2015 brought the highest sales to the vehicle finance industry since 2006. If this isn’t a good sign for both the industry and economy, I don’t know what is. As Efraim Levy, auto equity analyst with S&P Capital IQ, told CNN, “You’ve got consumer confidence going up, people willing to spend and if they are getting new jobs, they need a way to get there.” In addition to the exciting growth around the industry, the American Financial Services Association (AFSA) is celebrating its 100th anniversary, an impressive and exciting milestone.
While the increasing frequency of enforcement actions by Consumer Financial Protection Bureau (CFPB) and a volatile presidential election year were hot topics in Vegas, the increasing need for digital transformation was not lost on the conference attendees.
The eOriginal team found the conference to be a great opportunity to share insights and compare notes with others in the industry. Our Major Account Manager Brad Pederson noted there’s a big emphasis on stepping back from current processes and trying to take a new look at how to connect with customers to ensure they have a better car buying experience. It was clear from multiple talks in the exhibit hall that technology must play a key role in helping sellers better connect with consumers. Getting to a point where their buying and closing processes are electronic is seen as a key goal that will speed up sales and provide the digital experience that customers have come to expect.
This was especially an eye-opening, and educational event for the newest sales member that will be handling our auto relationships out of Detroit, Jerry Jenkins. To Jerry, it was clear in every conversation that eOriginal is a well-respected provider to the industry and, as a result, has fortuitous access to key decision makers from our clients. He will surely be back for AFSA events again and again.
It was great to interact with customers, partners, and especially those that are just getting started with their digital transformation. Moreover, the interest in transitioning to electronic contracting was evident throughout the conference. Each event I attend, I become more excited for the future of eOriginal, as it is becoming a market differentiator for our clients in the auto industry and our reputation as the digital transactions experts has been truly earned.
Between the increased regulation and a volatile, unpredictable presidential election year, AFSA is clearly busier than ever. Both were widespread topics of discussion and uncertainty. I can’t wait to see what the future has instore for this industry, and am looking forward to the impact eOriginal will continue to make.