TD Auto Finance President and Chief Executive Officer Andrew Stuart brings extensive experience in the automotive industry to guide the team through the evolving macroeconomic environment.
Stuart’s love of cars propelled him into a career in the automotive industry, where he held various roles.
“I’ve done a lot of different things in the auto industry,” Stuart said. auto finance news“I often tell people, ‘I’m an inch deep and a mile wide in my experience,’ and I think that gives me a good background, context, and perspective as a senior leader. We are making decisions going forward.”
Stuart began his sales career while in college at a dealership in Nova Scotia, Canada, before becoming a finance and insurance manager.he later served as chief executive officer Bentley Motors Co., Ltd.; Chief Operating Officer Ron Tonkin Distributor; President, Chief Executive Officer, Vice President, Chief Financial Officer volkswagen credit.
Stuart joined TD Auto in August 2014 as President and Chief Executive Officer for more than six years. TD Bank Group 1 year. He will return as President and Chief Executive Officer of his TD Auto in December 2021 and will also serve as Vice President of TD Bank.
“Our business is very nuanced, which makes it very interesting,” said Stuart. AFNMore“This is a really exciting place and I wouldn’t have it any other way. I love this industry.”
Auto Finance Excellence talked with Stuart about His thoughts on his career, his approach to leadership, and trends in the auto finance industry. Below is an edited version of the conversation.
Auto Finance Excellence: Please describe your company’s goals in 10 words or less.
Andrew Stuart: We cannot list all our goals in 10 words or less, so we share our vision and purpose. We have an agreed-upon vision of becoming a top 5 auto financier with best-in-class customer service. Our purpose is to enrich the lives of our customers, colleagues and communities.
AFEs: What do you think are the most undervalued lending trends?
that’s why: We are in an environment of great change these days, but perhaps one of the most underrated lending trends is electronic contracts and digital payment solutions. Everyone is lip service offering opportunities for electronic contracts and digital payments.Integrate into our days to get it [e-contracting] The way we do business is 100% impactful to lenders, consumers and OEMs, but we’re not quite there yet.
We’re making progress every day, but there’s a golden opportunity to achieve 100% electronic contracts across the board with Digital Deal Jacket. Then we arrive at a digital payment environment where payments move back and forth between dealers and financial institutions in real time.
There has been some progress this year with real-time payments, which have become the primary method of reimbursement to dealers in funding packages. It improves cash flow for dealers because they don’t have to wait 24 hours. I know there are some financial institutions that are still days away from paying dealers with financing packages. We need to get serious about incorporating more technology into our daily processes so that we can reap the benefits from both the customer’s perspective and the financial institution’s perspective.
AFEs: What’s your favorite piece of leadership advice you’ve ever received?
that’s why: At one point, there was a leader…if he didn’t understand something, he didn’t hesitate to ask.I took it as leadership advice: Don’t be afraid to ask questions and try to understand. This applies to understanding the people within your organization, or the people you lead. And I want to lead with empathy and understanding and get to know people.
My curiosity has grown over the years, both in terms of how I get to know the people within the organization, the customers, and the people I work with, but also in terms of understanding the business really well and learning every day. has been useful for A little more about the environment and the specific nuances of the work you do.
AFEs: Who has had the biggest impact on your career?
that’s why: I have had a very wide range of careers and different people who have influenced me at different stages, I picked three.Initially Paul Regan, owned a group of dealers I worked for in college. He genuinely took an interest in me, was passionate about the business, and willingly gave me the opportunity to demonstrate leadership within his organization at a very young age.It was a great foundation on the retail side of our business, but it also gave me a sense of self –Confidence that you can do more, confidence that you can be a leader even if you are young.
the second is Clive Warrilow, President of Volkswagen Canada at the time, then president Volkswagen of AmericaFor similar reasons, he was a big influence on me.
The last person who influenced me the most was my mentor at Volkswagen Credit, the former president and CEO of that company. Kevin KellyThese three people have made me the business leader I am today.
AFEs: What surprises your employees to find out about you?
that’s why: I don’t think there are many things that surprise my employees about me. They have worked with me for the past eight years or so. I try to be a very transparent and inclusive leader to all our employees.To be honest,I am a very open book to our employees.
Auto Finance News’ new spring event, Auto Finance Summit East, takes place May 10-12 at the JW Marriott Nashville and features a chat with Chase Auto CEO Peter Muriungi.visitautofinance.live/afs-east.