COSTA MESA, Calif. — J.D. Power analysts say the results of the research firm’s 2019 U.S. Dealer Financing Satisfaction Study, released today, prove finance source representatives’ ability to answer dealer questions correctly the first time, facilitate electronic transactions, and resolve contracts quickly is key to helping dealers successfully navigate the changing marketplace.
As auto dealers confront a rapidly changing consumer landscape in which many customers now apply for credit online before visiting a dealership, the experienced and empowered credit and sales personnel at captive and non-captive finance sources are becoming critical elements in the success of an automotive finance operation, according to Jim Houston, senior director of automotive finance at J.D. Power.
“Dealers are able to put together more attractive, seamless transactions for their customers when they are able to work in lockstep with lenders they trust to deliver fast, accurate, and competitive products,” Houston said. “That relationship becomes more important as vehicle sales slow and more buyers may seek to secure financing outside of the dealership. Credit analysts and sales personnel perform some of the most important functions for dealers looking to match customers purchase with the right financial transaction.
“When these teams are available, knowledgeable, and empowered, they improve dealer satisfaction and enhance the lender’s value proposition,” he added.
The study is based on 16,870 retail credit and 2,117 floorplan provider evaluations from dealer personnel, a 17% increase in response rate from the 2018 study. The study was fielded in April and May, measuring auto dealer satisfaction with captive mass market, non-captive, and floorplanning sources.
- Among the captives, Volkswagen Credit ranks highest in overall dealer satisfaction with a score of 961, followed by Subaru Motors Finance (940) and Mazda Capital Services (921).
- Citizens One Auto Finance ranks highest among non-captives with a score of 935, followed by TD Auto Finance (927) and Ally Financial (899).
- In the floorplan finance category, Audi Financial Services and VW Credit rank highest with scores of 993. TD Auto Finance (983) ranks third.
To access the full study, click here.
Originally posted on F&I and Showroom