Bankruptcy Takeaways From the 2023 NIADA Convention & Expo
Shareholder and Bankruptcy Group chair Scott Fink and director of bankruptcy Heather Schneider recently attended the National Independent Automobile Dealer Association (NIADA) 2023 Convention & Expo in Las Vegas. See below for their top three takeaways!
1. The independent automobile dealer industry is experiencing significant growth at a time of financial uncertainty
This year’s convention saw a record number of new attendees and the overall attendee list topped 1,000. Additionally, 200 exhibitors (including Weltman) filled the convention hall for 3 full days of education, networking, and social events. The unprecedented attendance numbers were clearly the result of growth within the industry on a national basis, as evidenced by the total automotive loan balances in the U.S. increasing by $10 billion in the first quarter of 2023 as compared to 2022. This growth, however, comes with some risk as auto delinquencies continue to creep upwards and bankruptcy filings continue to rise nationally.
2. When given the opportunity… Speak up
Scott and Heather had the unique privilege of acting as co-speakers for a panel at this year’s convention. Their topic focused on the impacts of bankruptcy on repossession rights and efforts. The session was well-attended and drew an almost constant stream of questions from the audience. Clearly, there is an appetite within the industry for more bankruptcy knowledge!
Accepting a speaking slot at a conference comes with significant advantages from a marketing standpoint: your visibility is significantly raised amongst attendees, many of whom will seek you out both before and after your presentation. Plus, getting the “speaker” ribbon on your badge doesn’t hurt either.
Accepting a speaking slot at a conference comes with significant advantages from a marketing standpoint: your visibility is significantly raised amongst attendees, many of whom will seek you out both before and after your presentation. Plus, getting the “speaker” ribbon on your badge doesn’t hurt either.
3. When in doubt… Seek counsel
Navigating the various state and local laws governing repossession can be challenging. When factoring in the intricacies of bankruptcy law, the challenges facing lenders and dealers increase exponentially, as well as the risks. Thus the importance of establishing a trusted relationship with a legal advisor is essential to ensure that your legal rights are protected and that any obligations are met.
Our team is constantly monitoring changes in the industry. If you would like to learn more about our Bankruptcy Group or have additional questions, contact Scott and/or Heather at any time.
This blog is not a solicitation for business and it is not intended to constitute legal advice on specific matters, create an attorney-client relationship or be legally binding in any way.
Our team is constantly monitoring changes in the industry. If you would like to learn more about our Bankruptcy Group or have additional questions, contact Scott and/or Heather at any time.
This blog is not a solicitation for business and it is not intended to constitute legal advice on specific matters, create an attorney-client relationship or be legally binding in any way.
