M-B Financial, Mini Financial, TD Auto Finance score highest in dealer satisfaction
Mercedes-Benz Financial Services, Mini Financial Services and TD Auto Finance topped their segments in lender services satisfaction among auto dealers participating in J.D. Power 2017 U.S. Dealer Financing Satisfaction Study, released this week.
The study, which was significantly retooled for 2017, measured dealer satisfaction in four segments of lenders: captive luxury, captive mass market, noncaptive and floorplanning and ranked lenders on a 1,000-point scale.
Mercedes-Benz Financial Services ranked highest in the captive luxury segment with a 972 score. The captive finance arm also took the top spot for floorplanning with a 986 score.
BMW Financial Services, with a 955 score, and Infiniti Financial Services, with a 953 score, rounded out the top three captive luxury lender spots. The average captive luxury score was 930.
Mini Financial Services, with a 954 score, ranked highest in the mass-market segment. Volkswagen Credit ranked second, with a 916 score, and Ford Credit came in third, scoring 887. The average captive mass-market score was 855.
In the noncaptive segment, TD Auto Finance secured the top spot with a 912 score. The lender also snagged the No. 2 spot for floorplanning with a 982 score.
“At TDAF, we understand a dealer’s partnership with a lender is a vital piece of their success,” TD Bank CEO Greg Braca said in a statement. “We want to be long-term partners with our dealers and their first choice in a financial provider for all of their business needs.”
Citizens One Auto Finance ranked second in the noncaptive segment with 909 points, and Chase Automotive Finance and Huntington National Bank tied for third with 906.
Huntington National Bank and Volkswagen Credit tied for third in floorplanning with a 970 score.
Credit staff ‘key’
Across market lenders, the credit desk represents more than half of the survey weight for overall satisfaction, compared with the impact of sales representatives, J.D. Power said.
The study found that dealers rely on the credit desk as the first point of contact when looking to resolve problems, far outpacing sales representatives, sales support staff and regional managers. Dealers indicated that satisfaction with sales reps is optimal when reps focus on portfolio performance review, dealership performance consulting and customer retention over problem resolution and training.
“The dealer’s relationship with the credit desk is a key driver of overall satisfaction and the lynchpin to a sustained, fruitful relationship,” Jim Houston, senior director of auto finance at J.D. Power, said in a statement. “Because the credit staff is often the first point of contact, not just for credit decisions, but also for problem resolution, the role has to evolve, with credit analysts becoming much broader subject matter experts and frontline sales personnel taking on more focused roles.”
J.D. Power conducted its first U.S. Dealer Financing Satisfaction Study in 1996. The 2017 study, conducted March 20-May 12, drew more than 11,622 finance provider evaluations from 4,245 new-vehicle dealerships. Thirty-six lenders were represented.
Fuente: Automotive News