In October 2021, Santander Consumer USA named Marc Womack as head of operations.
A year later, Womack has been named as the Auto Finance Executive of the Year, an honor presented by Black Book. Womack will officially be given the accolade during Used Car Week, which begins on Nov. 14 in San Diego.
Womack leads all of SCUSA’s operations functions, including loan operations, lease end and auctions accounts, customer experience, operations employee experience, operations business intelligence and reporting, quality management, collections, and operations business controls and risk management.
SCUSA highlighted Womack has more than 30 years of consumer and commercial banking expertise, with experience across multiple product/service segments including auto, credit card, personal loan, commercial lending and insurance.
Before joining Santander, Womack was head of TD Auto Finance, U.S., responsible for the overall leadership and strategic direction of TD’s indirect retail and commercial auto finance businesses. Womack also served TD as chief operating officer where he led the commercial lending, retail operations and field distribution for TD’s U.S. auto organization.
Additionally, Womack was head of U.S. product for TD Auto Finance and chief of staff to TD Bank.
Prior to joining TD, Womack held several senior executive roles at GE Capital, JPMorgan Chase, Capital One, Hyundai Capital America and HSBC.
“With so many talented leaders in the auto finance space, this is never an easy choice for Black Book,” Black Book vice president of sales Susan Moritz said. “We were really impressed with Marc’s breadth of experience in many verticals within the auto finance segment. This combined with his dedication to servant leadership has earned him the highest level of respect within the industry.
“For these and many other reasons, we are proud to honor Marc Womack with the Auto Finance Executive of the Year Award,” Moritz added.
Womack is joining the list of professionals who have been named the Auto Finance Executive of the Year, presented by Black Book. Past honorees include:
—Kyle Birch, GM Financial
—Tanya Sanders, Wells Fargo Auto
—Bill Jones, Regional Acceptance Corp. & BB&T Dealer Retail Services
—Andrew Stuart, TD Auto Finance
—Tommy Moore Jr., First Investors Financial Services
—Ozzie Ramos, National Auto Lenders
—Dan Ulatowski, Credit Acceptance
—Bill Jensen, Chase Auto Finance
—Ian Anderson, Westlake Financial Services
Auto Fin Journal connected with Womack to gather his perspectives on being in the auto finance business and receiving this accolade. His career has been fueled by a passion to help others.
Auto Fin Journal: What do you recollect about your first day in the auto finance industry and what have been the most important lessons since then, shaping the professional executive you are now?
Marc Womack: My first job in the industry was with GE Capital Auto Leasing. That’s when GE actually had an auto lending and leasing business back in 1992. At the time, it was my first job out of college. I was in a finance training program. That business was just going gangbusters at the time. The things that really hit me were just how much impact that business had on the lives of people. What I mean by that is mobility is one of the most foundational things that drives people to be able do what they do. I know it’s simplistic and a little cheesy. But if I can’t get to my job, I can’t make my living. Or if I can’t go and have a means to easily look for work, I can’t take care of my family. I can’t take care of my responsibilities. A lot of what I saw, even from the finance function, was the impact that transaction had on this whole ecosystem. As I got older and started learning, it was about how broad the shadow of the automotive landscape to our country and the people in it. It was awe-inspiring to begin.
AFJ: Who were your mentors, supervisors or teammates who impacted you most during your career and how did they do so?
MW: GE was one of those places where you jumped from job to job about every 18 months if you were considered a high-potential person. I jumped around all over the place, but I always seemed to find my way back to the auto finance business.
At the time, the leader of that business was Sandra Derickson and she was the most senior woman in all of GE at that time. For whatever reason, Sandy took a liking to me. She was incredibly generous with her time. One of the things that I think a lot about is the talks we would have. It was a periodic 30 minutes that we would get together on a quarterly basis; sometimes a little shorter, sometimes a little longer. She was one of those people who knew I needed somebody to tell me like it was. Sometimes, it was, “You need to continue to do this.” And in some cases, it was, “You need to stop doing this.” It was a lot of that really foundational leadership blocking and tackling that thankfully she saw something in me.
With her as a woman and as me being diverse person myself, it’s really made me think about paying it forward and giving my time back to others that can learn from some of my bruised knees and elbows. Also, the first manager of the internship I had was Michael Dinkins. I still stay in touch with Michael to this day. He and I still now 30 years later in contact. Those are the folks who kept me in the fairway so to speak and were quick to snatch me by the collar if I ever got out too far.
AFJ: Conversely, what opportunities have you had to offer guidance to younger associates and what have you shared?
