What Influences Auto Financing Consumers During the Shopping Process?

What influences and shapes the preferences and decisions of customers throughout the entire automotive financing process?

Initial findings from the upcoming J.D. Power 2021 Automotive Consumer Financing Satisfaction Study indicate that more than half of luxury vehicle customers researched automotive financing options prior to purchasing or leasing their vehicle vs. less than half of mass market vehicle customers. 

What prompts customers to embark on the new vehicle shopping process beyond wanting a new car and their car being at/near “end of life"? When do your potential customers begin researching auto financing options? What are the most visited sources of information as they research their options? What actions does their research lead to?

The J.D. Power Automotive Consumer Financing Satisfaction Study encompasses the customer journey from shopping through servicing, including how digital (website and mobile app) is used within each piece of the process.

In 2021, we redesigned the study to capture critical components of the financing process:

• Shopping, NPS and Financial Health (Included, but not a part of the index model)
• Account Management & Communications: Understand provider-initiated communications and recurring non-problem related customer-initiated interactions
  
• Customer Care: Focus on non-recurring, problem related interactions based on the channel used, capturing whether initial channel used was sufficient or if additional channels were used to solve problem

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. Customer feedback provides a starting point to design and launch initiatives that capture greater customer satisfaction, and opportunities to increase contract volume while reducing the cost to serve.

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 November 4, 2021. Key findings and rankings will be released in a press release on November 16, 2021. Read last year's press release here. Join our mailing list to receive the latest product news and updates.