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by J.D. Power Lending on Feb 25, 2021 10:32:47 AM
Key findings of the 2021 J.D. Power U.S. Automotive Commercial Lending Satisfaction Study have been released via a national press release. Continue reading below to learn more.
Auto Dealers Give High Marks to Commercial Lenders, but Opportunities Exist to Expand Business Relationships, J.D. Power Finds
Auto dealers rely on commercial lenders to keep their lots full, but when those lenders get the dealer satisfaction formula right, they stand to attract even more business from dealers. According to the J.D. Power 2021 U.S. Automotive Commercial Lending Satisfaction Study,SM released today, the difference between good and great dealer-lender relationships comes down to four key steps that can set the stage for expanded business relationships.
The inaugural study evaluates auto dealer satisfaction with floor planning and other commercial lending services, and identifies the key service attributes that drive increased customer satisfaction and loan portfolio growth.
“The most common reason auto dealers select their lending partners for loans—such as real estate and construction—and lines of credit is because of a strong relationship a dealer already has with a lender on floorplan,” said Jim Houston, managing director of consumer lending and auto finance intelligence at J.D. Power. “The study shows the tried-and-true path to building that relationship is by consistently delivering on a core set of performance metrics rooted in making it easier for dealers to sell vehicles.“
Read the full press release to see read key findings.