MW: It’s something that I intentionally do. Whether it’s group mentoring or individually, I’m often talking with 10 to 15 people on any kind of periodic basis. It rotates. They’re leaders at all levels. I sometimes get asked to speak to intern classes.
I think what ultimately happens is that there will be one or two of them that understand that people put their pants on one leg at a time every day. Just because you got a fancy title doesn’t mean that you’re not a human being. They’ll ask for 15 minutes. It might not happen for three weeks, but I’ll definitely find 15 minutes to talk. I think that is my responsibility. Just like Sandy and Mike taking the time with me, it’s my responsibility to make myself available.
I think the biggest lesson I try to impart on people is that failure is not fatal. Some of the best learnings I’ve ever had in my career were based on things that I should or shouldn’t have done. It is learning through pain. There’s that old saying that all boats rise with the tide. The learning that have come to me in terms of leadership acumen have happened from mistakes. That’s what I try to tell them.
Another thing people will ask me is what is that I look for in people that I want working around me and on my team. It’s not that I want analytics people or I want sales people or I want operations people. I want people who can learn, and I want people who know how to solve problems. Because if you can do those two things, you will understand that solutions and coming up with great ideas is not a function 100% of intelligence. It’s a function of understanding how to get from here to there. Sometimes, the next best thing that you have to do is not go in a room and think for six hours. It’s to go ask someone who is smarter than you a 30-second question. Knowing the difference between those two and what’s necessary a lot of times is the determining factor between successful and not being successful. A lot of well-intentioned folks want to go and solve it because they want to be the smartest guy. That’s my leadership secret. I surround myself with some people who are smarter than me.
AFJ: What do you enjoy most about auto financing? What stirs your passion for this particular business?
MW: I’ve spent a lot of time in credit cards and some commercial banking. But I always seem to find my way back to auto. I think it’s because the success is really dictated on how well you treat other people. I think that’s a distinct nuance because even though auto lending is a consumer lending product and that is a lot of times driven by who’s got the best rate and who’s got the best thing. There’s a lot of what some people characterize the relationship part of the auto business. But I really think that it’s about how well do you take care of other people’s customers? How well do you take care of other people’s problems? How are you considering all of those things as you do what you do? To me, that’s the last key driver of incremental success. It’s easy to get lots of business if you’re the cheapest rate. I can lower prices and get more business. Auto lending is largely commodity priced. But I think some of the most nuanced successes in the business have been around the margins of where people have come up with unique things that help take care of customers in a better way. That excites me and it keeps me fired up to try to continue to find those ways to demonstrate that I take care of customers better than others. The nature of business today is still largely supported by dealers. But as that continues to evolve and change over time, the people that want to be comfortable with those they work with are going to think about taking care of their customers in the same way they do.
AFJ: What’s your reaction to be named this year’s Auto Finance Executive of the Year?
MW: Any time you’re recognized by somebody who has looked at what you’ve done over the body of your career, it’s humbling. It makes you feel like you’ve made a couple of good decisions over the course of that period of time. The words that come to mind is I’m honored and humbled by the recognition. It blows me away that somebody looking at me from the outside thought enough to recognize me in this way. It’s very humbling. I’m truly honored by the recognition.
Tarry Shebesta has been involved with the National Vehicle Leasing Association (NVLA) for 22 years.
And during NVLA’s annual conference in Tucson, Ariz., Shebesta was presented with the 2022 Clemens-Pender Lessor of the Year Award, which is the organization’s highest honor.
The Clemens-Pender Lessor of the Year was started in 1977 and is given annually by NVLA. The award was established to memorialize two pioneers of the vehicle leasing industry that formed the early roots of NVLA.
“Frank Pender and Jack Clemens were dedicated, hard-working vehicle lessors who exemplified the highest standards of the industry,” officials said in a news release.
“The award is given to the NVLA member lessor who best exemplifies the highest standards of professional conduct, dedication to the association and industry, hard work, and ethics,” they continued.
After Shebesta joined NVLA in 2000, he was nominated to the board two years later. Then in 2005, he took the reins as president for NVLA’s 40th anniversary year, the first time an Ohio member became president.
Shebesta is NVLA’s longest active serving board member. He’s held multiple board positions, chaired many committees, written industry articles, taught seminars, and helped navigate the organization through the industry crash of 2008.
“I’m honored to receive this prestigious NVLA award and humbled to be in the same company as past honorees,” said Shebesta, who also is CEO of ACS Financial & FinTech. “My passion for bringing innovative solutions to the leasing industry has only been possible with the collaborative efforts of colleagues and fellow board members.“
In 2023, Shebesta is in line again to take the helm as NVLA president.
