Non-Prime Times
NATIONAL AUTOMOTIVE FINANCE ASSOCIATION • 7250 Parkway Drive, Suite 510• Hanover, MD 21076
800/463-8955 • FAX 410-712-4038 • E-MAIL JTracey@nafassociation.com
Spring, 2006
10TH ANNUAL NON-PRIME AUTO FINANCING CONFERENCE
T h e the non-prime auto market and, as
National they did last year, will spend one entire
Automotive session answering questions from
Finance Association's 10th those in attendance.
Annual Non-Prime Auto Financing BenchMark Consulting International
Conference will be held June 12 to 14, will provide a preview of the
2006 at the Renaissance Worthington Association's Annual Non-Prime Auto
Hotel Fort Worth Financing Survey.
The 10th annual conference contin- Exhibits of the latest products and
ues the tradition of presenting sessions services designed especially for the ble and to reserve hotel rooms. Make
of experts who will address issues non-prime auto industry, a golf tourna- your plans by May 19th for the special
affecting both dealers and creditors on ment the morning of June 12th and an conference hotel room rate.
topics including: lead generation, auto- off-site event presented by State
motive finance market in Canada, The Major sponsors are: DealerTrack,
National Companies round out the
Hispanic market, Investment banking, Grand Corporate Sponsor; ACS,
conference activities.
rating agency perspectives, safeguard- AppOne, Inc., PassTime and Regional
Follow the conference link at Acceptance Corp., Corporate Sponsors;
ing information and marketing and www.nafassociation.com for program and ARGO Data Resources Corp. and
auction statistics. The NAF updates, information on sponsorships Bankers Integration Group, Inc., Golf
Association's legal committee will pro- and exhibits and for on-line registra- Sponsors.
vide updates of legal issues affecting tion for the conference, the golf scram-
LEGAL BRIEFS
Steve Levine
Ten years ago I made Conference. experts. We tend to discourage presen-
one of my best career One of our early mottos was “the tations that are nothing more than
decisions when I Association that works,” which sym- “info-mercials” for a particular product
decided to get involved bolized the fact that membership was or service, and take audience feedback
with the start-up more than joining a group and having very seriously.
Steve Levine NAF Association.
an excuse to attend a boondoggle away Our June Conference, which will take
Our early meetings were dedicated to from the office. Over the years we’ve place in Fort Worth Texas from June 12
identifying the serious issues affecting tackled many serious issues, such as to 14, promises to be both a celebra-
our industry, formulating a strategy to developing uniform industry metrics, tion of what we’ve accomplished and
bring about stability to a tumultuous bringing dealers and finance compa- an ambitious look at where we are and
environment and become a unified nies together and serving as an infor- where we’re headed. As Chair of our
voice for the non-prime segment of the mational resource to the Federal Trade Legal Committee, I’ve been working
auto finance community. It’s hard to Commission. Our conferences have with our members to develop a mean-
believe that nearly a decade has passed the reputation of being packed with ingful presentation that will give you
and that this June our association will knowledgeable speakers and industry tools to impact your business. We plan
be sponsoring our 10th Annual
CONTINUED ON PAGE 3.
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LETTER FROM THE PRESIDENT
I hope this finds & Expo begins. In closing I encourage everyone to
everyone well and Membership continues to grow not only attend our workshop March
prosperous after a thanks to the hard work of our mem- 28 in San Antonio and annual confer-
successful National bers who consistently encourage ence in Fort Worth but also to invite
Automobile Dealers industry leaders to join NAF non-members in hopes they will see
Association conven- Association. We expect Benchmark both the benefit of NAF Association
tion in Orlando. Consulting International to produce and leave more educated about the
Paul Snider Our association con- another excellent survey this year and non-prime finance industry. I am per-
tinues to develop our 10th annual conference will be the sonally proud to be part of an associa-
solid programs that enhance the over- best ever, thanks to the dedication of tion that accomplishes so much, and I
all benefits of being an NAF Jack and Mary Ellen Tracey, plus the thank everyone for your support of our
Association member. many members and officers who have programs and encourage others to
The Education Committee strives to helped secure top quality speakers. become part of an association that
develop workshops that will appeal to strives year after year to make a differ-
I want to offer a personal thanks to ence in an ever changing business!
all members. We concluded 2005 with the finance companies who so gener-
another successful workshop and are ously donated money, flyers and sup- Paul Snider is CEO, CIQ, Inc./VOISYS
only weeks away from our first one this port to increase attendance at the con- and president NAF Association.
year, the day before Rick Sly’s World of ference in June plus the many vendors
Special Finance Magazine Conference who will exhibit.
NEW MEMBER: CHERNEK CONSULTING, INC.
