The Director, Wholesale is responsible for providing leadership to the Wholesale Credit, Operations and Audit Managers and the entire Wholesale team and reports to the Vice President, Credit. The Wholesale team is responsible for underwriting and monitoring dealer credit lines, conversion of new dealer credit lines, timely completion of annual reviews, providing reporting on existing credit facilities, negotiating workouts, and maintaining the highest level of customer service to the Volvo group of Dealers and internally within the business. Operationally, the team is responsible for servicing dealers, providing administrative control over wholesale documentation and funding, applying funds against open receivables for wholesale accounts and tracking wholesale floor plan inventory balances, operating lines, lease lines, and working capital loans.
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The Director, Wholesale works with the Wholesale Management to ensure efficient distribution of workload and appropriate analysis of prospective dealers, lease lines, etc. provides guidance for credit recommendations and decisions, and ensures service level expectations are met with regard to decision response times. The Director, Wholesale will provide the highest level of customer service to AB Volvo manufacturers, dealers, and customers and ensure accurate execution of Volvo Financial Service risk and credit policies and procedures.
Core Responsibilities:
Provide strong demonstrated leadership, management, training, coaching, and performance feedback & evaluations for the Wholesale Management team.
Direct the implementation of dealer/customer focused processes to improve organizational productivity, efficiency and response time.
Coordinate, review, structure and approve credit transactions within delegated authority and risk appetite parameters.
Interact extensively with the OEMs (Original Equipment Manufacturers), Dealers, Regional Sales Managers and District Finance Managers to negotiate floor plan structuring, pricing, and collateral requirements for transactions.
Demonstrated ability to create, recommend, and implement credit polices and procedures to maximize wholesale penetration while minimizing risk, managing portfolio delinquency, and improving underwriting quality.
Ensure timely line renewal reviews, implementing corrective actions as necessary on past due reviews
Develop strong relationships and maintain regular communication with all OEM’s
Monitor risks associated with the Dealer finance portfolio and implement appropriate actions to prevent and/or minimizes losses.
Presentation to VFSRA Credit Committee and VFS Global Credit Committee.
Responsible for recommending appropriate credit authorities to executive management.
Develop appropriate metrics to measure department efficiencies and recommend policies and procedures to improve overall risk performance.
Ensure, Review and continually improve monthly reporting and portfolio management analysis to management and staff on key performance indicators.
Define and communicate systems requirements and recommend future systems enhancements, which effectively streamline transaction lifecycles, maximize efficiency and meet credit turnaround time and service level goals.
Review and negotiate transactional documentation with dealers, customers, and internal business areas (Legal, Sales, Credit Committee, etc).
Coordinates with Wholesale Audit Manager to ensure: audit planning schedule to ensure all field audits are completed according to the approved frequency, or required approval is obtained for delays, extensions, or deferrals; tracking and collection of all “sold and unpaid” items per the requirements for all VFS USA businesses and of interest and dealer charges, principle, curtailments, rental splits, depreciation and other amounts due from VFS dealers and franchisees.
Provides guidance and direction to manage VFS USA’s relationship with third party audit and security service vendors, including price negotiation and service level expectations
Provide guidance and direction to manage dealer “work-outs” and “sold out-of trust” events to ensure VFS USA controls are in place to minimize loss exposure
Develop and communicate processes based on business policy, system, or infrastructure changes.
Ensure accurate and complete documentation compliance.
Provide inclusive oversight, guidance, coaching, mentoring, and discipline to direct reports.
Travel is required
Education and Experience Required:
BA/BS in business or related field, MBA preferred
10+ years’ experience in heavy equipment finance credit and operations with preference for experience in Dealer Credit, Wholesale Financing and Customer Service functions.
Extensive experience with UCC (Uniform Commercial Code) perfection and thorough understanding of Lease and Loan Documentation with ability to work with and understand requirements of internal and outside counsel.
7+ years of proven leadership/managerial skills and experience leading self-directed work teams preferred.
Proven record of sound underwriting decisions.
Project management experience required.
Wholesale financing analysis and collections experience desired.
Required Competencies and Skills:
Demonstrated leadership and managerial skills.
Possess a proven track record of successfully negotiating and closing transactions directly with dealers and customers.
Ability to successfully present credit risk, structure and documentation to risk management/credit committee, legal counsel, and the sales force.
Strong credit underwriting and analytical skills.
Analyze complex financial statements and prepare written reports.
Innovative problem solving, research, qualitative, quantitative, and analytical skills.
Thorough understandings of loan and lease documentation, UCC, credit structuring, and pricing.
Effective written and verbal communication skills and strong interpersonal skills.
Must have strong organizational skills, with the ability to prioritize and work effectively on multiple tasks in a fast paced, demanding environment.
Must have the ability to effectively train and develop future leaders.
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