more subprime consumers.”

— TransUnion’s Jason LakyMore details on page 20

Online extra: Moody’s Analytics

discusses how vehicle lines of credit could help your subprime customers.

In association with the National Alliance

of Buy-Here Pay-Here Dealers

Learn more at bhphreport.com


LOAN BALANCE RISK DISTRIBUTION YEAR-OVER-YEAR BALANCE CHANGE

MARKET SHARE OF TOTAL FINANCING(NEW/USED UNITS & LOAN/LEASE) MARKET SHARE OF NEW FINANCING

MARKET SHARE OF USED FINANCING

Source: Experian Public, State of the Automotive Market

Source: Experian


Deep Subprime

Q2 2016

Super PrimeSubprime

Q2 2017

Nonprime Prime

2015 Q2 Deep Subprime

300-500

Bank

3.24% 3.43% 3.71%

15.70% 15.83% 15.97%

19.00% 19.09% 18.73%

42.51% 42.26% 41.97%

19.55%

8.07%

15.93%19.38%

5.08%

19.62%

6.38% 8.41%

2016 Q2Subprime

501-600

BHPH

2017 Q2Nonprime

601-660

Captive

Prime

661-780

Credit Union

Super Prime

781-850

Finance Co.

Source: Experian

Q2 2016 Q2 2017

Bank BHPH Captive Credit Union

Finance Co.

34.0

8%

32.0

3%

7.01

%

7.01

% 18.0

7%

20.0

3%

11.0

6%

11.0

6%

27.0

7%

28.0

6% 31.0

7%

0.02

%

28.0

8%

0.02

%

52.0

2%

11.0

4%

4.06

%

53.0

2%

12.0

7%

5.01

%

37.0

3%

13.0

0%

35.0

2%

12.0

9%

7.04

%

24.0

9%

17.0

5%

8.01

%

26.0

7%

17.0

0%

Q2 Industry Data Center PRESENTED BY

TOTAL OPEN AUTOMOTIVELOAN BALANCE


2015 Q2 2016 Q2 2017 Q2

$1,1

00

$1,0

27

$932

BILLIONS

$1,500

$500

$0

$1,000

0

1%

2%

3%

4%

5%

6%

Percentage of Total Loan (new & used)

TOP 20 AUTO LENDERS FOR USED & NEW FINANCING

CHAS

E AU

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ALLY

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USA

TD A

UTO

FIN

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CCEP

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ANCE

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ION

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ANK

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SLER

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INGS

BAN

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PNC

BAN

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5.77%

4.76%

3.60%3.44%

3.18%

2.54%2.33% 2.28% 2.22% 2.18% 2.16%

1.49% 1.42% 1.42%1.17% 1.08% 1.08% 0.99% 0.98% 0.95%

USED CAR INDUSTRY REPORT

COVERING:

WHOLESALE CAR MARKET

RETAIL USED-CAR MARKET

FINANCE

REPOSSESSION/RECOVERY

I N T E R N A T I O N A L

Auto Finance News

Auto Remarketing®

Canada

Editorial CalendarIN PRINT

USED CARWEEK

2017

NOVEMBER 13-17 . LA QUINTA

. CA

This Year’s Honorees

For 26 years Automotive Personnel, LLC has been the nation’s leading executive search firm specializing in the subprime automotive finance industry. Only 5% of employees are actively looking for a position, to get to the other 95% someone needs to reach out to these passive candidates and bring the most qualified to your interviewing process. With over 15,000 resumes in our proprietary database, national network and understanding of your business, we will bring you qualified candidates you otherwise would not interview!

Need leaders in sales, credit, risk, recovery, collections, legal? — We will find them for you. Need C-Level executives, department managers, field sales representatives, credit buyers, etc.? We will bring the best to your interviewing process and we can conduct your search in complete confidentiality. We are a member of the National Automotive Finance Association and our CEO is a member of their Board of Directors.

Don Jasensky | 216-226-8190 | [email protected] | www.automotivepersonnel.co

American Credit Acceptance is an emerging credit automotive finance company providing financial solutions coast-to-coast. We start with a common sense lending approach for our dealer partners and end with an affordable payment program for our customers. Solutions include: Point-of-Sale Financing, Bulk Purchases and Lines of Credit. Bulk Purchases and Lines of Credit are offered through Spartan Financial Partners, a division of American Credit Acceptance, specializing in providing capital for BHPH dealers and Independent Auto Finance companies.