Continuing the Cherokee Media Group series of award programs that honor the most dedicated and talented professionals from throughout the used-car industry, we proudly showcase this year’s Women in Auto Finance, presented by DRN | MVTRAC.
The 12 honorees specialize in crucial skills such as accounting, computer science and law. They hold some of the most important positions at their respective companies, and they provide critical guidance and produce high-level results.
This year’s group includes:
—Michele Baumeister, vice president of originations, Consumer Portfolio Services
—Franka Bicolli, vice president of treasury, Westlake Financial
—Amy Clum Holbrook, partner, Weltman, Weinberg & Reis Co.
—Meredith Garland-Hannifin, chief compliance officer, Exeter Finance
—Rebecca McClain, director of marketing, programs and products, Porsche Financial Services
—Carri McQuerrey-Funk, head of vendor management, Citizens Bank
—Kelly Miller, chief legal counsel, Allied Solutions
—Jennette Roberts, head of compliance, DriveTime Automotive Group
—Linda Torres, indirect lending manager, Royal Credit Union
—Maite Vega, chief operating officer, Megasys
—Stacey Warren-Carter, finance manager, Johnny Londoff Autoplex
—Angela Walsh, director of compliance, Byrider
Along with being showcased in the August edition of Auto Fin Journal, the award winners will be highlighted during Used Car Week, which begins on Nov. 14 at the Manchester Grand Hyatt in San Diego.
To join us for the networking and learning event of the year, go to www.usedcarweek.biz.
LendingTree named iLending as the No. 1 customer service provider for the first quarter in the automotive category.
According to a news release from the refinancing provider, this announcement marks the third time in the previous four quarters that the company has earned the No. 1 status at LendingTree, and the sixth consecutive quarter of being a top 3 service provider.
Tom Holgate, chief executive officer of iLending said in the news release that the company “has a demonstrated track record of leadership in the automotive refinance space and it is a thrill to see the team honored again for their efforts in providing our customers with a positive experience as we help them with their refinancing needs.
“Guided by our core values, we will continue to strive towards providing our current and future customers with easy, transparent and accessible opportunities to save money,” Holgate continued.
LendingTree is one the largest financial marketplaces for loans, credit cards and insurance with a mission to make it easy to compare real-time competitive offers from several providers so consumers can save time and money by finding the best deal possible.
Renee Brown explained that LendingTree’s mission aligns with iLending’s customer-centric approach, which is why they have been partners for more than 10 years.
“Validation from customers and our partner in the form of positive reviews and achieving the No. 1 customer service provider is fantastic,” said Brown, who is chief marketing officer at iLending.
“The customer journey is of utmost importance to us as we know customers are sometimes confused and anxious about the process. We’ve worked hard to be the provider that removes anxiety and brings happiness and relief to our customers in the form of money saving car loan refinances,” Brown went on to say.
Lendbuzz appears to be putting nearly $700 million in growth resources to good use.
The firm that is striving to modernize what it contends is an “outdated” auto-finance industry, using artificial intelligence with a focus on serving consumers who have thin or no credit history in the United States, has been named to the Forbes list of America’s Best Startup Employers 2022.
This prestigious award is presented by Forbes and Statista, a leading statistics portal and industry ranking provider.
America’s Best Startup Employers were selected based on an innovative methodology evaluating employer excellence in three ways:
● Employee satisfaction: Extensive research was conducted on average length of employment and online employer reviews
● Employer reputation: Company specific information was algorithmically extracted from social media channels such as news sites, micro-blogs, blogs and social networks
● Company growth: comprehensive evaluations of website traffic, headcount growth rates, and industry-referenced job openings
“The success of Lendbuzz is built on the efforts of our team. We’ve created an environment that thrives on diverse backgrounds, perspectives, and expertise, all in service of a common goal.” chief executive officer and co-founder Amitay Kalmar said in a news release.
“Being named to this list reinforces that what we’re doing as a company — and as a culture — is working well, and we owe it all to our people and our partners,” Kalmar continued.
To be considered for the ranking, employers need to have a headquarters in the U.S., and be founded between 2012 and 2019. The final list recognizes the top 500 companies based on more than 8 million data points.
Last June, Lendbuzz announced a $360 million investment, including $60 million in Series C equity financing led by Wellington Management joined by Goldman Sachs & Co and MUFG Innovation Partners, and $300 million in debt financing led by Goldman Sachs Bank USA.
Cherokee Media Group proudly announced the next group of selections for the Emerging 8; an award program that honors companies that improve a specific aspect of the automotive industry through technology.
These honorees are on the cusp of automotive innovation and tech development. They’re all “on to something” that could turn the dial on their respective aspects of automotive.
