The Canadian Automobile Dealers Association conducted its 2022 CADA Summit on February 16, representing the second consecutive year the event went virtual due to pandemic-related issues.
TD Auto Finance was the exclusive sponsor. The Summit offered an interesting array of speakers covering a variety of topics, including the supply chain shortage, the shortage of new cars, electrification, the dealership and customer relationship, digital retailing, and an update on the Canadian economy.
There was also an update from CADA President and CEO Tim Reuss about the various protocols the association has in place to protect dealers.
The 2021 Dealer Satisfaction Index Awards were also announced.
CADA Chair Peter Heppner welcomed the viewers, followed by a few words from Gino Caputo, recently-appointed senior vice-president and head of TD Auto Finance.
The first panel discussion was moderated by podcaster Jason Stein of SiriusXM’s Cars & Culture; he spoke to OEM leaders Don Romano, President & CEO, Hyundai Auto Canada Corp; Larry Hutchinson, President & CEO of Toyota Canada; Don Durst, Senior Vice President of Subaru Canada; Auto Canada President Vito Palladino; and also Howard Thompson of TD Auto Finance.
They participated in a session called Quick Takes, much of which centered around the supply chain issues and the changes facing manufacturers and dealers. Thompson said the financial side looks “very good.”
Beata Caranci, Chief Economist and Senior Vice-President at TD Bank Group, talked to Huw Williams, Director of Public Affairs for CADA, and provided a snapshot of the Canadian economy—touching on inflation and the likelihood that the Bank of Canada will hike interest rates, which historically could lead to a 2.5% decline in auto sales.
Canadian auto dealer Publisher Niel Hiscox moderated a lively panel discussion about the subject of how electrification is creating a seismic shift in the automotive industry.
The panel included CADA’s Tim Reuss; Brian Kingston, President of the Canadian Vehicle Manufacturers Association (CVMA); David Adams, President of the Global Automakers of Canada (GAC); Flavio Volpe, President of the Automotive Parts Manufacturers’ Association (APMA); and Jerry Dias, National President of Unifor.
Erin Kerrigan, Founder and Managing Director of Kerrigan Advisors, provided an outlook on the 2022 Dealership Buy/Sell Marketplace in the month ahead and how the pandemic has affected valuations.