Contact our team for more information:866-202-6912

www.americancreditacceptance.comwww.spartan-partners.com

AC AUTOPAY www.autopay.comAce Motor Acceptance Corp. www.acemotoracceptance.comACI Worldwide www.aciworldwide.comADESA www.adesa.comAFS Acceptance www.afsacceptance.com Agero www.agero.comAllied Solutions www.alliedsolutions.netAlly Financial www.ally.comALS Resolvion www.resolvion.comAmerica’s Car-Mart www.car-martAmerican Credit Acceptance/ Spartan Financial Partners www.acacceptance.comAmerican Financial Services Association www.afsaonline.orgAmerican Motor Credit www.AmericanMotorCredit.comAmerican Recovery Association www.repo.orgAuto Credit Express www.autocreditexpress.netAuto I.D. www.autoidinc.comAutoIMS www.AutoIMS.comAuto Master Systems www.auto-master.comAutomotive Compliance Consultants www.compliantnow.comAutomotive Credit Corporation www.automotivecredit.comAutomotive Personnel www.searchpro1.comAutoPal Software www.AutoPalSoftware.comAutoTrader www.autotrader.comAuto Use www.autouse.comBenchmark Consulting International www.benchmarkinternational.comBillingTree Payment Solutions www.mybillingtree.comBlack Book www.blackbookauto.comCalAmp www.calamp.comCars.com www.cars.comCarFinance Capital www.carfinancecapital.comCAR Financial Services www.carfinancial.comCarHop www.carhop.comCarMax www.carmax.comChallenge Financial Services www.challengefinancialservices.comChase Auto Loans www.chase.comClarity Services www.clarityservices.comCompli www.compli.comConsolidated Asset Recovery Systems www.ez-recovery.comConsumer Portfolio Services (CPS) www.hityournumbers.comCredit Acceptance www.creditacceptance.comCredit Mail Experts www.creditmailexperts.comCrescent Bank www.cbtno.comCU Direct Connect www.cudirectconnect.comDealerSocket www.dealersocket.comDealerTrack Technologies www.dealertrack.comdefi SOLUTIONS www.defiSOLUTIONS.comDelMar Recovery Solutions www.delmarrecovery.comDigital Recognition Network www.drndata.comDriveTime Automotive Group www.drivetime.comEquifax www.equifax.comExeter Finance Corp. www.exeterfinance.comExperian Automotive www.experian.comF&I Express www.fandiexpress.comFactor Trust www.factortrust.comFICO www.fico.comFirst Investors Financial Services www.fifsg.comFinancial Network Inc. www.financialnetworkinc.comFinCo Management LLC www.fincomanagement.comFIS www.fisglobal.comFiserv www.fiserv.comFlagship Credit Acceptance www.flagshipacc.comFNI Incorporated www.myfni.comGlobal Lending Services LLC www.glsllc.comGM Financial / AmeriCredit www.gmfinancial.comGO Financial www.gofinancial.comGoldstar GPS, Guided by Spireon www.GoldStarGPS.comGuardian Portfolio Services Inc. www.guardianps.comGWC Warranty www.GWCwarranty.comHudson Cook www.hudco.comiMETRIK www.imetrik.comInovatec www.inovatec.ca

