In a market constricted by supply challenges and increased demand, critical intelligence on the current auto finance market and competitive landscape is more important than ever. Dealer feedback provides a starting point to design and launch initiatives that capture greater-dealer satisfaction, and opportunities to increase contract volume while reducing the cost to serve. In 2021, nearly 3000 franchise dealers participated in the J.D. Power Dealer Financing Satisfaction study, resulting in 13,681 lender evaluations on their dealer-lender experiences. And, on September 16th, J.D. Power will publish the results of the J.D. Power 2021 U.S. Dealer Financing Satisfaction StudySM.
This year’s study provides powerful insight into a challenging and highly-competitive market in multiple segments and factors that provide lender-performance evaluations and best in class comparison:
- Captive Luxury – Prime
- Captive Mass Market – Prime
- Lease
- Non-Captive National – Prime
- Non-Captive Regional – Prime
- Non-Captive – Sub-Prime
Further, as this is the 2nd year into a redesigned study, illustrating year-over-year performance trending provides intelligent insight into improving and/or declining performance through industry-leading research coupled with subject matter expert recommendations to improve dealer satisfaction, portfolio growth and profitability.
- Overall dealer satisfaction is up significantly year-over-year along with significant improvement in every factor – Provider Offerings, Overall Relationship (Sales Rep and Credit Staff), Funding Process, and E-contracting.
- For the 2nd year in a row, national banks significantly outperformed regional banks, mass-market captive lenders, and sub-prime lenders in overall-dealer satisfaction.
- Sub-prime lenders captured the greatest year-over-year improvement in overall dealer satisfaction, and each factor with the largest gain in provider offerings
- E-contracting use increased significantly year-over-year along with dealer satisfaction with e-contracting.
- Regional banks continue to lag both national and sub-prime lenders in E-contracting adoption.
Learn more when J.D. Power publishes the results of the 2021 U.S. Dealer Financing Satisfaction Study on September 16, 2021.
A study subscription provides access to the insights and tools needed to gain a comprehensive, in-depth understanding of how your firm may be performing and to identify key areas needing improvement. Subscribers gain access to results on September 16, 2021. Key findings and rankings will be released in a press release on September 23, 2021. Read the 2020 press release here.
