Dealers care more about lendersê service than their price
A survey by J.D. Power measuring dealer satisfaction with their finance providers found that the level of service provided, including technology and a collaborative and consultative staff, is more important than price. Dealers are even willing to pay a premium for high quality service.
Speed of funding has become a critical differentiator in the eyes of the dealer as efficient cash flow is demanded by dealer management, not absolute finance and insurance income, said Michael Buckingham, senior director of the auto finance practice at J.D. Power.
Overall satisfaction is highest when sales reps talk about customer retention, dealership performance consulting, and training and clarification of programs. The study finds that eContracting improves dealer satisfaction, with more than half of dealers saying that faster funding time is the main reason to use it.
The financial services companies of Mercedes-Benz, Mini and Alphera received the highest dealer satisfaction ratings for prime retail credit.Download Bulletin PDF