The theme for NABD 2017 in Las Vegas May 23-25 was “Embracing Change”. With a wide variety of Buy Here, Pay Here (BHPH) dealership sizes and business practices, change can look different and span a range of business ideologies including varying operating models, technologies, marketing practices and leadership styles. As the Auto market trends downward, making every deal count is ultra important. BHPH dealers have to embrace change…and look for new ways to serve their customers and grow their business.
As part of the “Embracing Change” theme, John Giamalvo, VP of Dealer Services at Equifax, took part in a panel titled, “Best Operating Practices Now and in the Future” to an audience of ~400 BHPH dealers where he fielded many questions surrounding credit reporting—a push in the industry over the past 3-5 years. Many BHPH dealers are concerned about compliance and regulatory issues involved with reporting. John provided insight on a key benefit of credit reporting … ensuring your customers make timely payments while you help build, or rebuild in many cases, their credit. A dealer in the audience, who was asking John a question in relation to credit reporting, said “We always tell our customers we are here to help get you back on your feet … you miss two payments and you WILL be back on your feet” he said in jest. His point being that credit reporting can help BHPH customers. The panel in general agreed that credit reporting is more of a positive than a negative for their businesses–it’s a good change to embrace.
There were many other educational sessions throughout the 3-day conference. Some of the interesting ones we attended included:
- Critical Decisions to Succeed Now
- Legislative/Regulatory Updates
- An Evolutionary View of Wholesale Acquisition
Thanks to the NABD for a great week and a fantastic line-up of information for us and for all BHPH dealers.
DON’T MISS OUR UPCOMING BHPH WEBINAR: “Best Practices on Reporting Consumer Credit Information: Help motivate your customers to make timely payments to improve their credit”
- June 8, 2017
- 1:00 PM EDT
- SIGN UP HERE
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