This year’s group includes:
Bayley
Car Capital
Dealer Trade Network
HopDrive
Lender Compliance Technologies
Notarize
Recurrent
TrueSpot
Along with being profiled in the April edition of Auto Fin Journal, the upcoming Auto Intel Summit will include the Emerging 8 luncheon with Automotive Ventures chief executive officer and founder Steve Greenfield serving as the emcee when each honoree will be recognized.
The Auto Intel Summit is set for April 12-14 in Raleigh, N.C.; an event that’s designed to answer “what’s next” in how vehicles are wholesaled, retailed and financed.
To see the agenda and to register, go to www.autointelsummit.com.
Tricolor now has quite an accolade on its digital mantle.
The company announced on Wednesday that it has been named the LendIt Fintech Industry Award winner for Excellence in Financial Inclusion. Tricolor highlighted that it was honored for its use of advanced technology as the core of a purpose-driven model that significantly and measurably improves physical and financial mobility for the millions of underserved Hispanics in America.
Tricolor said through a news release that 60 million Hispanics live in the United States, yet more than a third have no or limited access to mainstream credit, creating financial and transportation challenges for a fast-growing segment of the American population that is forecast to make up more than 30% of the U.S. workforce by 2060.
Tricolor leverages artificial intelligence, nearly 15 years of proprietary customer insights and more than 23 million unique non-traditional credit attributes to unlock financially inclusive opportunities for low-income, credit invisible Hispanics.
To date, Tricolor — a U.S. Department of the Treasury certified Community Development Financial Institution (CDFI) — said it has originated nearly $2 billion in financing as part of its mission to empower underserved Hispanics and provide them with a path to a better future through both physical and upward financial mobility.
“We are honored to be named winner of the LendIt Award for Excellence in Financial Inclusion and grateful for their recognition of our commitment to advancing financial opportunity in America,” Tricolor founder and chief executive officer Daniel Chu said. “Access to affordable credit to purchase a vehicle unlocks opportunity, and our A.I.-powered platform expands financial inclusivity for consumers.
“We believe that when barriers to economic equality are lifted, everyone benefits. We will continue to grow in service to our mission and to help our customers more equitably pursue the American dream,” Chu went on to say.
Over the last year, Tricolor added that it has worked aggressively to expand its mission-driven, AI-powered approach to reach even more customers.
As part of this effort, the company recently launched a new software-as-a-service (SaaS) business unit named Tricolor Financial to scale the company’s proprietary scoring capability even further.
Tricolor also announced a $90 million equity investment from BlackRock to help fund these initiatives.
Tricolor Financial president Stephanie Hanson is one of the executives on deck to appear during the Auto Intel Summit, which runs from April 12-14 in Raleigh, N.C.
The event is designed to answer the question of “what's next” regarding technology impacting how vehicles are wholesaled, retailed and financed.
And you can save as much as $400 with early bird discounts available until March 14.
More details can be found at www.autointelsummit.com.
For more information about Tricolor, visit tricolor.com and tricolorholdings.com.
The 2021 Auto Finance Innovators Award: Top 100, which recognizes auto finance professionals who have made significant technological contributions to their company and the industry, were announced on Tuesday, as six category award winners were chosen by a panel of industry executives, influencers and media leaders.
The awards, sponsored by Lightico and Auto Fin Journal, come on the heels of significant innovation in the auto finance industry during the last 18 months.
The six award winners include:
• Innovator of the Year (Captive): Bob Beatty, executive vice president and chief experience officer at GM Financial
• Innovator of the Year (Subprime): Andy Clements, chief servicing officer at Global Lending Services
• Innovator of the Year (Service Provider): Ken Kertz, vice president of transportation segment at FICO
• Digital Transformation Leader of the Year: Tanya Sanders, head of auto at Wells Fargo
• Innovative Entrepreneur of the Year: Brian Reed, founder and chief executive officer at Digital Auto Advisors
• Innovative Initiative of the Year: Stefan Christman, GM sales operations at BMW Group Financial Services
“It is an honor to be recognized with other fantastic auto finance leaders that have done so much to help innovate within our industry,” said Sanders, who also was the 2020 Auto Finance Executive of the Year. “Congratulations to everyone honored for finding ways to innovate in support of dealers and car buyers."
The category winners as well as the complete list of the top 100 can be found on the awards website.
“This is a great group of leaders who are doing some wonderful things in auto finance innovation,” Reed said. “I’ve worked with hundreds of executives in the field and without a doubt, the push for technology is the biggest game-changer of our time leading to better business and better customer service.”
