Predictions, Trends, and Things to Watch for in 2019
In December 2018, an industry expert panel shared short 5 minute rants.
If you have made it to one of our year-end teleseminars in the past, you know the value that we pack into a short time. On this year’s call, Kenny Atcheson and others offered predictions for 2019. Others offered blurbs, found below:
Download the call here for insight from Nick Zulovich from BHPH Report and SubPrime News, Brent Carmichael from NCM Associates, and from Kenny Atcheson from Dealer Profit Pros — and check out the quotes from below. Once on the page for the call you can <right-click> and <save as> to download the audio to your device or listen to it right on that page.
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Chris Macheca, President and COO www.PassTimeGPS.com – “2019 will be a year that brings significant change for GPS asset tracking. Dealers, finance companies, and other businesses using GPS asset tracking will see vast improvements in product technology. They will be able to ‘cut the cord’ with new, cutting-edge wireless GPS solutions–freeing them from the cost and logistical difficulties of device installations. This technology will be monumental in changing the industry and how it uses GPS as well as opening up this technology to segments that have historically not used this kind of technology. To find out more about this technology and how to Cut the Cord, contact PassTime.”
Tom Hudson, Hudson Cook LLP www.Hudco.com – “Rep. Maxine Waters, D-Calif., is set to become chairwoman of the House Financial Services Committee in January. With the Senate in Republican hands, she is unlikely to be successful if she tries to roll back changes to the Dodd-Frank Act; but she can apply pressure to the financial industry and regulators appointed by President Donald Trump. Do you remember Rep. Jeb Hensarling raking BCFP Director Richard Cordray over the coals? Now those shoes are on the other feet, so expect to see Waters mugging new BCFP Director Kathy Kraninger every time she gets a chance. With tough Democratic oversight, expect the Bureau’s management to try to steer away from controversial enforcement and supervisory stances while those Cordray holdovers emboldened by Waters’ committee try to steer the Bureau back toward the edgy side of regulatory oversight. I predict that Kraninger will hold the better hand, but that Waters will keep her on defense as much as possible.”
Scott Carlson, “The Lot Rat” www.AutoZoom.com – “Used car financing dealerships can expect continued long-term pressure on sales volume during 2019 and beyond. Although buy-here pay-here might appear to be a high-risk business to most, properly managed underwriting that uses alternative data scoring coupled with qualitative review can produce extraordinary profits without significant risk.
Because of the volume of stats and information now available through a multitude of sources, many individuals and companies are investing greater amounts of capital into BHPH. During the first five years of building AutoZoom, the common request I heard from financing dealers was for underwriting help building to five locations. The next five years the requests were for help building to 10 locations. Now 16 years into the alternative data scoring business, it is not uncommon for us to hear from dealers wanting help to grow to 25 or more locations.
The BHPH industry is consolidating at an accelerating speed…just look around. Considering the ever-increasing competition all around, used car financing dealerships should seriously consider getting on board with scoring alternative data in order to stay competitive and relevant.”
Jim Jackson, jackson@TeamXL.com – In this short but compelling interview, Jim Jackson was asked to give three reasons why organizations and individuals fail to achieve their goals. Download the interview here for Jim’s insight.