EFG Companies recently reinforced its educational offerings because the company said its F&I training graduates produce an average of $206,000 in additional annual revenue.
To help more industry professionals achieve to that degree, EFG Companies welcomed Kim Kotz-Carroll as vice president of training and recruiting.
EFG reiterated that it positions clients to weather industry changes through its client engagement model that incorporates ongoing sales, F&I and compliance training, active recruiting, and product innovation with ongoing in-store engagement to tackle each dealership’s unique goals. This engagement model relies on the expertise of individuals like Kotz-Carroll to provide strong direction to both EFG and its clients.
Throughout her 25 years of notable sales, operations, and training experience, EFG highlighted through a news release that Kotz-Carroll is known for developing enablement initiatives and managing sales programs which have driven profitable results for brands such as LoJack, DealerSocket, Cox Automotive, Dealertrack and Reynolds & Reynolds.
Kotz-Carroll is a Certified Technical Trainer (CTT) from The Chauncey Group, a Certified Challenger Messaging Consultant from Gartner, and a certified Association of Finance and Industry Professional (AFIP).
Now she’s being tasked of helping EFG training graduates who also maintains an average of $2,051 in client F&I PRU.
“In our current sales environment, dealers are facing a complicated paradigm shift,” Kotz-Carroll said in the news release. “On one hand, the traditional sales model is under tremendous strain to accommodate more pre-orders, an online or hybrid sales environment, and demand for increased transparency from both consumers and regulators.
“On the other hand, the process changes and market shifts are also creating a heightened regulatory atmosphere as regulators work to better understand the downhill compliance implications of processes such as online sales and market pricing adjustments,” she added.
For more information about EFG’s training offerings, visit this website.
Last week marked the beginning of Lindsey Johnson starting her time as the new president and chief executive officer of the Consumer Bankers Association (CBA).
Michelle Lee of Wells Fargo is chair of the CBA board of directors and led the search committee to replace Richard Hunt, who led CBA since 2009 and announced late last year his plan to depart the organization this summer.
“This is an exciting day for CBA as Lindsey Johnson officially begins her new role as president and CEO. For more than a century, this organization has served as a valued resource and a fierce advocate for America's leading banks and the millions of consumers we serve,” Lee said in a news release.
“With a depth of experience in financial services and proven record of delivering meaningful results for a wide array of stakeholders, Lindsey is just the leader we need to navigate the many new challenges and opportunities facing our industry today,” Lee continued.
“On behalf of the entire CBA board, I am thrilled to welcome Lindsey to CBA, and I look forward to watching her guide this organization from a position of strength for years to come,” Lee added.
Johnson arrived at CBA after serving as the president of U.S. Mortgage Insurers since 2015. She worked with member companies to advance the value of private mortgage insurance to borrowers and taxpayers and to promote a sustainable housing finance system backed by private capital.
Johnson previously served as a director at PwC. Prior to joining PwC, Johnson was a member of the Senate Banking Committee staff as the Republican Staff Director for the Senate Banking Committee’s National Security and International Trade and Finance (NSITF) Subcommittee, and as a senior policy advisor to Sen. Mark Kirk (R-Illinois), focusing on noteworthy banking, housing finance reform, and insurance legislation.
Johnson also served as director for the Federal Home Loan Bank of Atlanta for seven years, representing the bank in Washington, D.C., at the highest levels of government during several key legislative reforms that impacted the bank including the Housing and Economic Recovery Act of 2008 and Dodd-Frank Act.
A native of Texas, Johnson began her career in Washington, D.C., working with former House Republican Conference Chair J.C. Watts in the private sector.
“I am honored to be joining an organization that has been the leading voice of America’s retail banks for more than a century,” Johnson said in a news release distributed in May when CBA announced its choice. “The banking industry is undergoing an historic transformation — from the rise in new technologies that have changed how consumers bank to increased regulatory pressures — and, at every turn, CBA has helped its members successfully anticipate and navigate a new, 21st century terrain. I am grateful to the CBA search committee and board of directors for entrusting me with the responsibility of leading this organization.”
Johnson added, “I look forward to working with the exceptionally talented team at CBA, its members and sponsors, and policymakers throughout Washington, D.C., to ensure America’s leading banks can continue serving their customers, supporting our communities, and driving economic growth and prosperity across the nation.”