Insurance Auto Auctions www.iaai.comIntellaegis www.intellaegis.comInteractive Financial Marketing Group www.interactivefmg.comIntrix www.intrix.com/iRepo.com www.irepo.comIturan USA Inc. www.ituranusa.comJD Byrider www.jdbyrider.comKelley Blue Book www.kbb.comLexis Nexis www.lexisnexis.comLoan Portfolio Servicing www.lportsvc.comLobel Financial www.lobelfinancial.comManheim www.manheim.comMarkOne Financial www.mark1financial.comMcGlinchey Stafford www.mcglinchey.comMegasys Inc. www.megasys.netMicroBilt www.microbilt.comMillennium Capital and Recovery Corporation www.mcrc.bizMVTRAC www.mvtrac.comNAAA www.naaa.comNABD www.bhphinfo.comNADA www.nada.orgNADA UCG www.nada.com/b2bNAF Association www.nafassociation.comNational Creditors Connection Inc. www.nationalcreditors.comNationwide Acceptance LLC www.nac-loans.comNCM Associates Inc. www.ncm20.comNextGear Capital www.nextgearcapital.comNIADA www.niada.comNicholas Financial www.nicholasfinancial.comNorthland Auto Enterprises www.northlanddealers.comNowcom/DealerCenter www.DealerCenter.netOnlineBKManager.com www.onlinebkmanager.comPAR North America www.parnorthamerica.comPassTime USA www.passtimeusa.comPayNearMe www.paynearme.comPayment Assurance Technology Association www.patassociation.comPelican Auto Finance www.pelicanaf.comPeritus Portfolio Services www.peritusservices.com PRA Location Services www.portfoliorecovery.comPrestige Financial www.gopfs.comPrimeritus Financial Services www.primertius.comRecovery Database Network www.recoverydatabase.netRecovery Specialist Insurance Group (RSIG) www.rsig.comRegional Acceptance Corp. www.regionalacceptance.comReynolds and Reynolds www.reyrey.comRoquemore www.Roquemore.com RouteOne LLC www.routeone.comRSM www.rsmus.com/Santander Consumer USA www.sandtanderconsumer.com Security National Automotive Acceptance Corp. www.snaac.comSkopos Financial www.skoposfinancial.com Skypatrol www.skypatrol.comSouthern Auto Finance Company (SAFCo) www.GoSAFCo.comState National Companies www.statenational.comTax Refund Services www.taxmax.comTidewater Finance Company www.TidewaterFinance.comTurner Acceptance Corp. www.turneracceptance.comTransUnion www.transunion.comUsed Car University LLC www.greggoebel.comUnited Auto Credit www.unitedautocredit.netvan Wagenen Financial Services www.vanwagenen.comvAuto www.vauto.comVehicle Acceptance Corp. www.VACorp.com/SP Veros Credit www.veroscredit.comVictory Recovery Services www.vrs-corp.comWalz www.walzgroup.comWells Fargo www.wellsfargo.comWestlake ALPS www.westlakefinancial.com/additional-services/alps/ Westlake Financial Services www.westlakefinancial.comWisdom Financial www.eastcoastfund.comWolters Kluwer Financial Services www.wolterkluwerfs.com

During the Vehicle Finance Conference orchestrated by the American Financial Services Association this past January, Jennifer Reid shared a sentiment that not only summarized the feelings of Equifax Automotive, but also succinctly characterized why this publication annually highlights the best players of the subprime auto finance industry.

“We have to tell the positive stories because the industry is constantly improving itself. It’s a cornerstone of why the economy is where it is today,” Reid said.

Published within these next few pages are the finance companies, service and technology providers and other organizations that take the most risk and still flourish in vehicle financing that’s now growing to be a $1 trillion economic pillar. Members of the SubPrime 125 complete vehicle installment contracts with consumers with checkered credit backgrounds and help to support companies and dealerships with sound guidance and tools to navigate ever-changing regulatory demands and potential buyer tastes.

In summary, this feature is meant to highlight

the “good work” that’s being completed — a retort to the consumer zealots who offer sometimes disparaging assertions about what it means to flourish in subprime auto financing.

To the companies included, let this issue be a salute to each of you, your management teams, your representatives in the field and your support systems that go well beyond brick-and-mortar buildings and communications infrastructure.

Congratulations, and please keep in touch so this publication can keep telling the stories about your successes.

The Stars of the SubPrime Show

NICKZULOVICH

Advanced Lending & Portfolio Services (ALPS) can help you profit more quickly from loans currently being serviced in-house. Dedicated to your needs, ALPS has the right program to lower your operational overhead while increasing your profits. Money today is more valuable than tomorrow.

When you choose Westlake ALPS, you get instant cash flow while focusing your efforts on selling cars rather than collecting payments. In addition to portfolio acquisition, ALPS offers other portfolio services that allow you to receive upfront cash while maintaining control of your portfolio. Additionally, Westlake ALPS now offers revolving credit lines to help your business grow.

With more than 25 years of experience, Westlake is one of the country’s largest privately held auto finance companies. ALPS leverages Westlake’s size and financial strength to offer dealerships and other businesses a first-class portfolio services experience that is fast, friendly and flexible.

Best price, great service, quick funding. Contact Westlake ALPS at 1.888.778.3738 or www.WestlakeALPS.com.

Automotive Compliance Consultants Inc., provides a complete compliance program for automotive, RV and power sport dealerships, delivering its ONE Vendor solution for all Dealership compliance needs covering Privacy (GLB), F&I, Fair Lending, (TILA, ECOA, FCRA), OFAC, EEO/HR, and OSHA. The Automotive Compliance Consultants program provides training for all dealership employees based on role, establishment of compliance responsibilities, written procedures, compliance manuals, and quarterly onsite compliance reviews and audits of dealership practices, procedures, complaints and transactions.

