Santander Consumer USA president and chief executive officer Jason Kulas insisted the finance company has “more data than almost anyone else in the subprime space.” So when SCUSA cut back on its core non-prime retail originations by 15 percent during the first quarter, Kulas emphasized how that data helped to maintain “disciplined” underwriting standards.
"What we constantly do is we look back to prior vintages and leverage the performance that we are seeing into how we price new originations to make sure we’re doing everything we can to maximize the value going forward of those new originations," Kulas said when SCUSA hosted its first-quarter conference call with investment analysts.
“And so that process of optimizing the risk return happens right now to be impacting our subprime capture,” he continued. “But it’s not an effort to reduce our exposure to subprime. It’s again a result of this optimization process that we go through constantly.”
As much as Kulas and the SCUSA team examine their own data, the finance company boss acknowledged that Santander also is watching what other players in the subprime space are doing.
“On a comparative basis, it seems that there are markets willing to be a little bit more aggressive on certain pockets of those than we are right now,” Kulas said. “Look, we don’t see any concerning overall trend in terms of individual players. But I will point out that we are seeing some of the same trends we mentioned in the last quarter, where in general the larger players, the more sophisticated players with more data as a group have lost share to the smaller, maybe less sophisticated and in some cases less disciplined competitors.”
“We will continue to focus on maintaining the right risk, we’re balanced, and making sure we originate assets that come through cycles. And in future quarters, it could be a different result; it’s booking less subprime loans as a result of that process, not the overwriting goal,” he went on to say.
More of SCUSA’s data pointed to a retraction in the subprime space. Santander reported that its Q1 2016 net charge-off rate rose to 8.2 percent, up from 6.1 percent in the year-ago quarter. Meanwhile, because of the pressure from declining wholesale used-vehicle prices, SCUSA’s recovery percentage dipped to 51 percent in the first quarter, down from 59 percent a year earlier.
“Our losses are driven by the higher concentration of deeper subprime assets that we originated in early to mid-2015,” SCUSA chief financial officer Izzy Dawood said. “Based on our analysis and historical experience, we anticipate the deeper subprime assets will have this deeper loss curve earlier in the last cycle of the loan and then transition to follow a normal loss curve over the full life.”
Dawood also touched on how all the data SCUSA has at its disposal prompted him to describe 2016 as a “transition year” in regard to the ABS market.
“Clearly I think the market — especially the capital markets — are going through a transition phase as the Fed raises rates and as investors evaluate the risk return thresholds,” he said.
Economists from Stifel, Nicolaus & Co. and Comerica Bank each shared commentaries late last week that shed light on two general economic trends that can have an impact on auto financing — retail sales and employment.
Stifel chief economist Lindsey Piegza highlighted that fueled in part by a 3.2-percent gain in vehicle sales, overall April retail sales exceeded expectations by moving 1.3 percent higher, representing the largest monthly gain since last March.
Piegza also mentioned gasoline station sales rose 2.2 percent in April following a 3.1-percent rise in March. She computed that excluding gasoline, retail sales rose 1.2 percent in April, and excluding autos and gasoline, retail sales increased 0.6 percent — a two-month high.
Should the developments mean a consumer comeback? Not so fast, according to Piegza.
“While retail sales buoyed nicely in April, following three consecutive months of minimal or negative growth, one month’s improvement centered on autos and gasoline purchases is not enough to be considered a comeback,” she said. “After all, in many cases, the gains in April sales simply helped to offset declines in March or earlier weakness.
“While April’s rise is a welcome improvement from disappointing spending activity early on in the year, a full-scale comeback, it is not,” she continued.
Going forward, Piegza pointed out that the consumer continues to face many of the same pressures that resulted in a significant pullback in spending January to March, including modest income growth and a still-heavy reliance by employers on temporary, part-time and low-cost labor.
“Low gasoline prices will help provide a floor to spending but will not indefinitely support a robust and healthy consumer,” she said. “Without underlying support from a meaningful and sustained rise in wages, the consumer is unlikely to be able to maintain this type of outsized monthly spending seen in this morning’s April report for very long.
“Still, after a 0.5-percent increase in topline activity in the first quarter, any improvement in consumer spending — even short-lived — will help support a better growth profile April to June,” Piegza went on to say.
Meanwhile, Comerica chief economist Robert Dye touched on employment metrics in his latest analysis.
