JD Power: Dealer satisfaction with lenders up
Overall dealer satisfaction with lenders has increased in the J.D. Power 2013 U.S. Dealer Financing Satisfaction Study. The study looks at prime and nonprime retail credit, retail leasing and floorplanning.
Overall dealer satisfaction with prime retail credit lenders is 890 on a 1,000-point scale, up 5 points from last year. Retail leasing satisfaction is 896, also up 5 points. Floorplanning satisfaction has increased the most, up 11 points to 924.
Greater industry adoption rates of practices such as eContracting, better dealer support and a solid product offering helped boost satisfaction, J.D. Power said. The study found that 30 percent of lenders offer dealers such options, and 39 percent of dealers who use them said they will give more business to their eContracting lender.
Three best practices of lenders, according to the dealers surveyed: sales reps who have the knowledge and tools to train dealers on finance products; fast underwriting and fast funding of retail products and floorplanning; and lender staff who are knowledgeable, friendly and customer-focused.
The top scorers were, for prime retail credit, Alphera Financial Services, followed by BMWs and Mercedes-Benzs captives; for retail leasing, BMW, followed by Mercedes-Benz and Ford Credit; and for floorplanning, Mercedes, followed by BMW and Ford Credit.Download Bulletin PDF