Customer Retention More Critical Than Ever as Vehicle Financing Volume Declines and Competition Grows

Against a backdrop of rising interest rates, slowing loan/lease volumes and increased competition, auto lenders are finding that their most valuable future customers are the ones they already have. According to the J.D. Power 2022 U.S. Consumer Financing Satisfaction Study,^SM released today, customer retention has become a key focal point for auto loan providers, putting the spotlight on specific actions lenders can take to drive increased loyalty and brand advocacy.

"Consumers have more lending choices than ever before," said Patrick Roosenberg, director of automotive finance intelligence at J.D. Power. "They’re doing more research and doing that research earlier in the vehicle-buying process. That’s why the customer experiences they are having with their existing lender is so important. For lenders that want to secure repeat business with existing customers, it is critical to consistently anticipate and meet their needs at key points in the customer journey."

Click here to read the press release, including full rankings and additional key findings from the 2022 study.