“There’s still a lot of impulse buyers” || Jeff Turley, Head of Auto Lending, PNC Bank
Pittsburgh native Jeff Turley began working at PNC Bank two weeks after graduating from college and has been with the company his entire career - he is now a 35-year veteran overseeing an auto lending team that works with over 6,000 dealerships across the country. In his current role, Jeff manages sales, marketing, credit underwriting, and a $23 billion portfolio encompassing floor plan, commercial, and both direct and indirect auto financing. He holds his BA in finance from the University of Pittsburgh, his MBA in finance and real estate from Duquesne, and is a second-degree black belt in Taekwondo.
In this episode, Jeff joins our host Derek D to talk about why indirect loans sent from dealerships make up the lion’s share of PNC’s retail automotive financing business, what makes the current supply-side problems in the auto industry completely different from the ones that arose in the 2008 recession, and why he believes “just-in-time” delivery of inventory can’t be sustained. Plus, he discusses the statistics behind the dramatic fall in incentives, how his personal interest in cars has helped him connect better with the dealers he works with, who is actually the biggest auto fan in his family, and more.
- The important market segment that isn’t served by ordering a new car weeks ahead
- The reasons affordability concerns will continue if interest rates stay stable
- Why manufacturer initiatives for uniformity are making dealers more cautious about what they spend on a new building
“You look at floor plan utilization and values, and dealers today are trying to be careful about how much money they put in the trade-ins.”
— Jeff Turley
|| Dealer News Today is a Dave Cantin Group production