Lender Insights Consumer Acquistion Podcast Transcript

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Lender Insights CONSUMER FINANCING STRATEGIES Cox Automotive's Amardeep Kumar and Andy Mayers discuss key insights recently released in Jonathan Smoke's quarterly call and consumer buying and financing studies conducted by our Cox Automotive Market Research & Intelligence team. Quick Access: Consumer Buying & Financing Key Takeaways Jonathan Smoke's Q1 Call Amardeep Kumar: Greetings, viewers. My name is Amardeep Kumar, and I have had the privilege of being a part of Cox Automotive for almost a decade. During my time here at Cox Automotive, I've had the opportunity to support and collaborate with dealers, OEMs and vendors to help them achieve their strategic business goals. This involves keeping them informed about the latest industry trends and working with them to align their strategies with consumer expectations. Joining me today is esteemed Andy Mayers, a well-known figure with all our lenders. With his extensive knowledge, Andy has consistently concentrated on enhancing lenders' strategies, streamlining workflows and elevating service levels while also ensuring compliance, particularly within the F&I realm. Thank you for joining me today, Andy. Our discussion will be focused on some key insights released through Jonathan Smoke's quarterly earnings call and consumer buying and financing studies conducted by Cox Automotive's Market Research and Intelligence Team. Andy Mayers: Thanks, Amardeep. I'm glad to be here with you today and glad to have the opportunity to speak with our lending partners and fellow people in the industry about what's happening. You know, for those who haven't been listening—I'm sure everybody is—we're so lucky to have Jonathan Smoke as part of our team. And in addition to Jon Smoke and his team, great insights from our consumer research team. There's a QR code up here on the screen that I definitely encourage you to scan, which can allow you to download those documents and things like that. You know me, I always want to be efficient, Amardeep. So why don't we just get right into it? Why don't we start with this, Amardeep. In your conversations with lenders, where do you see their opportunities in a market that is trying to come back from inventory lows and prepandemic types of things like what are they having conversations on? What are you, what are you seeing? Amardeep Kumar: Yeah, that's a great starting point, Andy. So as you know, in the current market scenario, most of the lenders have seen a decline in their originations. And while outstandings are lower, we are seeing credit unions are increasing their market share. What we are seeing is that lender websites are playing a larger role in vehicle shopping and lenders have the opportunity to present the right message to the right customer at the right time. And they can do that by utilizing the data and insights which are available for identifying an in-market shopper and not only identifying an in-market shopper, but also knowing their propensity to buy. Our recent car buyer journey study has revealed that consumers are now searching for financing options at the beginning of the process rather than towards the end. It used to be, Andy, as you remember, customers would go in, go

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