Established in 2003 by automotive professionals and legal counsel, the ACC philosophy has always been that an effective dealership compliance partner has to spend time at the dealership! ACC professionals understand dealership dynamics and challenges, and work closely with dealership management and personnel to create a Compliance Management System specific to your dealership.

Automotive Compliance Consultants Inc. | Compliantnow.com | 866-301-0593

January | February 2016 subprimenews.com 9

As a growing and progressive finance company, AMC strives to be one of the top automotive financing businesses in the United States. We are currently providing our services to franchise and independent dealers in 26 states and counting…

We believe in a shift of focus from the regimented and strict guidelines to an emphasis on meeting the customer’s vehicle and payment needs.

Many in the subprime automotive finance industry rely on an automated underwriting process. American Motor Credit’s dedicated staff works with your finance managers to get the funding you seek in a timely manner.

Independent dealers can now reap the benefits that were once only offered to franchise dealers. AMC has a variety of programs for all credit types. We also have Warranty, GAP and other back-end options to secure your dealership and customers’ needs.

For more information, please contact us at 678-213-5626 or visit www.americanmotorcredit.com

ALS Resolvion is one of the largest and most advanced firms in the repossession management and skip tracing industry. We serve our client’s needs in both consumer and commercial/heavy equipment space. What separates us from our competition is our people, process and technology. Our ability to deliver industry leading performance and service all while keeping the highest levels of compliance standards and technology initiatives at the forefront of our process makes ALS Resolvion a leader in the repossession industry. Our broad service lines include forwarding, pre and post charge off skips as well as being a top provider of DNR License Plate Recognition “live” service. Today we service over 20K accounts monthly and proudly have a client base that boasts 25 of the top 50 auto lenders in the U.S. Allow us to deliver the best results at the lowest risk. For more information, please contact us at 704-935-5700 Ext 3111 or visit www.alsresolvion.com.

has been the nation’s leading executive search firm specializing in the subprime automotive finance industry. Only 5% of employees are actively looking for a position, to get to the other 95% someone needs to reach out to these passive candidates and bring the most qualified to your interviewing process. With over 15,000 resumes in our proprietary database, national network and understanding of your business, we will bring you qualified candidates you otherwise would not interview!

Need leaders in sales, credit, risk, recovery, collections, legal? — We will find them for you. Need C-Level executives, department managers, field sales representatives, credit buyers, etc.? We will bring the best to your interviewing process and we can conduct your search in complete confidentiality. We are a member of the National Automotive Finance Association and our CEO is a member of their Board of Directors.

Don Jasensky | 216-226-8190 | [email protected] | www.automotivepersonnel.co

the “good work” that’s being completed — a retort to the consumer zealots who offer sometimes disparaging assertions about what it means to flourish in subprime auto financing.

To the companies included, let this issue be a salute to each of you, your management teams, your representatives in the field and your support systems that go well beyond brick-and-mortar buildings and communications infrastructure.

Congratulations, and please keep in touch so this publication can keep telling the stories about your successes.

As a growing and progressive finance company, AMC strives to be one of the top automotive financing businesses in the United States. We are currently providing our services to franchise and

We believe in a shift of focus from the regimented and strict guidelines to an emphasis on

Many in the subprime automotive finance industry rely on an automated underwriting process. American Motor Credit’s dedicated staff works with your finance managers to get the

Independent dealers can now reap the benefits that were once only offered to franchise dealers. AMC has a variety of programs for all credit types. We also have Warranty, GAP and other back-end options to secure your dealership and customers’ needs.

For more information, please contact us at 678-213-5626 or visit www.americanmotorcredit.com

ALS Resolvion is one of the largest and most advanced firms in the repossession management and skip tracing industry. We serve our client’s needs in both consumer and commercial/heavy equipment space. What separates us from our competition is our people, process and technology. Our ability to deliver industry leading performance and service all while keeping the highest levels of compliance standards and technology initiatives at the forefront of our process makes ALS Resolvion a leader in the repossession industry. Our broad service lines include forwarding, pre and post charge off skips as well as being a top provider of DNR License Plate Recognition “live” service. Today we service over 20K accounts monthly and proudly have a client base that boasts 25 of the top 50 auto lenders in the U.S. Allow us to deliver the best results at the lowest risk. For more information, please contact us at 704-935-5700 Ext 3111 or visit www.alsresolvion.com.