Dye noted the Job Openings and Labor Turnover Survey for March showed an uptick in the job opening rate to 3.9 percent.
“This tied the mark for the strongest job opening rate since the series began in December 2000,” he said.
Tempering that upbeat development, Dye said, is that weekly initial claims numbers for unemployment insurance have drifted up. For the week ending May 7, initial claims for unemployment insurance increased by 20,000 to hit 294,000. The initial claims number of 248,000 reported on April 16 was a multi-decade low.
“The bounce off of the mid-April low was fed by an increase in manufacturing layoffs. This trend bears watching. We expect that initial claims will level out in the coming weeks,” Dye said.
Metrolina Credit Co. recently opened its sixth full-service branch location, marking the third expansion within North Carolina and South Carolina since the company was acquired by ML Credit Group in 2013.
Now operating to serve customers within the markets of Winston-Salem and Greensboro, Metrolina has a branch located in Kernersville, N.C. Each office is a full-service lending and collection facility for Metrolina, which acquires and services automobile and light truck installment contracts that it purchases from dealers in the local market.
“We are thrilled to announce our new branch opening servicing the Winston-Salem and Greensboro markets in North Carolina’s Triad Region,” said ML Credit Group president and chief executive officer Doug Marohn. “We have been servicing this area as a targeted expansion market for some time with great success. This branch will complement and expand our already robust presence in the Triad Region.”
“We continue to reap the benefits from the performance of our proven branch-based business model in all of the markets we serve,” Marohn continued. “The opening of this branch reinforces our commitment to controlled organic growth and expansion to additional markets in multiple states.”
More information about Metrolina can be found at www.metrolinacredit.com.
Back when Brett Roberts started his career at Credit Acceptance in 1991, you could buy a single song— on cassette tape — and the longest term the subprime finance company had in its portfolio stretched to just 24 months.
Now in 2016, Roberts is the company’s chief executive officer and you still can purchase just one song — digitally on iTunes — and Credit Acceptance is now booking paper with terms as long as 72 months.
When the company hosted its latest conference call to share its first-quarter results, Roberts reflected back on how Credit Acceptance has navigated industry changes, just like how the music scene abandoned cassettes in favor of digital products.
“When I joined the company in 1991, the longest loan term we would do is 24 months,” Roberts said. “As we got comfortable with our ability to forecast and to price and to track loan performance over time, we decided to experiment with a longer term and so we went from a max term of 24 months out to 30 months.
“When we did that, we didn’t have any 30-month loans in our portfolio so we had to make an educated guess about how a 30-month loan might perform relative to 24 months,” he continued. “We weren’t 100-percent confident in that guess, so what we did is we piloted it with a small group of dealers. We began to accumulate some data. As we became comfortable that we could forecast loan performance for a 30-month loan, then we began to roll that out as part of our standard program.”
Roberts explained that Credit Acceptance repeated that strategy often during the past 25 years to the point where the company hit its maximum term of 72 months that became available to its dealer network last year.
“We approached it the same way as we did back in 1991,” Roberts said. “We rolled it out to a small group of dealers. We had to guess to some extent because we didn’t have any 72-month loans in our portfolio. So we made an educated guess.
“We’re now accumulating the data,” he continued. “We write a very small percentage of our total loans at 72 months, but as we continue to accumulate more data, we’ll get more comfortable to write more of that business.
“The average term might continue to creep up depending on how comfortable we are with that 72-month loan term. We don't have any plans at this point to go out to a longer term than 72 months, so that might mitigate some of the increase going forward,” Roberts went on to say.
More competition for business
Even though Credit Acceptance is stretching its terms to satisfy buyer requests coming from its dealer network, the company is still seeing competitive challenges. Credit Acceptance’s active dealer network blossomed by 24.9 percent during the first quarter, climbing from 5,996 to 7,488.
But the metric that caught Roberts’ attention is the volume of contracts being booked from those dealers — a pace that softened 2.9 percent year-over-year.
“The environment continues to be difficult. I think the most relevant number is volume per dealer, which was down 3 percent year-over-year,” Roberts said. “We look at that as an indicator of where we stand from a competitive environment perspective.
“We feel pretty good about our ability to continue to sign up new dealers even when the environment's difficult,” he continued. “So the strong unit volume growth we had for the quarter was really more a function of that than it was any kind of easing in the competitive environment.”