Soon after starting following the Fourth of July holiday, Johnson wrote her first letter to the CBA membership.
“I have long known CBA as the leading voice of America’s retail banks in Washington, D.C., and I am delighted to lead such a remarkable organization. Together with the tremendous CBA team, we will work to ensure our members can continue to meet the financing needs of hardworking families and small business in every community your banks serve,” she wrote.
Acknowledging the challenges and opportunities facing the industry, Johnson continued: “There still is significant work to be done to ensure policies affecting CBA’s members are not driven by ideology or political agendas, but instead shaped by facts and reality and set only after significant dialogue and industry engagement. Fortunately, CBA has never shied away from these challenges.”
Johnson then reiterated her appreciation to the CBA board, team and membership.
“Thank you to our board for entrusting me with this position at a pivotal moment for the industry. Thank you, as well, to Richard Hunt and the entire CBA team, whose input and guidance throughout this transition has been invaluable. Most importantly, I’m grateful for each of YOU, our members. Together, I know we can help drive the industry forward and take CBA to new heights.”
CBA also mentioned Hunt will work closely with Johnson to ensure a seamless transition.
“I have known Lindsey Johnson for many years,” Hunt said in the May news release. “Throughout her career, Lindsey has demonstrated her ability to lead teams, work with a broad range of stakeholders, and deliver policy outcomes, and she will be a fierce advocate for our membership and the industry. After 13 wonderful years serving as CBA’s president and CEO, I am confident Lindsey is the right leader to take the reins of this truly incredible organization.”
Lee added, “Over the last 13 years, Richard’s leadership has been felt throughout Washington and across every community our members serve. As CBA begins an exciting new chapter, we thank Richard for his incredible service and unwavering devotion to the organization and to the industry.”
APCO Holdings finished the first half of 2022 by promoting one of its executives with an eye toward more growth.
The provider and administrator of automotive F&I products and home to the EasyCare and GWC Warranty announced this week that Rob Volatile has been promoted from his previous position as regional vice president of EasyCare Sales to senior vice president and managing director of EasyCare.
According to a news release, Volatile will be responsible for driving sales strategy and ensuring the ongoing generation and production of new business through successful management and coaching of a high-performing sales team.
“Rob’s proven leadership and hands-on management approach will strengthen our sales team,” APCO Holdings chief executive officer Scot Eisenfelder said in the news release. “Throughout his career, Rob has consistently produced results and outperformed targets because of his ability to devise successful sales models and instill a focus on dealer development that drives results.
“His industry expertise, sales insight, and ability to build key relationships fit perfectly with our drive to expand,” Eisenfelder continued.
Volatile started his career as a dealership finance manager in 1992 and went on to join a large agency in Charlotte, N.C., becoming a nationally recognized F&I coach before starting Northeast Dealer Services in 1998.
In 2015, Volatile formed Strategic Diversified, creating a highly regarded, collaborative dealer development and performance company operating in expanded geographies.
He joined APCO Holdings in 2021 when the company acquired Strategic Diversified.
“This is a pivotal moment in the industry and I’m excited to build on APCO’s current reputation as a true partner to dealerships, providing clients with the best experience they have ever had with an income development partner,” Volatile said. “I’m looking forward to working with this talented group of people and leveraging my experience to strengthen the sales program as we continue to grow.
“I’m laser-focused on providing our dealers and their employees the cutting edge, customer-focused processes, and skills that create customers for life,” he went on to say.
The American Recovery Association (ARA) closed the first half of 2022 with significant changes in leadership, naming a new president and executive director.
Stepping away from those respective roles, Dave Kennedy and Les McCook have handed the ARA leadership responsibilities to Vaughn Clemmons and Joel Kennedy.
Clemmons, president at Automobile Recovery Bureau, was elected president of the American Recovery Association, and Joel Kennedy was chosen as executive director of ARA, according to a news release from the association distributed this week.
“I would be remiss not to mention my gratitude to Dave Kennedy, our past president, for the insight and support he has provided to me this past year. I am honored to those who have entrusted their confidence in me to promote the beliefs of the greatest recovery trade association in America,” Clemmons said.