Auto Finance News

January + February 2016 | Volume 11 | No. 1



3


▼

▼

▼

3 drivers of change in processing & collections 17

▼





and much more.

Page 7


Sponsored by













18 through 22.

In association with the National Alliance

of Buy-Here Pay-Here Dealers

Learn more at bhphreport.com

Sell cars without protecting your dealership this tax season? I don’t think so.

Spireon GoldStar GPS has your back.1-855-360-9427 | Spireon.com/tracker

ticeable changes, from rising vehicle prices and loan amounts, to

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See your ad rep for details.

Custom Marketing & Other ServicesONLINE

MARKETING WEBINARSBy hosting an exclusive webinar, you provide the topic, presenters and presentation materials. Cherokee Media Group will manage the process and help promote the event. The cost is $6,500 for an exclusive webinar.

With an exclusive webinar, you receive the following:

» Custom marketing campaign

» 45-minute presentation with a 15-minute Q&A session.

» Full data on all registrations (not just attendees!). This includes names, company, title phone number, email address and questions attendees may have had during the webinar.

» Post event metric reporting on marketing campaign.

» Archived webinars on autoremarketing.com/subprime.

14 2018 MEDIA GUIDE

Upload all artwork to sacommunications.com/ad-uploadUsed Car Week Conference

IN PERSON

November 12-16 • The Westin Kierland Resort & Spa • Scottsdale, AZSAVE THE DATE


Upload all artwork to sacommunications.com/ad-uploadUsed Car Week Conference

IN PERSON

20%

29%

15%

17%

12%

7%

ATTENDANCEBY TITLE

Manager 29%

Executive 20%

Senior VP 17%

Director 15%

Dealer / Principal 7%

Other 12%

1330+attendees throughout the entire week of Used Car Week and NAAA Convention

40+Hours ofNetworking

128 Speakers

18 Keynotes

33Workshops

11Panel Discussion

1ST BLOCK 2ND BLOCK

652 900

9%of attendeesattended thefull week

2016 Educational Opportunities

2016 Attendance

Attendance by Conference

Contact us to inquire about sponsorship and exhibiting opportunities.

Why Participate?

Data-Driven ContentBetter position your business and career with data-driven content that offers actionable solutions for addressing your pain-points. Take advantage of cross-learning opportunities that will arm

you with a 360° view of the used-car industry and the impacts of changing consumer behavior, new technologies, regulations and future forecasting.

Brilliant Speakers Connect with and learn from accomplished thought leaders and innovative industry disruptors who will engage you in conversations that will ignite your business engine and strengthen your data-

driven decision-making skills. Personalize your agenda by choosing from a variety of workshops, panel discussions, and keynote presentations.

Expand Your NetworkMeet with the used-car industry’s smartest and most powerful people and expand your professional network during daily

refreshment breaks, evening receptions, and celebratory social events such as luncheons, 5K Fun Run and the NAAA President’s Gala. And those are just a few of the scheduled networking opportunities on the agenda.

Celebrate Industry Excellence Recognize the remarketing and used-car professionals whose record-breaking accomplishments are inspiring the rest of the industry. Join in us in celebrating the

Used Car Awards, Women in Remarketing, Auto Remarketing’s 40 Under 40, Executives of the Year, and other outstanding individuals and companies.

Cutting-Edge Expo HallConnect your brand face-to-face with C-level leaders, decision-makers, and infl uencers who are the driving force behind the remarketing and used-car industry. The Expo Hall is the go-to spot for networking, featuring a curated and engaging experience with

today’s cutting-edge solution providers.

Auto Finance News

Amanda DunlapAssociate Publisher/[email protected], ext. 121

Jessica [email protected], ext. 144

CONTACT US:800-608-7500919-674-6020

919-674-6027 (FAX)

subprimenews.com

Cherise KlugMedia [email protected], ext. 130

Erin SayreSales Support and Media [email protected], ext. 118

Steve [email protected], ext. 156

Nick ZulovichSenior [email protected], ext. 137

Bill [email protected], ext. 117

SubPrime Auto Finance News Magazine is published by

301 Cascade Pointe Lane, Cary, NC 27513

2018 MEDIA KIT subprimenewsmediakit.autoremarketing.com/pdf/SP_MediaKit_2018.pdf · 1. Arbitration 2. Consumer reporting 3. Debt collection 4. Demand-side consumer behavior 6. Mortgages

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