In a recent report from J.D. Power, in which it notes that leasing volume now accounts for 19 per cent of total new vehicle sales, the company said both lenders and dealers need to be “more targeted and purposeful than ever” in their communication strategies if they want to retain lessees and win over new customers.
“The days of the one-size-fits-all lease loyalty strategy are long gone,” said Patrick Roosenberg, Director of Automotive Finance Intelligence at J.D. Power. “In this market, lenders, dealers and OEMs really need to understand the unique individual journeys of their customers and develop tailored, highly-targeted outreach strategies creating the greatest opportunity to retain them.”
He adds that “successful customer retention and conquest strategies are coming down to detailed analytics,” which means that lease providers will need to understand the different customer journeys and offer incentives to the right customers—at the right moment—and through the right communication channels.
J.D. Power’s 2022 U.S. End of Lease Satisfaction Study shows that Audi Financial Services ranks highest in end of lease satisfaction in the premium segment, thanks to a score of 868 (on a 1,000-point scale). Lexus Financial Services (866) ranks second, and BMW Financial Services (862) ranks third. Acura Financial Services ranks fourth with 860 points, above the 858 segment average, and Mercedes-Benz Financial Services is fifth with 850 points.
For the end of lease satisfaction in the mass market segment Ford Credit ranks highest thanks to a score of 864, while Honda Financial Services (853) ranks second and GM Financial (852) ranks third. Hyundai Motor Finance also has 852 points, placing it above the segment average of 841 points. Below that is Toyota Financial Services (834), Ally Financial (832), Kia Motors Finance (832), Chrysler Capital (825), and U.S. Bank (816.
“The 2022 U.S. End of Lease Satisfaction Study identifies lease-end practices and timely marketing opportunities that optimize lease retention for the same brand and at the same dealer,” said J.D. Power.
Its study took place between November and December 2021, and is based on responses from 3,075 mass market and premium vehicle lease customers in the United States who are within six months of lease end.
