Automotive finance lenders that are able to facilitate electronic transactions for dealers, answer their questions correctly from the very beginning, and resolve contracts quickly can help dealers successfully make their way through an evolving marketplace, according to J.D. Power’s 2019 U.S. Dealer Financing Satisfaction Study.
“Dealers are able to put together more attractive, seamless transactions for their customers when they are able to work in lock-step with lenders they trust to deliver fast, accurate and competitive products,” said Jim Houston, Senior Director, Automotive Finance Intelligence at J.D. Power. “That relationship becomes more important as vehicle sales slow and more buyers may seek to secure financing outside of the dealership.”
For dealers seeking to match their customer’s purchase with the right financial transaction, it’s important to remember that credit analysts and sales personnel perform some of the most important functions for dealers to be able to do this.
J.D. Power’s study was fielded between April and May and measures auto dealer satisfaction in three segments of lenders: non-captive, captive mass market and floor planning. All are based on a 1,000-point scale.
The non-captive analysis looks at the dealer-lender relationship based on three factors: relationship, provider offerings, and application/approval process. The top four on the list include Citizens One Auto Finance (935), TD Auto Finance (927), Ally Financial (899), and the Huntington National Bank (884). The non-captive average is 840.
J.D. Power 2019 U.S. Dealer Financing Satisfaction Study
The captive segment considers four factors of evaluation: relationship, provider offerings, application/approval process, and lease return. Volkswagen Credit (961), Subaru Motors Finance (940), Mazda Capital Services (921), and Toyota Financial Services (908) all reached points above the 900-mark. The mass market average is 871.
J.D. Power 2019 U.S. Dealer Financing Satisfaction Study
And three factors are measured in the floor planning segment: relationship, portfolio management, and provider credit line. Auto Financial Services (993), Volkswagen Credit (993), TD Auto Finance (983) and Huntington Bank (971) are the top four, with the floor plan average marked at 948.
J.D. Power 2019 U.S. Dealer Financing Satisfaction Study
