Auto by Auto Experts: Lou Loquasto
Auto lenders and dealers want more knowledge and faster information about their markets and customers—on and off the lot so they can quickly close deals and grow their businesses. The Automotive Solutions team at Equifax is uniquely qualified to help with this and provide insights that drive—based on their 360 degree automotive expertise and tenure in the industry.
Our team has ~500 years of combined experience at lenders/dealers, having lenders/ dealers as their customers or in various strategic leadership roles. This means we have been in your shoes, and know what you need – and what you don’t – to help accelerate growth. This also means we care deeply about the industry that we’ve dedicated our working careers.
This Q&A blog series will highlight our experts and give you a glimpse into their background, accomplishments, view on the industry and even a peek into their “softer” side.
Q: What’s your background and how does it benefit lenders & dealers?
A: My 22 years of experience in the auto industry includes 16 years at two national auto lenders, Wells Fargo and Global Lending Services, in various leadership roles. For 6 years, I have been instrumental in leading the auto finance and dealer practices at Black Book and now at Equifax, as the leader of the Auto Team. In a regular day, I spend a lot of time talking to some of the smartest people in the industry. That, combined with access to the industry’s best data, helps me provide valuable insights that drive better business decisions for both dealers and lenders to help them accelerate growth.
Q: What value does Equifax provide for lenders & dealers alike?
A: Multiple things:
- Our industry expertise is a big differentiator. The team at Equifax is comprised of individuals that have spent most of their careers in the auto industry – as auto lenders, calling on auto lenders or in various roles on the dealer side. The team is strong, and can help lenders and dealers capture market share and ensure they are attracting and interacting with the right customers.
- Our breadth and depth of data (credit, income, employment, marketing, alternative, commercial, partner-data) is unmatched in the industry and continues to help lenders with all aspects of loan management (at originations, at funding, at collections) and helps dealers close more deals.
- Our business intelligence tools (ex. Lost Sales Analysis, TradeSight) are some of the best tools in the industry for helping lenders (and soon dealers) understand their competition.
Q: Where do you see the auto industry for lenders in two years and why?
A: The auto industry is cyclical, so we will always have ups and downs. But because the indirect auto segment is so well -built, competitive and sophisticated in its use of data and analytics, it will continue to outperform other industries.
Q: What are some of your major accomplishments that helped accelerate the auto industry?
A: My three most notable accomplishments have helped shape and push change in the auto industry in different ways:
- In 4 years at Equifax, I have helped the Equifax Auto business grow over 50% by building a team of subject matter experts that are known and respected throughout the industry.
- As CMO and head of the central direct-to- consumer business at a large financial institution, I helped grow the business from a $1B subprime to a full-spectrum $30B company, creating over $400M in annual net income.
- As one of the Founding Executives and Chief Marketing Officer at a global lending services company, I helped raise significant debt and equity to start the business, helped close a $40M acquisition and expanded the company into 29 states and 3,100 dealerships within the first 18 months in business.
Q: What do you enjoy when you are not focused on auto and data insights?
A: Although I love what I do at Equifax for the auto industry, I have a family which is a primary focus for me. My kids play sports—I even coach some of their teams. I am an avid sports fan and love to travel. Also, I do enjoy playing poker—it helps hone my marketing and math skills!
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