J.D. Power released its 2015 Canadian Dealer Financing Satisfaction Study and found for new-vehicle dealerships in Canada, good service and fast contract funding for all consumer-facing products is more important than obtaining low pricing offered by auto finance providers.
Now in its 17th year, the study measured dealer satisfaction with finance providers in four segments: prime retail credit, retail leasing, floor planning, and non-prime retail credit.
The study reveals new-vehicle dealers prefer personalized service from their underwriting funding and sales teams that expedites consumer applications and funds contracts over obtaining lower pricing from their finance provider.
Approximately one-third of dealers are willing to pay a roughly 0.70-basis-point premium for access to an enhanced service and financing experience. Dealers want a central point of contact in underwriting, whether an individual or team, yet, 37 per cent of prime retail credit dealers do not have any dedicated support.
BMW Financial Services ranks highest in the prime retail credit segment while VW Credit Canada ranks highest in the floor planning segment.
Full results of this 2015 Canadian Dealer Financing Satisfaction Study can be accessed by following this link.
