GM Financial has ranked last in the recent J.D. Power 2022 U.S. Dealer Financing Satisfaction Study with regard to the Captive Mass Market segment and Lease segment.
The J.D. Power 2022 U.S. Dealer Financing Satisfaction Study measures automotive dealer satisfaction in six specific segments, including captive luxury-prime, captive mass market-prime, non-captive national-prime, non-captive regional-prime, non-captive sub-prime, and lease. The latest 2022 study was based on responses collected from 3,578 automotive dealer financial professionals, and was fielded between April and May of 2022.
From these responses, J.D. power calculated a score for each lender based on a 1,000-point scale, which a higher score indicating greater overall satisfaction. In the Captive Mass Market segment, GM Financial was dead last among all lenders ranked and studied, scoring 838 points. By comparison, the top-ranked lender, Subaru Motors Finance, scored 934 points. Honda Financial Services and Ford Credit rounded out the top-three scorers with 899 points and 888 points, respectively. The segment average was set at 883 points.
GM Financial was also last in the Lease segment, scoring 845 points. By comparison, Ally Financial secured the top spot in the Lease segment with a score of 942 points, followed by Subaru Motors Finance in second with 940 points and Ford Credit in third with 906 points. The Lease segment average was 884 points.
“Auto lender sales reps that exceed dealer expectations in areas such as responsiveness and expertise with lending programs generate dealer satisfaction scores that are as much as 190 points higher – on a 1,000-point scale – than those who just meet or miss dealer expectations,” said the director of automotive finance intelligence at J.D. Power, Patrick Roosenberg. “Despite this huge competitive advantage, only 44 percent of sales reps manage to exceed dealer expectations.”
Additionally, J.D. Power states that banks continue to show significant improvement year-over-year and outperform captive lenders in overall dealer satisfaction, leading to more dealers sending business to banks rather than captive lenders.
Source: J.D. Power