For Dealers, 2018 Is Already Looking a Lot Like 2017
Now that we’re more than 2 weeks into 2018 (How are those resolutions coming along?), it’s clear that the new year isn’t perhaps as “new” as some would like it to be. Chances are you’re still working at the same job, still driving the same car, still walking down the same street at the same time every Wednesday to grab the same falafel for lunch at the same Middle Eastern restaurant with the same faded blue wallpaper…
Yeah, change ain’t easy. Speaking of resolutions, most don’t last a month, let alone two weeks. And maybe that’s okay—maybe you like getting that falafel every Wednesday. If you do, more power to you. Good falafel is hard to find.
But if you work in the auto finance space, you may be ready for a change by now. The past couple years have been packed with regulatory and technological challenges to lenders and dealers, so much so that uncertainty has become routine. In this case, lunch is a big pita full of risk, and “change” would look more like a return to stability.
So, according to your perspective, the following could be welcome or unwelcome news: in 2018, some trends will sustain. That’s according to a recent Automotive News article, which predicts that the big questions on lenders’ last year desks will continue to take up space for at least the next few months.
Trends that will continue this year include significant changes in digital retail, significant changes at the Consumer Financial Protection Bureau, and significant changes in cybersecurity. But don’t worry—it isn’t all significant change:
“‘Banks probably won’t continue to pull back on auto lending,’ said Melinda Zabritski, senior director of automotive finance for Experian. Many banks restructured their portfolios and adjusted their auto finance exposure in 2017. Some banks lost auto finance share as a result, but others are trying to gain share, she said. ‘It’s not really a strong decrease, probably more of a stabilization for where banks are right now.’”
Read “In 2018, some trends will sustain” here.
By the way, We’ll be looking at many of these trends—and more—in our upcoming webinar: The Latest Trends in Employment Law. Topics include what to expect regarding harassment, cannabis law, and the Fair Labor Standards Act. For more information, and to register, click here.