Lightico chief executive officer and co-founder Zviki Ben Ishay shared these perspectives.
“We work with a number of industries to help them digitalize their processes but auto finance is quite unique because of the inherently hungry and competitive nature of the industry,” Ben Ishay said. “This makes working with auto finance professionals who are looking to innovate that much more exciting and impactful.
“It takes significant know-how, a desire to learn, a thirst for change and even courage to innovate in turbulent times — and these leaders have shown they have all of that, in spades,” he added.
The judging panel included:
• Grene Baranco, VP, eCommerce, Mercedes-Benz of Buckhead
• Don Gottwald, recently retired from KAR GIobal as chief operating officer
• Glenn Munro, president at Lender Compliance Technologies
• Ian Smith, recently retired CEO of BMW Financial Services USA and Region Americas
• Marguerite Watanabe, president at Connections Insight
• Rich Zellner, president at Automotive Resource Group, Inc.
• Nick Zulovich, senior editor of SubPrime Auto Finance News and Auto Fin Journal, part of Cherokee Media Group
“Out of all of the fantastic leaders we considered, these are really the best of the best when it comes to having a significant impact on both their company and the industry,” Zulovich said. “With the business challenges we continue to face, technological innovation has never been more important.”
Lightico, in collaboration with Auto Fin Journal and six industry leaders, recently announced the top 100 list of leading innovators as part of the 2021 Auto Finance Innovators Award: Top 100, which recognizes auto finance professionals who have made significant technological contributions to their company and the industry,
The selections were made by a panel of current and former industry executives, media and influencers and arrive on the heels of significant innovation in the auto finance industry during the last 18 months.
“The auto finance industry has made huge strides in the past few years to innovate and digitalize –– especially during the last 18 months,” said Marguerite Watanabe, president at Connections Insight and one of the program judges.
“This innovation needs to continue as consumer expectations for digital auto lending remain high and competition stays fierce. The nominees are impressive executives who have brought significant innovation to their company –– and to the industry as a whole,” Watanabe continued.
The complete list of the top 100 can be found on the awards website.
“It has been remarkable to see just how dedicated many of the auto finance industries’ leaders are to pursuing and implementing tech innovation to match and surpass customer expectations,” Lightico chief executive officer and cofounder Zviki Ben Ishay said. “I thank the judges who have given their time to this important initiative and applaud all those who were nominated and work tirelessly to improve the auto finance industry.”
Category winners, judged by the select panel of industry veterans, will be announced in the coming months.
Along with Watanabe, that panel included:
• Grene Baranco, who is vice president of eCommerce at Mercedes-Benz of Buckhead
• Don Gottwald, who recently retired from KAR Global
• Glenn Munro, who is president at Lender Compliance Technologies
• Rich Zellner, who is president at Automotive Resource Group
• Ian Smith, who recently retired as CEO of BMW Financial Services USA and Region Americas
• Nick Zulovich, who is senior editor of Auto Fin Journal
“It’s wonderful to celebrate the innovation successes and impact that all of the nominees have brought to our industry,” Munro said. “Without a doubt, new technology –– whether risk-management, digital contracting, AI or customer experience-focused –– will be the single most important agent of change in the auto finance industry.
“Those leaders who are innovating today will quickly see the impact it will have on their businesses and their peers,” he went on to say.
Zest AI, provider of software for underwriting driven by artificial intelligence, recently won the 2021 Finovate Award for Best Use of AI/ML.
The company highlighted the award goes to the bank, financial institution, or fintech that uses artificial intelligence/machine-learning technology to the greatest effect, creating new capabilities that are only possible through AI/ML.
The Finovate Awards were created to recognize excellence in innovation within the broader fintech community.
“It’s great to be recognized by the panel of Finovate judges as Best Use of AI/ML in finance,” Zest AI chief executive officer Mike de Vere said in a news release. “Our mission since day one has been to make fair and transparent credit available to everyone. The best way to do that is by helping banks, and credit unions of all sizes adopt AI-driven risk models, make better decisions, and say yes to more people.
“This award validates all the hard work Zestians have put in to build the best AI lending solution,” de Vere continued.
Zest highlighted that a growing number of banks and credit unions are turning its software to make better underwriting decisions.
Zest-built underwriting models are designed to “break the limitations of legacy credit scores” to identify more good borrowers. As a result, the company said clients using Zest-built models have seen 15% to 20% increases in approval rates with triple the automation and more inclusion.
Zest added that its customers have delivered nearly 7 million AI-powered scores to date across more than $120 billion in portfolios. As a result, the company said Zest clients have saved more than $1 billion in profit from reduced credit losses.