Adages abound regarding how to succeed trucks and both new and used cars and, would work for others. The system was
in life. Perhaps one of the most often quot- within a year, she was promoted to finance simple. It allowed dealership personnel to
ed is that anything is achievable, if we put and insurance. Becky’s philosophy was present 100% of their products to every
our minds to it. Donald Trump certainly simple. She would not take NO for an customer 100% of the time . . . and within
believes this is true. He has said that if answer! Her goal was to earn a successful a matter of minutes. It engaged customers
we’re going to think anything, we might as career in automotive retail sales, despite in the presentation, and rather than
well think big. Sam Walton, the founder of being a woman in a once all-male industry. becoming increasingly resistive to a once
Wal-Mart, once said that high expectations Keeping her eye on that objective, she gave forceful pitching of products, they ended
are the key to everything, and Jon Bon Jovi her best to whatever task was handed to up buying products . . . lots of products!
has said that success is falling nine times her in positions as finance closer, director Becky decided this sales method was
and getting up ten. Throughout our school of finance and general sales manager. In worthy of being shared with others in the
years, any number of teachers espoused 1995, she was hired by Jim Moran & automotive industry. In 2001, she founded
the same message: no matter how large or Associates and soon afterward was pro- Chernek Consulting, Inc.—dubbed FYIFI,
small the challenge, we must tackle it with moted to the AutoNation division as a dis- Inc.—and currently offers two training
the firm conviction that we can and will trict manager. workshops to dealerships throughout the
conquer it. Some of us have never taken It was in this last position that Becky put nation and Canada: Closing Tools &
the implications of this principle to heart. her personal business philosophy to work. Mastering Menu Sales and Basic F&I. Her
Others of us have and are now reaping the She practiced full disclosure menu princi- company practices the principles of
rewards. Becky Chernek is one of the lat- ples and, when others noticed her amazing integrity, team work, and trust, and sup-
ter. Now, she is teaching others in the auto- success, she was urged to train manage- ports a full disclosure selling philosophy
motive industry how to achieve their goals, ment on this unique concept and also on and superior work ethic. Both of her train-
too, because her methods work. how to utilize closes to overcome objec- ing workshops, for sales and finance man-
In 1985, Becky began her automotive tions. Full disclosure selling was not a agers from any size dealership, emphasize
career selling Mercury cars for a Baltimore proven technique, until it was kicked off in proven closing techniques that effectively
dealer, Al Packer. A year later, she took a the AutoNation stores. Menu selling earn the sale and maintain customer loyal-
position at a Ford dealership selling light worked for her and she fully believed it CONTINUED ON PAGE 4.
Non-Prime Times, Spring, 2006
2
EXECUTIVE DIRECTOR’S MESSAGE
When we get togeth- ed. A panel of members of the NAF We ask all of you to spread the word
er in June in Fort Association Legal Committee will update among your dealer colleagues that this
Worth, we will be attendees on legislative and regulatory conference is an excellent opportunity for
marking 10 years of matters and will host a second session for them to learn about the burgeoning non-
presenting a confer- questions from the floor. prime market and to make beneficial con-
ence that focuses In addition to the sessions, you will find tacts.
specifically on non- exhibits of the latest in industry-specific We are always grateful for the support of
Jack Tracey, CAE prime auto financ- products and services and ample time at our sponsors and exhibitors in making the
ing. In those years, meals and breaks to form valuable con- conference possible.
our conference has grown, not only in atten- tacts. The NAF Association golf scramble is
dance, but also in stature within the industry. Plan to spend June 12 to 14 in Fort
open to all who attend as is a special event Worth. Register today at
Each year finance company representa- at a local comedy club. www.nafassociation.com.
tives and auto dealers come together from
across the United States and Canada to NAF Association’s
learn from experts. Topics and speakers are
selected by NAF Association members, 10th Annual Non-Prime
people who work in the industry. Timely
issues, such as Hispanic marketing, inter- Automotive Conference
net lead generation and identity theft, are
on the conference agenda and, as always,
there will be time for questions. Industry June 12-14, 2006
updates and trends, now including the Renaissance Worthington Hotel Fort Worth
growing Canadian market, will be present-
LEGAL BRIEFS...FROM PAGE 1 Attend the 10th Annual
Non-Prime Automotive Conference and
to take a deep dive into the practical
implications of the new bankruptcy
Hear Speakers Like These...
laws, examine the laws around pre- Amy Martin
screening and pre-qualified offers and Director, Structured Finance Ratings Group,
run through the latest legal develop- Standard & Poor’s
ments at both the federal and state lev- Rating agency’s perspectives on non-prime auto
els. Back by popular demand, we will financing.
once again follow our formal presenta-
tion with an hour-long question and
Tom Webb
answer session that will be completely Chief Economist
audience-driven. As we said last year, Manheim
that’s about $2,500/hr in legal advice Auction statistics and what they mean for the
for the cost of admission, not to men- health of the industry.
tion the other terrific panels and
speakers, vendors and receptions that
Jack Tracey and the Association are Patty Covington
Partner
planning. As we Texas folk like to say,
Hudson Cook, LLP
“Everything’s bigger in Texas!” Safeguarding information: the why and how.
