WESTLAKE VILLAGE, Calif. — Data from J.D. Power and Associates' 2008 Dealer Financing Satisfaction Study indicates that a dealer's level of satisfaction with a given lender correlates to the share of the dealer's business that lender will earn.
“Dealer satisfaction with automotive lenders clearly impacts the volume of retail business a lender receives,” said Rich Howse, senior director of the automotive finance practice at J.D. Power and Associates. “With more than 20,000 dealerships in the U.S., the potential revenue linked to increasing satisfaction can translate to billions of dollars."
The study included 4,770 dealer principals who were surveyed from March through July 2008. Lenders were ranked in four segments: prime retail credit, retail leasing, subprime retail credit and floorplanning. BMW Financial Services ranked No. 1 in all four segments. The captive lender scored 966 out of a possible 1,000 points in the subprime retail credit category. Volkswagen Credit wasn't far behind, finishing No. 2 in three categories and No. 3 in the fourth.
Here is a list of the top three lenders and their score for each category:
Prime retail credit
1. BMW Financial Services (946)
2. Alphera Financial Services (940)
3. Volkswagen Credit (938)
1. BMW Financial Services (942)
2. Volkswagen Credit (934)
3. Mercedes-Benz Financial (924)
Subprime retail credit
1. BMW Financial Services (966)
2. Volkswagen Credit (943)
3. GMAC Financial Services (922)
1. BMW Financial Services (963)
2. Volkswagen Credit (960)
3. Audi Financial Services (940)