The auto finance market needs to focus on “generating positive messages as it endures a flurry of negative publicity” and growing attention from regulators.
That is the key takeaway from a video posted this week by White Clarke Group on a panel debate at the International Auto Finance Conference, which took place in May in London.
Regulators are taking a close look at the industry, and it seems to point at some challenges ahead, Richard Jones, managing director of Black Horse, told attendees. How the market responds to those challenges will be critical to how regulators view the auto finance sector.
“We are still at the less risky end of the concerns [regulators] have in financial services,” he said. “We need to keep perspective. The big thing to drive their concern is: How responsive is the market? If we go to them with a sense of here’s how we want to keep improving this market, and here’s how we want to see reform, and we go to them with solutions, I think their concerns will be far less. … They want us to come forward with solutions, then to test and challenge it. If we do that and we do it effectively, their concern will just remain cautious.”
Check out the full video below to see more on industry experts discussing how the auto finance industry needs to respond to the growing attention of regulators: