TD Bank announced this week that Marc Womack would be the new President and CEO of TD Auto Finance (TDAF). Womack brings more than 29 years in the banking industry to his new and well-earned role.
Womack opened up to us about taking on this new challenge, adapting to a new world amid COVID-19 and the future of TD Auto Finance.
As you'll quickly notice, Womack doesn't spend too much time thinking about what this new role means for himself or his career, but how he can use it to inspire and invest in his team at TD.
Here's a candid conversation with Marc Womack:
For those that don't know, what exactly does TDAF do for the Bank?
TD Auto Finance is the 6th largest Bank Auto lender and the 17th largest overall auto lender in the U.S. Market. TDAF operates in two major product categories: Indirect Retail & Commercial.
Through Indirect Retail, TDAF lends to "end consumers," otherwise known as customers, who shop at the dealership via the new & used franchise dealer channel (the end customer applies via the dealer and then are sent to TDAF).
Through Commercial, TDAF Lends to auto dealers as the primary customer for business purposes like inventory financing, working capital, Real Estate, etc.
You will be collaborating with Consumer Distribution and the Stores moving forward, what are you most excited about for that new synergy?
TDAF has more than 1.1 million customers ($460 million worth of customers in the retail footprint) and we, to date, have not made a coordinated effort to bring the entire bank to these customers. I think we will make significant
progress in this space by working with our partners at Consumer Distribution.
The auto sales and financing processes have become more digitized and TDAF will have to look at opportunities to elevate our digital capabilities. We look forward to working more closely with the digital team to leverage many of the tools that the broader organization has developed and build new unique capabilities for TDAF.
After 29 years in the banking industry, what does a role like this mean to you?
It means that I am old! Jokes aside, it gives me a greater platform to enable people, including colleagues, to be their best, most authentic selves. Our people are the thing that makes us better as an organization and my new role provides me the opportunity to work with and help to support a fantastic group of leaders deliver on our commitments to fellow colleagues, customers and the communities where we work and live.
It also means that I will be able to continue to see the positive evolution of TDAF's contribution to the profits and growth of TD Bank. I started with the bank in 2013 in TDAF and after taking on other opportunities at the bank, I'm now able to return and be part of the success story that is TD Auto Finance
You will also be joining the TD Management Committee. What can we expect from leadership in 2021?
I am excited to continue to tell the TDAF story at the MC table, as well as to support and represent the Consumer Distribution team. Leadership in 2021 will help to steer the bank through the remaining impacts of COVID, help provide the tools to effectively compete in an even more competitive environment and shape our near and long-term growth agenda.
What makes TD especially poised to grow in the Auto Financing sector?
It's our people, plain and simple. The TDAF Value Proposition has been built around delivering Legendary Service to both our end consumers and dealer customers. We have continued to focus and invest in capabilities that enhance our ability to provide service that exceeds our customer expectations. Our people are the foundation that drives our ability to deliver.
I've been hearing from leaders that COVID-19 has really impacted their leadership in being more flexible and empathetic with their teams, how has the pandemic affected you as a leader?
It has made me be more intentional about maintaining direct relationships with our teams. We can't "walk past someone's desk" anymore, so we have to substitute technology (Skype, Webex, Microsoft Teams, etc.) to be able to
effectively maintain that individual and small group connectivity.
I have had to manage my time a lot more effectively. Because your office is now where you live, it is easier to just jam more meetings into your day. I have to be intentional about stepping away and taking mental health breaks during the day, along with letting my team do the same.
What would your advice be to your younger self?
Patience, patience, patience. My younger self wanted to take on the world all in day one. I would let him know that being patient will give him a greater opportunity to have the desired impact
You are very dedicated in helping the community outside of your work here at TD, what are you most proud of in regards to that?
I enjoy working with young people and in normal times, while I travel a great deal, I mentor a number of people outside of the bank that are at different stages of their careers. Watching them grow and progress in their careers is something that means a great deal to me.
Why is it so important for all of us to step up and help our local communities, especially those historically disenfranchised?
I have always believed that those with the means to do so should assist those that are less fortunate. Not for any high-minded reason, but simply because the impact of that help multiplies as people pay it forward. People who were helped, help other people and so on.
Finally, what's one thing people don't know about you?
Both of my sons played college football and for 7 years, my family spent many fall weekends attending Big 12 and Conference USA football games.