According to J.D. Power & Associates’ 2013 Canadian Dealer Financing Satisfaction Study that was released yesterday, for dealers, the level of satisfaction when it comes to financing has improved across all four areas: prime retail credit, retail leasing, floorplanning and sub-prime retail credit.
In fact, 2013 marks the highest level of satisfaction since the study first began, back in 1998. Satisfaction in prime retail increased to 883 on a 1,000-point scale, while leasing rose to 858 (both representing an increase of 24 points). Meanwhile, satisfaction in floorplanning rose to 910 points (up 21 points from last year) and sub-prime retail to 846 (a 19-point year-over-year gain).
After achieving near-record automotive sales of 1.67 million units in 2012 and strong sales in the first quarter of 2013, Canadian automotive dealers are optimistic about their business. Three in four dealers anticipate their 2013 sales will continue to increase, with only one per cent indicating they expect their sales to decrease, according to J.D. Power & Associates’ Power Information Network data.
“While strong sales may bring a positive perspective to Canadian automotive dealers, the effort by lenders to build a partnership relationship with dealers and meet their increasingly diverse financing needs is what has helped propel dealer satisfaction to an unprecedented level,” said Lubo Li, senior director and financial practice leader at J.D. Power & Associates, Toronto.
