SAIC-GM, the joint venture between General Motors and Chinese state-owned automaker SAIC Motor, has ranked well in the recent J.D. Power 2023 China Dealer Financing Satisfaction (DFS) Study. The study relies on survey data to rank finance companies on overall dealer satisfaction. The study also found that used-vehicle financing penetration tied new-vehicle financing penetration for the first time in 2022.
Now in its ninth year, the J.D. Power 2023 China Dealer Financing Satisfaction Study was based on responses from 2,509 individual dealers and examined 55 vehicle brands and 90 finance providers in 87 different Chinese cities. The study was fielded between December of the 2022 calendar year and March of the 2023 calendar year, and included an analysis of dealer satisfaction with finance providers in regard to retail credit and floor planning. Retail credit segment satisfaction was measured in terms of finance provider offerings / products, application / approval process, and sales representative relationship. J.D. Power used survey responses to calculate individual scores on a 1,000-point scale for each finance provider studied, with a higher score indicating greater overall satisfaction.
The latest study found that SAIC-GMAC Auto-Finance was ranked second among the 13 finance providers studied in the Retail Credit- Captive Companies segment. SAIC-GMAC Auto-Finance was given a score of 854 points, slotting in behind the top-ranked Changan Auto-Finance, which scored 860 points, and ahead of SAIC Finance, which scored 853 points. The segment average was 845 points. The lowest-scoring finance provider in the segment was Chery Huiyin Auto-Finance, which score 813 points.
Interestingly, the study also found that used-vehicle financing penetration was up to 64 percent in 2022, a new high that tied with new-vehicle financing penetration during the same period for the first time. The used-vehicle financing penetration figure was up 10 percent from 2021, while the new-vehicle financing penetration figure was up 2 percent from 2021. J.D. Power notes that new-vehicle purchases are trending down, while used-vehicle purchases are rising.
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