“Together, we will continue on the path of growth that Les McCook and Dave Kennedy have laid out for us all, explore opportunities to further the growth of the industry, continue to provide advancement opportunities to ARA members, and promote the standardization of this great industry,” Clemmons continued.
The ARA board of directors also will include:
—Bennett Deese of Home Detective Company as vice president
—Marcelle Egley of ABA Resource Service as treasurer/secretary
—Stephanie Findley of I R Services as director
—Dave Kennedy of First Credit Resources as immediate past president
—Jeremy Cross of International Recovery Systems as director
—Amy Bednar of Relentless Recovery as director
Joel Kennedy has been in association leadership previously, having served for more than two years as president of the National Automotive Finance Association.
“I wish to thank the members and the ARA board for placing their trust in me to continue to build upon the solid foundation and pillars now in place that were considered unimaginable just five years ago,” Joel Kennedy said in another message distributed by ARA.
The ARA has the wind in its sails, and I will work tirelessly to keep that momentum going and to establish a new era of fairness and equity for the professionals I proudly serve,” he added.
Meanwhile, McCook departs after having been the ARA executive director for almost 16 years.
“Serving as executive director of American Recovery Association and representing the finest group of professionals in the industry has been a highlight of my life,” McCook said in the news release.
“ARA is positioned as the national trade association of the recovery industry to make a difference for all stakeholders. This new generation of leaders is just what we need to continue to build on the foundation laid by our founders,” McCook went on to say.
The National Automotive Finance Association solidified its board of directors and voted in two new members last week during its 26th annual Non-Prime Auto Financing Conference in Plano, Texas.
The NAF Association announced that Paul Gillespie, who is senior vice president of dealer services at AmeriCredit, will serve another one-year term as president. The organization also said Jim Bass of Agora Data will assume the role of chairman.
According to an association news release, the two new board members are David Elmore of Experian and Suzi Straffon of Allied Solutions, with each serving a three-year term.
The NAF Association highlighted Elmore is a data solutions consultant who has dedicated his 20-year career in financial services to becoming a subject matter expert in the use and application of Experian data assets across the consumer life cycle.
The last five years he has worked specifically within the automotive industry, focusing on the use of traditional and alternative data to optimize his clients marketing, risk management, servicing and collection strategies thus enabling them to achieve and maximize their revenue goals.
One of last year’s Women in Auto Finance honorees, Straffon serves as director of finance company markets for Allied Solutions, a leading provider of insurance, lending and marketing products to finance institutions in the U.S. She brings 20 years of marketing and business development proficiency to the role, in which she manages all activity within the auto and consumer market.
Prior to her current position, Straffon served as director of engagement marketing for DIMONT and held marketing and business development leadership positions at Exeter Finance as well as RouteOne.
“We are excited to have David and Suzi join the board of directors,” Gillespie said. “Their knowledge, expertise, and passion for the industry are guaranteed to contribute to the success of the association.”
The association already is looking ahead toward the 27th annual Non-Prime Auto Financing Conference, which is planned for June 7-9, 2023, in Plano, Texas.
“We are pleased with the strong attendee turnout and appreciate the support of our business partners, sponsors and vendors, NAF Association executive director Jennifer Martin.
“Over 300 industry professionals attended this premier annual event. We couldn’t be happier with the thoughtfully curated agenda and strong speaker lineup,” Martin said.
While at this year’s event, Cherokee Media Group’s Nick Zulovich spent time with Gillespie to record a conversation for the Auto Remarketing Podcast. Gillespie shared his overall assessment of the non-prime auto finance space as well as the association’s future.
To listen to this conversation, click on the link available below, or visit the Auto Remarketing Podcast page.
Download and subscribe to the Auto Remarketing Podcast on iTunes or on Google Play.
For the second week in a row, F&I Sentinel added to its human resources.
Last week, the compliance solutions provider with respect to the financing of F&I products reinforced its executive team with two former team members at F&I Express.
This week, F&I Sentinel announced that Rick Hackett, former Hudson Cook partner as well as assistant director at the Consumer Financial Protection Bureau (CFPB), has joined its advisory board.
Hackett served under former CFPB director Richard Cordray, focusing on auto financing regulation. His responsibilities included advising all CFPB divisions on market information and policy issues in the installment and specialty lending areas, including vehicle financing.
