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A J.D. Power Study Reveals Positve Predictions for Canadian Auto Dealers

Autosphere » Dealerships » A J.D. Power Study Reveals Positve Predictions for Canadian Auto Dealers
According to the J.D. Power 2020 Canada Dealer Financing Satisfaction Study, auto dealers's satisfaction with their lender hinges on the lender’s ability to be responsive, provide value-added insights and leverage digital communications. PHOTO Shutterstock

As the operational and financial effects of COVID-19 cause chaos to the auto sector and bring new-vehicle sales to a crawl, lenders have a unique opportunity to support auto dealers and position themselves competitively in the post-pandemic era.

According to the J.D. Power 2020 Canada Dealer Financing Satisfaction Study, auto dealers’ satisfaction with their lender hinges on the lender’s ability to be responsive, provide value-added insights and leverage digital communications.

The current environment has ramped up the need for digital channels.

— Patrick Roosenberg, Director of Automotive Finance, J.D. Power

“As lenders further develop their digital channels, dealers will need training to fully execute transactions from credit applications to funding.

This is an area where lenders can excel and gain a competitive edge. Even when the social distancing requirements subside allowing shoppers to go back into dealerships, these digital transactions will continue to grow as consumer demand dictates the desire for this option,” added Mr. Roosenberg.

Within the study, dealers identified the most preferred communication channels through which they want to interact with sales representatives and retail credit analysts.

Additionally, sales reps who exceed dealer expectations by providing their dealer partners with specific value-added insights and competitive intelligence can have a significant effect on overall satisfaction and dealer intent to send more business.

Study rankings

Acura Financial Services ranks highest in the captive lender segment with a score of 934 (on a 1,000-point scale). Ford Credit (912) ranks second and Honda Financial Services (886) ranks third. Overall satisfaction in the captive segment declines to 869 from 883 in 2019.

Among non-captive lenders, TD Auto Finance ranks highest for the third consecutive year with a score of 912, Scotiabank (908) ranks second and Conexus Credit Union (901) ranks third. In the non-captive segment, overall satisfaction rises to 889, up from 878 in 2019.

In the lease segment—new in 2020—Ford Credit ranks highest with a score of 903. Honda Financial Services (888) ranks second and Toyota Financial Services (885) ranks third. The lease segment’s overall satisfaction score is 859.

The 2020 Canada Dealer Financing Satisfaction Study, now in its 22nd year, captures 7,782 finance provider evaluations across the three segments from new-vehicle dealerships in Canada.

The study was fielded in February 2020.

 

Categories : Dealerships, Press release
Tags : Acura

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