I look forward to seeing y’all in Fort
Worth.
Steve Levine, National Counsel for
www.nafassociation.com
Regional Acceptance Corp., is Chair of
NAF Association’s Legal Committee.
Non-Prime Times, Spring, 2006
3
NEW MEMBER..FROM PAGE 2.
ing of products. Finance managers simply
ty. Managers who have taken the work-
review each product and explain features NEW MEMBERS
shops issue glowing accolades after putting
and benefits in a way that engages cus- The NAF Association welcomes
Becky’s methods to work. They learned
tomers in the discussion. When the presen- new members:
very quickly that unethical finance tech-
tation is complete, they ask for the sale. If
niques are not necessary to maximize per-
customers say NO . . . CCI teaches that this AIF/VRP
formance.
is when the sale begins! CCI trains man- www.vrpcoverage.com
Becky designed her workshops to teach agers on sure-fire techniques to overcome
both finance and sales managers the con-
Assurant Solutions
objections, including how to utilize visuals
cept of full disclosure selling without
www.assurant.com
that are time-tested, quick, and effective.
killing profits: compliance doesn’t begin in
After persistent urging from satisfied Auto Supreme, Inc.
finance; it begins the very minute cus-
workshop attendees, Becky Chernek is www.paylesscarsales.com
tomers come onto the lot. Menu selling is a
ready to introduce her new Basic F&I Autofusion, Inc.
sales process that must be adopted by all
workshop in April. Specifically designed to www.autofusion.com
retail sales personnel, in order to maximize
shorten the learning curve for recently
benefits. Becky shows finance managers Chernek Consulting
hired managers, the workshop will not only
how to put all their cards on the table and www.chernekconsulting.com
teach managers how to reduce errors and
to quit shooting from the hip. She demon- Contact 911, Inc.
earn faster profits, but also how to efficient-
strates in fun-filled and memorable sessions www.contact911.com
ly deal with the nitty-gritty administration
how to put the principle "KNOWLEDGE IS
of the office. Funding, product knowledge, Detroit Trading Company
POWER" to work. She teaches managers
leasing, financing, reading a credit report, www.detroittrading.com
how to effectively gather information, how
presentation skills and overcoming objec-
to build a case that will get any transaction Fiserv Lending Solutions
tions will cease to be obstacles standing in
quickly approved, and how to qualify a sale www.fiservls.com
the way of success, when Becky’s methods
to overcome objections. Her goal is to bury
are utilized. The workshop is a two-day InfoIMAGE, Inc.
the outdated box close mentality, because
boot camp with lots of homework. Becky www.infoimageinc.com
customers have grown weary of the games
urges attendees to be prepared for hard
dealerships play, and to prove that untold
work . . . and to expect incalculable insight
Locator Technologies, LLC
profits can be made with a strictly profes-
in how to effectively run a finance depart-
www.locatortechnologies.com
sional and ethical business perspective.
ment that brings in steadily increasing prof- R & R Sales, Inc.
Tom Hudson, a well-known and respected
its. www.yeswecanauto.com
attorney from Hudson & Cook, avers that if
finance managers are concealing, hiding, Becky believes that anything is possible, if ReMark Capital Group, LLC
and packing, they are likely doing some- managers think BIG and acquire the proper 504-799-3520
thing wrong, and Becky has Tom on board know-how in how to make their dreams
Vantage ILM
to share his expertise in compliance issues. become reality. She will provide the know-
www.vantageilm.com
how, if managers come to her workshop
The menu selling presentation method
armed with big dreams! VT Inc./Auto Investment Group, Inc.
CCI teaches is quick and involves no pitch-
www.vanenterprises.com
REGISTER TODAY!
MAIL: 7250 Parkway Drive, Suite 510
NON-PRIME AUTO Hanover, MD 21076
FINANCING PHONE: 800/463-8955
FAX: 410-712-4038
CONFERENCE E-MAIL: JTracey@nafassociation.com
WEBSITE: www.nafassociation.com
JUNE 12-14 IN FORT WORTH If you would like to contribute a newsletter article, contact
WWW.NAFASSOCIATION.COM us for details.
Non-Prime Times, Spring, 2006
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