“We’re thrilled to have Rick join our advisory board,” F&I co-founder and chief executive officer Stephen McDaniel said. “His expertise and knowledge in auto financing policy and compliance, coupled with his experience and familiarity working within the CFPB, will significantly help us enhance our service offerings and benefit our customers.”
Hackett helped lead the CFPB’s initial charter into the auto finance industry, tasked with guiding strategy for examining and investigating dealer participation programs. At a 2014 industry conference, Hackett foreshadowed the need for auto finance companies to adopt and execute a comprehensive compliance solution to meet emerging regulatory requirements and policies.
“The F&I Sentinel team’s grasp of the complexity and nuances of F&I product financing and their market intelligence practices and processes have quickly established them as a leader in this space,” Hackett said. “I look forward to advising the executive team as it continues to innovate its service offerings and expand the company.”
Prior to joining F&I Sentinel in an advisory capacity, Hackett spent 31 years practicing law before he joined the CFPB in 2011. He left the agency in 2013, and the following year joined Hudson Cook, LLP.
Hackett retired from Hudson Cook in 2019 and currently serves as an advisor and board member for several companies.
Intellaegis, which does business as masterQueue, announced on Wednesday that it has signed a consulting agreement with former Santander Consumer USA senior vice president and director of business control and risk management Kelli Edmonds.
One of the 2020 Women in Auto Finance honorees, Edmonds joins a strategic team that Intellaegis has built over the years that consists of experts whose deep industry knowledge helped propel Intellaegis’ recent growth. That team includes former Core Logic co-founder and chief executive Steve Schroeder, former Ally executive Bill Ploog, and Intellaegis’ current chief operating officer Lance Suder.
“Our strategic consultants complement our experienced staff of industry veterans. They have all been key pieces in helping Intellaegis continue to build masterQueue into one of the leading SaaS platforms in the risk management aspect of the fintech space,” Suder said in a news release.
Edmonds brings nearly 35 years of experience in her prior roles, which also includes being a director over bankruptcy and recovery at Hyundai Capital, and as the vice president at Chase Bank who was responsible for $1.3 billion in auto and student loan debt managed by an internal staff, and an outsourced network of collection agencies and law firms.
Edmonds started her career as a collector and team lead for 10 years at Sallie Mae, and then was a process improvement manager at GE Capital, where she was first introduced to the debt recovery vertical. From there she became a vice president in product strategy over debt recovery at Citi, where she managed $6 billion in annual outsourced debt amongst 30 nationwide vendors.
“Kelli is as knowledgeable and well respected as anyone in the debt recovery space, whether you’re collecting the debt in-house or through third-party vendors” Intellaegis founder and CEO John Lewis said.
“As we’re seeing more lenders using masterQueue to internalize deficiency collections while complimenting their existing outsource network of third-party vendors who can also utilize masterQueue, we’re excited to turn Kelli loose to help our team continue to innovate masterQueue as the leader in skip tracing and debt recovery software,” Lewis continued.
Suder added, “When all the data, calling, compliance and security transpires in a single-tenant environment shared by lenders and their vendors, it reduces cost and creates a more secure and efficient process for everyone”.
Edmonds recently left her position at Santander to form Kota Business Solutions, following in the entrepreneurial footsteps of her parents and brother.
“I am very excited to partner with this team of industry veterans in an entrepreneurial environment that focuses on innovation to improve process management through technology,” she said.
For additional information you can reach Suder at [email protected] and Edmonds at [email protected].
In February, F&I Sentinel announced its founders partnered with Calera Capital, a leading middle-market private equity firm.
On Thursday, the compliance solutions provider with respect to the financing of F&I products reinforced its executive team with two former team members at F&I Express.
Joining the company in key leadership roles are John Elias and David Miller.
According to a news release, Elias has been appointed vice president of sales, leading a team responsible for promoting F&I Sentinel’s CITADEL platform to automotive finance companies, banks and credit unions, finance and insurance product companies and automotive dealership enterprises.
The company said Miller has been appointed vice president of product and technology, charged with managing and innovating CITADEL to meet customer demands and emerging trends and regulatory changes.
Previously, Elias was senior director for lender sales at Cox Automotive. Before Cox Automotive, Elias held senior executive sales positions at LexisNexis, Experian, and Equifax.