Credit Acceptance reported that it originated 73,329 contracts during the first quarter, which was 202 more deals than the same period a year earlier.
Regulatory update
Credit Acceptance confirmed in a regular filing with the Securities and Exchange Commission that the company received a subpoena from the Maryland attorney general on March 18, relating to the company’s repossession and sale policies and procedures within that state.
Senior vice president and treasurer Doug Busk touched on the matter during Credit Acceptance’s conference call.
“In terms of the Maryland matter, as we disclosed, the subpoena is focused on our repossession and sale policies and procedures in the state of Maryland,” Busk said. Not unusually in these types of matters, we don’t really have any insight into why we received the subpoena. We are in the process of providing responsive information to the AG in the state of Maryland.
“I don't think there’s any commonality relative to this and other subpoenas or regulatory actions. I think it’s just more evidence of a very heightened regulatory environment out there,” he continued.
“In terms of the collection practices, being in business as long as we have, we’ve been focused on doing things right from a regulatory perspective. So we assess the (Consumer Financial Protection Bureau’s) position on that and really anything else and make changes to our business if we think it’s necessary to meet their expectations,” Busk went on to say.
Completion of $350.2 million asset-backed financing
In other company news that came to light just this week, Credit Acceptance announced the completion of a $350.2 million asset-backed non-recourse secured financing.
Pursuant to this transaction, the company said it contributed loans having a net book value of approximately $437.8 million to a wholly-owned special purpose entity that will transfer the loans to a trust, which will issue three classes of notes:
| Note Class |
Amount |
Average Life |
Price |
Interest Rate |
| A |
$233,180,000 |
2.48 years |
99.97676% |
2.42% |
| B |
$68,210,000 |
3.09 years |
99.97433% |
3.18% |
| C |
$48,830,000 |
3.32 years |
99.97421% |
4.29% |
Credit Acceptance highlighted the financing has three characteristics, including:
• Have an expected annualized cost of approximately 3.2 percent including the initial purchaser’s fees and other costs
• Revolve for 24 months, after which it will amortize based upon the cash flows on the contributed loans
• Be used by the company to repay outstanding indebtedness.
Credit Acceptance indicated that it will receive 6.0 percent of the cash flows related to the underlying consumer loans to cover servicing expenses. The remaining 94.0 percent, less amounts due to dealers for payments of dealer holdback, will be used to pay principal and interest on the notes as well as the ongoing costs of the financing.
“The financing is structured so as not to affect our contractual relationships with our dealers and to preserve the dealers' rights to future payments of dealer holdback,” the company said.
Nissan Motor Acceptance Corp. (NMAC) recently selected Sword Apak’s Wholesale Floorplan Finance System (WFS) to improve dealer satisfaction and support growth targets in North America.
Officials highlighted that NMAC sought a new floor planning solution that could provide an outstanding level of service to dealers and enable them to remain competitive and continue business growth in the marketplace. The new solution had to provide real-time processing and a user-friendly customer interface for dealers, offer enhanced loan processing functionality to improve operational efficiency, and eliminate manual procedures while also ensuring the highest levels of compliance.
After a rigorous selection process, officials highlighted Sword Apak’s WFSv6 was selected.
WFSv6 will include traditional floor plan products along with non-floor plan products including mortgages, working capital, equipment and term loans to its dealer portfolio. The system will be hosted by Sword Apak as an SaaS solution, utilizing Sword Apak’s WFSv6 core functionality and its enhanced reporting tool.
The WFS system will be implemented in the U.S. and Canada and is expected to go live in 18 months.
Sword Apak vice president of business development Doriene Viera said the WFS solution provides options for Nissan to further expand the platform and rollouts across the wider Nissan Global Sales Finance regions.
“We are delighted to have been selected by NMAC to support its business in North America and beyond,” Viera said. “We have over 35 years of experience supporting businesses and we look forward to bringing our integrated business and IT expertise to the NMAC project to support the company’s global growth plans.”
DriveTime Automotive Group ownership is eliminating its subprime auto finance company that originated paper with franchised and independent dealerships for the past five years. GO Financial president Colin Bachinsky said the company stopped accepting applications from dealerships late on Wednesday.
