Auto Remarketing is recognizing the 2021 Women in Remarketing honorees in the March issue of the magazine, and will be posting Q&As with each of these outstanding leaders on the website.

Next up is Nanci Smith, who heads up remarketing supplier management and is an administration manager at Toyota Financial Services.

Auto Remarketing: What do you enjoy most about working in the remarketing industry? But, also, what aspect(s) of the business would you change — and how?

Nanci Smith: Outside of the shear competitiveness that drives the business, what I enjoy most about working in the remarketing industry is the evolution and transformation I’m seeing over recent years.  As much as it’s about selling cars, there are many moving pieces that can impact the experience and results, so it’s about finding the balance of utilizing the basics while pushing boundaries.  I’ve always been drawn to competition and questioning the status quo, so it’s a natural fit for my personality. 

An area where I would love to continue to see changes is the speed of evolution.  The pandemic has magnified the need to look at business differently and has pushed the industry to be more flexible.  I still experience resistance in many instances, and I would love to hear more “Yes, let’s figure out how to get there,” versus “I don’t think we can do that.”

AR: What are some improvements that need to be made in the industry from a diversity and inclusion perspective? What are some examples you’ve seen of D&I programs that have worked?

NS: Remarketing is still predominantly a male-dominant field, even though the market is saturated with statistics that show there are women drivers, women purchase new cars more than men and are making most of the purchasing decisions. The industry is still missing the mark a bit on equaling the playing field for women in impactful roles.  I am starting to see the shift, but we still have a long road ahead. 

It’s a slow process despite the massive data to show the impact of diversity is tremendously successful to all lines of business.

AR: Describe a time when you were either a mentor or a mentee, and how that has shaped your career.

NS: I cannot express enough how impactful mentor relationships are for career growth.  I learned halfway through my career (a bit late), to find people that will both advocate for you and provide transparency and honesty.  My first real mentor was a female leader driving a project with our department. I was enchanted by her communication style and ability to make people feel heard but also keep the project scope obtainable. 

I reached out and asked if she would mentor me specific to communication style.  Throughout the years, I have found mentors that exhibit a skill that I want to emulate or specific to subject matter experience.  It’s important to have diversity in mentors.  I don’t believe I would have moved into future roles had I not learned how to communicate more effectively while still staying genuine to myself. 

AR: Describe a time in your career where you were challenged and how you overcame that challenge.

NS: There was a time in my career when I was considered a top performer but not getting the advancement opportunities. I had to take a step back and figure out where the disconnect was happening and work to break through those barriers. 

It was a very vulnerable time for me, but also provided the most growth both personally and professionally. There is power in self-reflection and letting go of the control to give others the opportunity to succeed.  I had to transition my train of thought to emulate leadership before even getting the opportunity to lead and that is just the path some need to take.  I ultimately felt better equipped to succeed. 

AR: What is the top trend/storyline in the remarketing industry that you’re watching this year?

NS: I’m always watching for the disrupters to the industry.  There are many to track. 

AR: What is something you would tell your younger self if you could go back to when you started your career in remarketing?

NS: This is more for my whole career, not specific to remarketing.

1. Get a mentor.

2. Never lose your competitive spirit, but also give others the chance to shine. You don’t always have to show you are the best.

3. People appreciate your voice and transparency, if communicated appropriately. Keep fine-tuning that instrument.