NADA 2024 Recap

NADA 2024 Recap Informed

Last week, NADA 2024 in Las Vegas, drew over 23,000 attendees. Auto dealers explored new technology and engaged with lenders and vendors. A standout session focused on the combined power of AI and human capital, particularly featuring female leaders. 

On Friday, NADA experts and industry leaders engaged in rapid 20-minute sessions, while Steve Greenfield, CEO of Automotive Ventures, delivered a keynote addressing up-and-coming trends and emphasizing the importance of affordable vehicle transportation.

Origence unveiled a live demo of CollectIQ for their dealers, showcasing advancements in the financing process. CUDL, a credit union lending network, anticipates growth in 2024 through technological enhancements like CollectIQ and Informed’s AI platform. The network plans to introduce a universal credit application and an e-contracting solution to streamline processes for dealers and credit unions. Despite tightened lending standards in 2023, CUDL expects financing volume to increase in 2024 as credit unions ease guidelines.

The importance of consumers having access to their financial data was highlighted, especially in auto finance. The Consumer Financial Protection Bureau’s (CFPB) “Personal Financial Data Rights Rule” aims to provide such access, but the current proposal excludes auto finance, raising concerns about transparency and fraud. Granting consumers access to their auto financing deal jackets could address these issues. Tom Oscherwitz, VP of Legal, informed.IQ provides more commentary here.

NADA also featured a session on employee retention with Julie Becker-Myers from Ally Auto Financial and Josh Johnson, CEO of Don Johnson Auto Group, emphasizing the need for career development over job roles. They stressed the importance of showcasing passion for the industry, providing a positive day-one experience for new employees, and implementing creative approaches like flexible hours to improve retention.

The show also included the much-anticipated unveiling of “car dealership guy,” who shared his personal journey in the industry while keeping his identity anonymous. ASOTU founders also started early in auto and shared their take.

Late nights at NADA helped foster connections and relationships –  the essence of the car business. The Ally dealer reception, featuring Fall Out Boy, exceeded expectations, adding an epic touch to the overall experience.

NADA 2024 Recap Informed

Jessica Gonzalez and Jalyn Wilson of Informed at the Ally Reception

NADA 2024 was not just about industry insights; it also provided opportunities for meaningful connections and relationship-building. The event showcased new technologies, addressed industry challenges, and brought together professionals from various sectors. As the automotive landscape evolves, events like NADA play a crucial role in shaping its future.

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Jessica Gonzalez Director of Lending Strategies
With more than 15 years’ experience in the financial services industry, including tenures at Santander Consumer USA and Visa, Jessica Gonzalez is now the Director of Lending Strategies at Informed.IQ.

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