During an exclusive phone conversation with SubPrime Auto Finance News, Bachinsky emphasized why DriveTime owners chose to wind down GO Financial, which launched back in 2011. Bachinsky explained the reasoning behind ownership's decision in light of GO Financial pushing out a pair of securitizations last year.
“This is not a performance-based decision at all,” Bachinsky said. “There’s obviously been some negative news tied into the ABS market over the last six months. This is not at all in our belief regarding the stability or the overall sentiment of the ABS market. It has nothing to do with that. It’s all to do with the uses of resources and capital.”
GO Financial currently has about 65,000 accounts in its portfolio, which the company still will continue to collect payments from those consumers until terms are expired “to maximize the return on that asset that we’ve built,” according to Bachinsky.
“We’re happy to see that those loans are continuing to perform and those pools are continuing to perform better than expected and better than what the ratings agencies placed those expectations,” Bachinsky said. “Our securitizations are performing better than expected, and we have not seen any deterioration in our portfolio. We would expect that positive continuing.”
Bachinsky explained that GO Financial soon would finalize the underwriting process stemming from the dealership applications it accepted through Wednesday. By May 27, he expects that the company would have all of its originations completed.
“If we have some straggling documentation requests over the next several months, we’ll be working through those with our dealers. We have a project plan pulled together to mitigate our risk there,” Bachinsky said.
Bachinsky told SubPrime Auto Finance News that DriveTime leadership discussed what to do with GO Financial for the past several months and reached a decision last week. GO Financial’s 530 employees were notified on Monday.
Bachinsky indicated that GO Financial will retain about 250 workers who will manage the current outstanding portfolio, oversee collections and handle other chores associated with customer service. The company plans to have its account holders continue to make payments as they have been while keeping its online payment portal open as well.
“Nothing changes for those people. They will continue to pay GO just like normal,” Bachinsky said.
What eventually will change are the positions for GO Financial’s workforce. Bachinsky highlighted that more than 90 percent of that group is destined for posts within DriveTime’s portfolio of companies. That collection includes:
— Carvana, an online vehicle retailer with a growing network of distribution locations in states such as Florida and Texas.
—SilverRock Holdings, which provides F&I products such as extended vehicle service contracts, global positioning system (GPS) theft recovery products, guaranteed asset protection products (GAP) and auto insurance solutions to consumers through independent and franchised dealers as well as the newly rebranded.
—Bridgecrest Acceptance, which launched earlier this year as a licensed third-party servicer for servicing installment contracts for DriveTime and other affiliated finance companies.
“It’s definitely difficult, being a part of GO since the very beginning,” Bachinsky said. “From that perspective, it’s difficult, but I recognize it’s a business decision. It’s just a continuous evolution of our overall model and family of companies.
“The good news is we’re a part of this larger group of growing companies,” he continued. “All of those companies are continuing to grow. Our owners are looking at it from the standpoint of looking at the different businesses that are growing and what resources are available; just trying to reallocate those resources both in the form of capital as well as people back toward these other businesses.”
F&I Express recently finalized an integration with First Equity Payment to better serve their dealership clients by fully integrating their eContracting capabilities.
F&I Express has aggregated a network of more than 110 automotive aftermarket insurance providers in an online portal accessible by its dealers.
“First Equity Payment is an acknowledged innovator in automotive payment processing,” F&I Express president and CEO Brian Reed said. “The addition of First Equity Payment to the F&I Express network will now allow its many dealers a responsive payment alternative and the best-in-class solution for aftermarket providers.
“This is an additional step forward in our efforts to assist the auto industry to bring more F&I processes online,” Reed continued.
First Equity Payment can help customers take control of their finances by enabling them to manage payments better and build equity faster. Dealers then can benefit from a faster selling cycle and the ability to improve per vehicle financed (PVF) thru First Equity Payments’ additional benefits tool.
“First Equity Payment has been enthusiastically anticipating the partnership with F&I Express and their extensive eContracting network,” First Equity Payment chief executive officer Guy Manasse said.
“F&I Express is the dominant player in digital contracting, and their extensive aftermarket reach provides the most flexibility to agents and dealers, bar none. This partnership creates opportunities for agents and dealers who play a serious role in the F&I process,” Manasse went on to say.
Tony Hughes and Michael Vogan of Moody’s Analytics proposed what some finance company executives might consider an outside-the-box idea to help their customers who are stretching contract terms as long as possible in order to keep monthly payments affordable and then running into costly vehicle repairs.
