In the 2024 edition of the J.D. Power Canada Dealer Financing Satisfaction study, GM Financial was once again ranked dead last in terms of automotive dealership satisfaction.
According to the J.D. Power 2024 Canada Dealer Financing Satisfaction Study, GM Financial was given a score of 604 out of a maximum 1,000 points, which places General Motors far below the Captive Prime segment’s average of 757 points and beneath all other finance providers. In fact, of the captive prime, non-captive prime, and non-captive non-prime categories, GM Financial obtained the lowest score across the board.
It’s worth noting that GM Financial was also ranked last in the 2023, 2022 and 2021 renditions of the dealer financing satisfaction study.
“The numbers overwhelmingly show that lenders who build and maintain holistic interactions with dealers are more likely to generate additional business than on deals that only hinge on compensation,” J.D. Power Automotive Finance Intelligence Senior Director Patrick Roosenberg stated. “A lender’s sales reps play a critical role in nurturing and managing those relationship-based engagements. Lenders should invest in and empower their sales reps to excel and ensure they are provided with the tools to be highly effective in cultivating those relationships. One example is to keep an effective rep-to-dealers ratio.”
For background, the Canada dealer financing satisfaction study is now in its 26th year and captures 6,164 finance provider evaluations across the three aforementioned categories from new-vehicle dealerships in Canada. Fielded from February 2024 to March 2024, this study measures new-vehicle dealers’ satisfaction with their finance providers.
Additionally, the study found that dealerships who boast relationship-based interactions with their lender are 54 points (on the 1,000-point scale) more satisfied than those whose interactions are strictly transactional. Finally, relationship-based dealers are 36 percent more likely to send additional business to the lender within the next 12 months.
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Comments
Stupid Survey.
Can you say, ‘out of touch’?
Once again GM is their own worst enemy.
“GM Financial was also ranked last in the 2023, 2022 and 2021…”
Obviously not a priority for gm Financial.
They just laid off 88 people from IT in Arlington, TX a few weeks back.