Ally, TD & VW Credit among leaders in J.D. Power Dealer Financing Satisfaction Study
J.D. Power sees competition for paper among finance companies as intense as ever, especially with monthly retail sales of new vehicles down 30% from pre-pandemic levels.
According to the J.D. Power 2021 U.S. Dealer Financing Satisfaction Study, finance companies that find ways to form close relationships with dealers and deliver consistently high service levels are best positioned to capture additional opportunities.
“Auto dealers who maintain transactional relationships with lenders, spreading their business across multiple institutions without establishing go-to relationships have significantly lower levels of satisfaction with their lending partners,” said Patrick Roosenberg, director of automotive finance intelligence at J.D. Power.
“In this market, where rates are low and new-vehicle sales volumes remain significantly suppressed, captive and non-captive lenders who want to stay competitive need to set themselves apart by forging close relationships with dealers through their sales reps, retail credit staff and funding,” Roosenberg continued in a news release that highlighted the study rankings.
And beginning the rankings rundown in the captive mass market segment, J.D. Power indicated Volkswagen Credit ranked highest in overall dealer satisfaction with a score of 946 (on a 1,000-point scale), followed by Subaru Motors Finance (916) and Toyota Financial Services (907).
Turning next to the national banking segment, the study showed TD Auto Finance came in highest in overall dealer satisfaction with a score of 953. Ally Financial (940) ranks second.
Within the regional banking category, J.D. Power determined Citizens ranked highest in overall dealer satisfaction with a score of 928, followed by Huntington National Bank (918) and Fifth Third Bank (887).
And in the subprime, Ally Financial climbed highest in overall dealer satisfaction with a score of 932. Capital One Auto Finance (854) was second.
Finally for leasing, the study revealed Audi Financial Services ranked highest in overall dealer satisfaction with a score of 952, followed by Volkswagen Credit (949) and Lincoln Automotive Financial Services (934).
J.D. Power explained that the 2021 U.S. Dealer Financing Satisfaction Study is based on responses collected in May through July from 2,992 dealer financial professionals.