General Motors’ financial services arm, GM Financial, ranked last in the recent J.D. Power 2023 Canada Dealer Financing Satisfaction Study, indicating low satisfaction among Canadian auto dealers. The study measured auto dealer satisfaction based on survey data collected from more than 7,000 Canadian new-vehicle dealers. The study also determined that a value-add lender / dealer engagement was critical to securing future business.
Now in its 25th year, the latest J.D. Power 2023 Canada Dealer Financing Satisfaction Study is based on 7,017 survey responses collected from new-vehicle dealers in Canada. The study was fielded between February and March of the 2023 calendar year. Notably, the latest 2023 study was redesigned from last year’s survey in order to better reflect dealers’ experiences with lenders.
Using these responses to the survey, J.D. Power then calculated an overall score for each of the lenders studied. Scores are based on a 1,000-point scale, with a higher overall score indicating greater overall satisfaction.
The J.D. Power 2023 Canada Dealer Financing Satisfaction Study ranked GM Financial in last place among the seven lenders studied in the Captive Prime segment, scoring 549 points. GM Financial’s score was well below the segment average of 743 points, while the segment leader, Kia Finance, scored 809 points. Honda Financial Services was second with 804 points, while Ford Credit was third with 793 points.
The study also found that close to 40 percent of dealers who responded to the new survey indicated that an on-site visit from a lender’s sales representative was not their preferred communication channel for sales meetings, and that there is an expectation that a rep will bring significant value and meet certain key performance indicators (KPIs) when interacting with a dealer.
“While many dealers still want in-person meetings, lenders should be mindful about their clients’ time and communications preferences. How they opt to interact with sales reps varies from dealership to dealership and should be taken into consideration,” said the senior director of automotive finance intelligence at J.D. Power, Patrick Roosenberg. “The underlying stance we hear from dealers is that each communication touchpoint must be value-add regardless of channel.”
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Comments
I know that not everyone can do it but writing a check is easiest.
That’s what I thought. NOT! Won’t bother you with the long story. They are worse than “Last” in my book. Never again.
I wrote that check and the truck never had any recalls or warranty issues so it’s never been back to the dealership in 10 years. The wife’s new Nox had a minor recall so it’s been back but not serious.
Could have written a check, but 0% financing allows me to use that money to make money. Anyway first time user of GM Financial, and I found it bizarre that they have an outside business handling their automatic payments. First payment is coming up, hopefully all will go as planned.
It is sad to see how GM appears to not give a damn what anyone thinks of them. Reading this, I now know that GM can not give a s–t because now I know that GM Financial sounds almost as bad with their dealer network as they are to their retail customers like I was until about a year ago when I finally paid off my loan. I could not wait to get rid of them. They have the worst customer service department, who, as just one example, had a recording at the beginning of every call into Customer Service saying that there would be an extra long hold as they were “upgrading” their telephone system. Only problem was that it ran for well over a year, yes, pre COVID, and we all know a telephone upgrade might take 2-3 months at the most. Went I finally got through to someone, they tended to be short, curt and sometimes just plan rude. NEVER were any calls ones that I would think of as nice.
It’s gotta be a management/culture thing. I owned 3 GM dealerships in the States – before I got sick of GM, sold out – and now go to lunch and hang out every day 🙂 As much as GM upper management I felt is ignorant, pompous, purely politically driven – and many of them couldn’t make it at a real job at a real company. ….GM FINANCIAL I’ve got nothing but glowing things to say. From the local rep, to the people buying paper to the upper brass…everything that sucks about GM – was great about GM Financial. Ugh. On another note this is the first time I have to buy a car. Man I feel silly being a ‘customer’. I think my ex General Manager is going to meet me at a coffee shop and sign me up there…I just can’t imagine going to someone’s showroom lol :). So far, infinity, Ford, and Acura are on my list — – but my kid’s college funds seem to think a Honda is better for me :). Posted under pseudonym