Before joining F&I Sentinel, Miller served as project manager for F&I Express. He also held positions with Dealer Socket, AFG Technologies, and SouthwestRe.
Both Elias and Miller will report to F&I Sentinel founder and chief executive officer Stephen McDaniel.
“We’re extremely fortunate to have John and David join us,” McDaniel said in the news release. “John’s deep experience selling data-driven products and services to the automotive finance industry aligns perfectly with our sales strategy, and David’s decades of experience in managing and innovating technology products and solutions will strengthen and secure our position as the most complete end-to-end F&I compliance solution in the market.”
F&I Sentinel highlighted that its cloud-based CITADEL SaaS platform is designed to be an efficient turn-key compliance solution that can protect finance companies, dealers, and consumers by mitigating reputation, financial, litigation, and regulatory risks in connection with the sales and financing of vehicle finance and insurance products.
PAR North America, a business unit of KAR Global, announced the promotion of Jessie Herdrich Irwin to chief operating officer on Wednesday.
In her expanded new role, Herdrich Irwin will oversee compliance, operations, remarketing and titles, while ensuring alignment with sales.
“Jessie brings exceptional leadership and a deep understanding of PAR’s customers, stemming from her broad experience within PAR,” AFC president Jim Money said in a news release. “Her long tenure with the company and variety of roles enable Jessie to provide top notch service for a full spectrum of client and vendor needs.”
As chief operating officer, Herdrich Irwin will continue to lead compliance and operations, and will now have oversight of remarketing and titles for PAR. Herdrich Irwin will serve as the top officer for PAR and report to Money.
“I am thrilled to bring my experiences, enthusiasm and vision to this new role leading PAR,” said Herdrich Irwin, who was previously promoted to be vice president of compliance and operations in 2018.
“From my very first role as a temp, handling vendor relations, and progressing all the way up to chief operating officer, I’ve gained a deep understanding of this business — focused on serving our customers,” she went on to say.
PAR North America is a leading nationwide provider of vehicle transition services. PAR can recover assets, manage cycle times, maximize returns and reduce risk for companies across the U.S.
PAR’s clients range from large banks, captives and auto finance companies to small credit unions.
“PAR is quality-focused and compliance-driven and has services that can be designed to fit many needs,” the company said.
The Triton Automotive Group board of directors promoted Brian Miller to be its new chief executive officer in a move that became effective May 1.
According to a news release, Miller previously served as the company’s executive vice president of operations. Miller takes over for outbound CEO David Wilson Sr., who retains his position as the chairman of the board.
Miller joined Triton in 2019 as vice president of operations. Prior to Triton, Miller was a partner for Conclusive Analytics, a database analytics firm.
Miller made additional stops at Continental AG and Continental Teves, serving in directorial roles in both marketing and operations. Miller also enjoyed a lengthy career with Ford, where he held a variety of positions in sales, marketing, product planning, and corporate strategy across 25 years.
“I’m humbled and honored to be named CEO and excited about the opportunity to continue to work with Dave, the board of directors, and the Triton team,” Miller said. “My main focus as CEO will be to continue building on the momentum the team has created and continue establishing Triton as a leader within the industry for our company as well as our shareholders.
“We’ll be focused on continued growth in both Triton Protect and Triton Financial Services, and strengthening our strategic partnerships,” Miller continued.
Triton Protect offers a full suite of F&I products, training, administration, promotional material, and services.
Triton Automotive Financial Services provides competitive used-vehicle finance and lease options to member auto groups and their customers using a variety of financial institutions.
Wilson had served as CEO of Triton since October.
“I am excited that Brian is taking over the reins as CEO of our great company,” Wilson said in the news release. “Brian’s passion for Triton and the Triton team is second to none. The Triton board of directors is confident in Brian’s vision, wisdom, and leadership. The board knows from experience over the last six months that Brian will foster a strong and transparent working relationship with the board and that he deeply values his Triton team members.
“I can’t thank everyone enough for your support over the past six-and-a-half months,” Wilson added about his tenure as CEO. “Each and every one of you has been so helpful every step of the way. I will be working closely with Brian during our transition over the next two months. For me, it’s truly not goodbye. This experience has been one of the most rewarding roles in my career and will, without a doubt, assist me in my role as chairman of the board.”
