The pandemic “laid the groundwork” for rising fraud risk in 2021 as fraudsters learned to use falsified information and identities to benefit from unemployment and paycheck protection programs, Point Predictive Chief Fraud Strategist Frank McKenna told Auto Finance News. “Auto fraud is an area that these fraudsters now go after trying to use those stolen identities or some of the synthetic identities they created.” Synthetic identity fraud — the combination of real and fake data now totals over 1 Billion in automotive losses annually. We will discuss online technologies that can help prevent losses from this growing threat. These include using smart phone biometrics, smart phone device risk, drivers license identity tech, and credit bureau data checking.
Key Takeaways:
- What “Synthetic Identity” fraud is
- Why dealerships specifically are vulnerable
- Why API technology is the online solution
Electric Vehicles continue to dominate headlines. Sales volumes are increasing as is consumer interest and model availability. While you know this at a high-level, do you know the details of which electric vehicles are selling (by make, model, segment and geography) and which consumers are purchasing these vehicles? Join our workshop to understand the current electric vehicle landscape as well as how the market segment and buyer profile is rapidly changing.
Key Takeaways:
- Electric vehicle sales and registrations are clearly on the rise. Are you aware of details about current registration trends and growth rates?
- California has long been a strong EV market, but what other markets are growing and at what rates? You may be surprised at some of the geographies.
- As the electric vehicle market continues to expand, the buyer profile is shifting. Are you prepared to market to new and preowned electric vehicle buyers?
Learn about how Artificial Intelligence (AI) and alternative data are revolutionizing lending, giving underserved borrowers (with credit ranging from non-existent to good) fair access to funding.
Key Takeaways:
- AI-based decisioning in auto finance can help dealerships serve a broader customer base.
- Dealerships leveraging AI-based auto financing see an increase in backend profit.
- The ease and speed of AI-based auto financing increases customer satisfaction.
The automotive talent market has the highest demand for candidates that any of us has ever seen – internal and external compensation demands are soaring! Opportunities and job offers for talent are skyrocketing. It’s a highly stressful time for employers – with their current employees resigning and open positions piling up, they face a candidate pool that’s becoming shallower and more demanding by the day.
The session will be a discussion about the current automotive job market as well as the habits employers must implement to recruit and retain successfully.
Key Takeaways:
- Current Talent Market (Data around: Compensation Plans/Hiring Times/WFH/Candidate Motivations).
- Recruiting Awareness: You’re not the only game in town. The wolves are everywhere.
- Job 1: Employee / Candidate Experience.
Bridging the Gap: Aligning Sales Processes with Modern Customer Expectations
The auto industry is rapidly evolving, with younger generations of customers becoming more informed and demanding than ever before. They expect quick, seamless, and personalized shopping experiences, yet many dealerships are stuck in traditional sales processes that don’t meet the evolving needs of modern shoppers. We will explore the expanding gap between how dealers sell and how shoppers want to buy, and identify specific ways to close this gap by aligning sales processes with modern customer expectations. This session will identify the latest tech trends and digital retailing best practices, and explore how dealers can adapt and evolve their sales processes to enhance the experience for today’s consumers.
Key Takeaways:
- Attendees will better understand the difference between traditional sales processes and the evolving expectations of modern car buyers.
- Attendees will discover the benefits of a customer-centric sales approach, including increased customer satisfaction, loyalty, sales, and profitability.
- Attendees will learn how to align sales processes with customer expectations by incorporating modern technology, personalization, and transparency into the purchasing process.
Escaping the Race to the Bottom with Smarter Data and Pricing Decisions
Wondering what’s next for automotive? Danny Zaslavsky, dealer principal and auto industry expert, will explain how dealers can escape the pitfalls of traditional one-size-fits-all inventory management tools for acquiring and pricing vehicles. Join his session to learn how to best harness leading edge technology and real-time data insights to surgically price and acquire profitable vehicles for your inventory and then merchandise them to capture their Highest Authentic Value in the market. With the huge market adjustments that are now rippling through the used car market, it’s more important than ever for dealers to be armed with the best data and insights to guide their operations.
Key Takeaways:
- Calculate a vehicle’s Highest Authentic Value™ backed by real-time data
- Identify better market opportunities by identifying gaps between inventory demand and availability to increase gross per copy
- Ride market trends by knowing where the market is going and getting there ahead of your competition
- Increase lot turn by setting the right price the first time
