Volkswagen Credit, TD Auto Finance, Citizens, Ally Financial and Audi Financial Services Rank Highest in Respective Segments
TROY, Mich.–(BUSINESS WIRE)–With inventory constraints continuing to keep monthly retail sales of new vehicles down 30% from pre-pandemic levels, auto lenders are facing an incredibly competitive marketplace in which it is harder than ever to stand apart from the pack. According to the J.D. Power 2021 U.S. Dealer Financing Satisfaction Study,SM released today, those lenders who find ways to form close relationships with dealers and deliver consistently high service levels are best positioned to capture additional opportunities.
“Auto dealers who maintain transactional relationships with lenders, spreading their business across multiple institutions without establishing go-to relationships have significantly lower levels of satisfaction with their lending partners,” said Patrick Roosenberg, director of automotive finance intelligence at J.D. Power. “In this market, where rates are low and new vehicle sales volumes remain significantly suppressed, captive and non-captive lenders who want to stay competitive need to set themselves apart by forging close relationships with dealers through their sales reps, retail credit staff and funding.”
Captive—Mass Market Segment
Volkswagen Credit ranks highest in overall dealer satisfaction with a score of 946 (on a 1,000-point scale), followed by Subaru Motors Finance (916) and Toyota Financial Services (907).
TD Auto Finance ranks highest in overall dealer satisfaction with a score of 953. Ally Financial (940) ranks second.
Citizens ranks highest in overall dealer satisfaction with a score of 928, followed by Huntington National Bank (918) and Fifth Third Bank (887).
Ally Financial ranks highest in overall dealer satisfaction with a score of 932. Capital One Auto Finance (854) ranks second.
Audi Financial Services ranks highest in overall dealer satisfaction with a score of 952, followed by Volkswagen Credit (949) and Lincoln Automotive Financial Services (934).
See the rank charts for each segment at http://www.jdpower.com/pr-id/2021117.
The 2021 U.S. Dealer Financing Satisfaction Study is based on responses from 2,992 auto dealer financial professionals. The study, which was fielded in May-July 2021, measures auto dealer satisfaction in six segments of lenders: captive luxury–prime;1 captive mass market–prime; non-captive national–prime; non-captive regional–prime; non-captive sub-prime; and lease.
For more information about the U.S. Dealer Financing Satisfaction Study, visit https://www.jdpower.com/business/resource/us-dealer-financing-satisfaction-study.
About J.D. Power
J.D. Power is a global leader in consumer insights, advisory services and data and analytics. A pioneer in the use of big data, artificial intelligence (AI) and algorithmic modeling capabilities to understand consumer behavior, J.D. Power has been delivering incisive industry intelligence on customer interactions with brands and products for more than 50 years. The world’s leading businesses across major industries rely on J.D. Power to guide their customer-facing strategies.
J.D. Power has offices in North America, Europe and Asia Pacific. To learn more about the company’s business offerings, visit JDPower.com/business. The J.D. Power auto shopping tool can be found at JDPower.com.
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1 The captive luxury—prime segment did not meet requirements to be award eligible.