Hughes and Vogan discussed their plan within a white paper shared recently with SubPrime Auto Finance News titled “Alternatives to Long-Term Car Loans?” The experts described how vehicle equity lines of credit could provide relief for consumers they categorized as “cash-strapped subprime borrowers.”
Before going into an example of how the strategy might be beneficial to both consumers and finance companies, the pair said, “These folks may not be able to afford the monthly payments on a traditional five-year loan but could cover a seven- or eight-year commitment. We briefly propose a solution that will allow budget-constrained borrowers to buy a vehicle, build equity therein, improve their credit standing, and still cover potential emergencies.”
Here’s how Hughes and Vogan explained the concept: “If I buy a new Toyota Camry with a minimal down payment, I will hold about a $12,000 asset after my five-year loan has expired. With an eight-year loan, by contrast, I will have about $1,000 in equity at the same point in the life of the vehicle.
“In terms of monthly principal payments, the five-year loan is about $150 extra per month at the outset of the period, assuming a 12 percent annual percentage rate on each loan. Interest payments are lower for the shorter term loan,” they continued.
“In comparing these loan structures, bear in mind that in one case, the borrower is being forced to save in the form of illiquid vehicle equity,” they continued. “In the other, the borrower pockets cash that can either be saved for a rainy day or spent on other forms of consumption.”
Hughes and Vogan called their recommendation “a middle ground” between the long-term loan and the traditional five-year financial structure. They suggested that a line of credit proportional to the amount of equity held in the vehicle is offered to the borrower at the outset of the loan. The line is initially zero, assuming that the vehicle is financed at full economic cost.
As loan payments consistent with a five-year term are made, and as equity in the car slowly builds, Hughes and Vogan pointed out the size of the available credit line also increases.
If the proposed structure uses a 50 percent multiplier, after one year a $500 secured credit line will be available to the borrower, according to the calculation by Hughes and Vogan. After two years, $1,500 will be available to the client to cover potential emergencies or spending requirements.
At the end of five years, the borrower will have clear title to a $12,000 car and a $6,000 credit line.
“There is no doubt that longer-term loans have expanded access to vehicle credit for poorer buyers,” Hughes and Vogan said. “The risks with such loans, however, are manifest.
“The industry should be looking at other, potentially safer ways to make vehicle finance accessible by subprime borrowers,” they continued. “The combination of a tougher five-year repayment schedule and access to a secured credit line may be a useful addition to the financial arsenal that might increase the welfare of borrowers and lenders alike.”
GWC Warranty recently hired Tom Blackwell as its new area vice president of training.
The company highlighted that Blackwell will lead the development and implementation of innovative training programs for GWC Dealer Consultants, providing them with the tools and resources to further improve the customer service the GWC sales team already provides. In doing so, Blackwell’s efforts will be aimed at helping dealers sell more vehicle and make more money.
“The addition of Tom Blackwell to our talented sales leadership team will only help amplify the best-in-class experience we are committed to providing the thousands of dealers we serve nationwide,” GWC Warranty chief executive officer and president Rob Glander said.
“At GWC, we view our sales team as a group of consultants who deliver training and support that help dealers sell more cars and make more money,” Glander continued. “We are excited to have Tom lead these initiatives to new heights.”
Blackwell, a University of Michigan graduate, joins GWC after serving as the general manager for Floorplan Xpress. His past experience includes stints with industry names such as United Auto Credit Corp., Credit Acceptance, Zurich and several successful dealerships throughout the country.
While at Credit Acceptance, Blackwell spent seven years as the manager of training and development. In all, he has spent 14 years in retail automotive sales management.
Along with bringing Blackwell into the fold, GWC Warranty also introduced several updates to its online Dealer Portal.
Most notably, dealers now have access to a number of new reporting functions within the Dealer Portal that will add efficiency to claims management, improve contract remittance processes, and help dealers identify opportunities to sell more cars.
“In recent years, GWC web traffic has seen tremendous growth, making it clearly evident that dealers required a more complete resource with functionality beyond simply rating and remitting vehicle service contracts,” Glander said. “These latest updates to the Dealer Portal are further evidence of GWC’s commitment to offering our dealers innovative technology that allows them to be more efficient and progressive.”
