The Federation of Automobile Dealers Associations (FADA) has concluded its first Finance and Insurance Summit 2022, which was organised to bring industry stalwarts on one platform to discuss the ongoing opportunities and challenges in the Indian automobile industry with reference to finance & insurance.
Held in Mumbai, the summit included two panel discussions – the first on the changing dynamics of the automotive industry and vehicle financing business, and the second on the automotive industry and vehicle insurance.
The first panel discussed crucial industry topics, such as continued supply chain constraints, high used-vehicle values, rising interest rates, increased cost of funds and revised MISP guidelines. The second session discussed the current situation for vehicle insurance business in the automotive market. Vehicle insurance has grown as a greater opportunity for dealers to sustain a longer relationship with the customer and retain the business opportunity at large for future.
Vinkesh Gulati, President, FADA, said, “Throughout their existence, Finance & Insurance (F&I) have been the backbone of the Indian economy. In recent years, the F&I sector has made enormous contributions to the growth of the Indian automobile industry and the dealer community. Dealerships are a dynamic business and need finance support every off and on.”
The Insurance & Finance industry holds a significant role in revitalising the confidence of the industry both on supply & demand sides, he said. The summit and award ceremony witnessed the participation of over 317 auto retailers and delegates from the Maharashtra region.