The 2025 Buy Here Pay Here (BHPH) convention circuit is buzzing with excitement as industry leaders place a strong emphasis on enhancing operations through innovative solutions, like AI tools.  ABCoA has attended several industry conferences and conventions across the US so far and there are a few core themes shaping the discussions:

Collections: Better Underwriting Practices and Technology Integration

• Prioritizing Disciplined Underwriting:  Dealers are implementing more stringent credit checks and leveraging predictive analytics to assess the risk profiles of potential buyers. This helps in improving the quality of their loan portfolios and reducing default rates.
• Utilizing Technology for Collections: AI-powered communication tools are being used to send automated payment reminders and streamline collection workflows. For instance, AI Collections tools can operate 24/7, communicate in multiple languages, and avoid collection fatigue by handling repetitive tasks efficiently.

Compliance: Adhering to Regulatory Standards

• Data Privacy Management: Dealerships are adopting advanced data management tools to ensure customer data is stored securely and in compliance with privacy laws such as TILA and FTC. These tools help in protecting sensitive information from breaches and unauthorized access.
• Automated Regulatory Updates: Dealership Management Systems (DMS) are now equipped with features that automatically update dealerships on the latest regulatory changes. This ensures that all practices remain compliant with federal and state laws without the need for manual monitoring.

Customer Experience: Revolutionizing Interactions with AI

• AI-Driven Chatbots and Virtual Assistants: Dealerships are deploying AI chatbots to provide real-time support and tailored recommendations to customers. These virtual assistants can help customers find the right vehicle and financing options quickly and efficiently, enhancing the overall customer experience.
• Personalized Marketing Campaigns: AI tools are being used to analyze customer data and create personalized marketing campaigns. For instance, a dealership might use AI to identify customers who are likely to upgrade their vehicles and send them targeted offers and promotions.

The 2025 BHPH convention circuit reflects themes showing the industry’s commitment to leveraging technology to improve operations, ensure compliance, and enhance customer experiences. By embracing these innovative solutions, dealerships are better equipped to navigate the evolving market landscape.