CFO Studio Magazine - CFO Innovation Award Winners

34 WWW.CFOSTUDIO.COM 2nd QUARTER 2015 CFO STUDIO RECEPTION B C D E F A A Curt Allen B L. to R.: Curt Allen, Mike Dentici C Mary Daly D Jim Hannan E L. to R.: Albert Caamic, Vincent DiNardo, David Rockwood F Bill Craig, Curt Allen PROMOTIONAL PARTNERS: C urt Allen, CFO of Subaru of America, tried to give away a brand-new car at the CFO Studio Reception in his honor March 24, but no one sank a 50-foot putt to claim the prize. Mike Dentici, CFO of T&MAssociates, came darned close, missing the putt and a new car by mere inches! Allen offered $500 coupons to all in attendance, a discount off any Subaru car they would buy before June 30, 2015. Guests collected worthwhile insights, too, as Allen shared his thoughts on just when interest rates will rise (probably toward the end of September), and predicted larger incentives for car buyers this year. “Everybody’s going to be looking to steal car sales from everybody else,” said Allen, explaining that after satisfying pent-up demand for new cars in the 2010-14 period, sales are forecast to abruptly level off in 2015. “I saw an ad just yesterday. It was Buick. They were advertising up to 16 percent off of MSRP [manufacturer’s suggested retail price]. I’m sitting here thinking as a CFO, how can you make any money doing that? [But] I think you’re going to see more incentives like that.” The CFO Studio Reception honoring Allen, who was featured in this magazine’s Q1 2015 cover story, was held at Galloping Hill Golf Course in Kenilworth, NJ. The evening was hosted by Real Estate Strategies Corporation and CFO Studio, and sponsored by Deloitte, Robert Half, Revelwood, and O’Connor Davies. Allen provided an insider’s take on many facets of selling cars. One of the biggest challenges facing car manufacturers is a regulation from the California Air Resources Board mandating that starting in 2018, a certain percentage of cars sold must be zero-emission. The regulation has been adopted in 10 other states. Trouble is, consumers aren’t buying plug-in cars, and they are expensive to build. “We on the manufacturing side think, ‘Well, the government has to do something and push these restrictions back two years,’ but at the same time, you know they’re probably not going to make this decision until late 2017.” Allen, who has been with Subaru for 35 years, told the audience that his staff has an average tenure of about 20 years. “We really don’t hire,” he said, in an apology to sponsor Robert Half, the professional staffing company. He wrapped up his remarks with a call to the group to cheer on the four competitors who’d qualified earlier in the evening for a shot at a 50-foot putt. “Let’s hope somebody wins the car,” he said. Because he came closest, Dentici walked off with a box of Titleist golf balls from Subaru and a certificate for a round of golf at Galloping Hill from CFO Studio. C Playing His Long Game Curt Allen shares insights on U.S. car sales and his job at Subaru FOR THE FULL TEXT OF ALLEN’S REMARKS, GO TO CFOSTUDIO.COM