FADA concludes its 2nd edition of Finance & Insurance Summit

Mumbai, June 20, 2023: The Federation of Automobile Dealers Associations (FADA) today hosted its 2nd edition Finance and Insurance Summit - 2023 at Sahara Star Mumbai. The summit was organised to bring industry leaders together on a single platform to address the present opportunities and issues in the Indian automobile sector, with a focus on finance and insurance. The leadership shared their views & vision for the sector and urged industry to initiate some of the best practices for Industry for future.

 
The sessions were graced by Mr Ramesh Iyer, Vice Chairman and MD, Mahindra Finance,  Guest of Honour Mr HO Suri, Managing Director, IFFCO Tokio along with Mr. Manish Raj Singhania, President, FADA; Mr CS Vigneshwar, Vice President FADA, Mr. Sai Giridhar, Secretary – FADA; Mr Amar Jatin Sheth, Treasurer FADA and Mr. Sachin Mahajan, State Chairperson Maharashtra led the sessions along with other FADA dignitaries and some of the industry leaders from Finance & Insurance sector.
 

Expressing his gratitude to the distinguished guests and appreciating the role played by the insurance and finance sectors in shaping the automobile industry and helping to revive it, Manish Raj Singhania, President of FADA, said, "Finance & Insurance (F&I) have always been the foundation of the Indian economy and the sector has significantly aided in the expansion of the Indian auto industry and the dealer network in recent years. Dealerships are a dynamic industry that frequently need financial support; the finance and insurance sectors have consistently provided us with the greatest assistance possible. The insurance and financial sectors are crucial in reviving industrial confidence on both the supply and demand sides.  FADA as an association, with efficient use of technologies aim to make finance and insurance more accessible, affordable, and future ready to catalyze a resurgence in vehicle purchases and thus bolster our auto sales. We together aim to adopt practices that supports both the dealer in maintaining a comprehensive vehicle line-up and the financier in ensuring their investment is safeguarded.”
 

He further added, “As a responsible association, FADA stands committed to address various obstacles that the auto industry faces today such as rising interest rates, slow-moving vehicle inventory build-up at dealerships, supply chain constraints, the increased cost of funds and the ever-evolving IRDAI norms. The association also actively works towards complex factors in banks and finance companies wherein FADA urges  them not to extend the inventory cycle beyond 60 days, keeping in view the precarious nature of inventory management and the necessity for quick stock turnover.”