With the addition of the latest Dealer Portal updates, its list of features now includes:
—Rapid-response claims adjudication for Elite and WealthBuilder dealers
—An educational video library with streaming, on-demand content
—Real-time historical reporting
—A virtual content hub with brochures and other helpful materials
—The lead-generating LogoBuilder application, which can quickly and seamlessly brand dealership inventory with extended vehicle protection
Coinciding with the recent hiring of a former executive at Hyundai and Nissan as vice president of product development, EFG Companies highlighted this week that it is the only F&I product provider to be named to the BenchmarkPortal Top 100 call centers for 2016.
EFG Companies also was ranked in the Top 25 quartile for call centers with five to 50 staff members. The BenchmarkPortal Top 100 competition compares the performance of contact centers throughout North America by evaluating their key metrics against industry peers.
Based entirely on statistical comparison to the world’s largest and most respected database of call center metrics, the BenchmarkPortal Top 100 competition is designed to objectively identify centers who are achieving superior results both in financial and qualitative terms.
EFG’s average claims call speed to answer is less than 30 seconds, while 67 percent of its total claims are one-call claims. The company also pointed out 96 percent of all claims are paid within one hour of receipt of invoice.
“Our clients rely on our expertise and quality customer service when it comes to administering customer claims,” EFG president and chief executive officer John Pappanastos said. “We operate knowing that our claims administration reflects back on our clients’ business and brand.
“By demonstrating our high level of expertise with this certification, we are giving our clients the highest confidence that all claims will be handled expertly, efficiently and respectfully, promoting a positive overall customer experience and driving greater customer loyalty for their business,” Pappanastos continued.
SubPrime Auto Finance News investigated whether more auto finance companies were included among the BenchmarkPortal Top 100 call centers for 2016. However, BenchmarkPortal indicated that it only publishes the specific ranks for the top three companies in each category. BenchmarkPortal does not publish specific rankings for all participants because the firm does not want them to be improperly used for competitive purposes by others.
BenchmarkPortal CEO Bruce Belfore added that the firm is also mindful of legal issues related to the use of company names.
“The award process is based on actual performance,” he said. “Recipients of the Top 100 Award have demonstrated, on a very objective basis, that they provide superior service and financial performance as compared with our database overall.”
Belfore did share why EFG ranked so highly in the analysis.
“The EFG Companies contact center is among the best in its industry,” he said. “This award was granted on the basis of objective, metrics-driven performance. EFG Companies stood tall against its competitors according to the world’s largest database of call center metrics. This is not easy to do, and we congratulate them on their accomplishment.”
New VP of product development
In other company news, EFG recently added Richard Christensen as vice president of product development. The company highlighted that Christensen offers a wealth of direct experience in initiating and launching corporate strategic initiatives with companies like Hyundai Capital America and Nissan North America.
In his previous roles, Christensen has overseen the launch of global strategic alliance formations with product, brand development and rollout, in conjunction with development of sales processes, reinsurance models, and regulatory and compliance practices. This experience will be well utilized as he leads the strategic efforts of EFG’s product development team, including product lifecycle and relationship management.
With more than 25 years of retail and wholesale automotive and reinsurance experience, Christensen most recently served as a senior director at Hyundai Capital America, where he was responsible for launching and managing a captive insurance subsidiary of HCA.
Christensen also served as president at Nissan Global Reinsurance based in Bermuda, and functioned as a senior manager of vehicle service contracts for Nissan North America in Los Angeles.
“Today’s dealers are under an immense amount of pressure, from undertaking stringent compliance initiatives to incentivizing new consumer groups to enter an automotive market with ever higher entry-level price tags,” Pappanastos said. “Dealers need agile partners who are constantly looking ahead to see where the industry is going and to look at new challenges as opportunities to increase dealer profitability. At EFG, we consider ourselves one of those partners.
“The addition of Rick to our leadership team strengthens our position in leading the industry in terms of product innovation and administration of quality consumer protection products that benefit consumers, dealerships and the industry as a whole,” Pappanastos continued.
Reflecting on his new post, Christensen added, “Dealerships and lenders need better ways to connect and retain purchase behavior with a more informed and demanding consumer.
“We’re doing very progressive work that is aligned with our goals of leading the industry in focusing on customer service and consumer benefits, with an eye towards compliance and sales process for the dealers, and I’m excited to be a part of it,” he went on to say.
