Pandemic Wreaks Havoc on Dealer-Lender Communications and ...

[Pages:7]Pandemic Wreaks Havoc on Dealer-Lender Communications and Satisfaction as Industry Goes Remote, J.D. Power Finds

Volkswagen Credit, TD Auto Finance, Citizens One Auto Finance, Ally Financial and Audi Financial Services Rank Highest in Respective Segments

TROY, Mich.: 17 Dec. 2020 -- Disruption has been the name of the game in the automotive finance industry as the COVID-19 pandemic has simultaneously strained day-to-day operations and pushed more transactions than ever to digital. According to the J.D. Power 2020 U.S. Dealer Financing Satisfaction Study,SM released today, these changes--many of which dealers expect to be long-term--are forcing lenders to evolve quickly in an increasingly digital environment.

"The pandemic has severely disrupted dealer-lender communication, with many dealers reporting that lenders were delayed or not available when they needed them, or not able to assist in a timely manner," said Patrick Roosenberg, director of automotive finance intelligence at J.D. Power. "While the effect of the pandemic has pushed more sales to digital channels, 55% of dealers are saying they expect at least one in five of their sales to be digital in the next year. With lenders' sales reps forgoing on-site dealer visits and the credit staff and funders working remotely, the need for consistent and reliable communication is paramount to dealer satisfaction. Lenders will need to step up their efforts to deliver high levels of service to help facilitate sales, whether those transactions are happening virtually or in the dealership. Knowledgeable, helpful and available sales reps, credit analysts and funders can help drive incremental business."

Study Rankings

Captive--Mass Market Segment Volkswagen Credit ranks highest in overall dealer satisfaction with a score of 939 (on a 1,000-point scale), followed by Subaru Motors Finance (934) and Honda Financial Services (902).

National Banking TD Auto Finance ranks highest in overall dealer satisfaction with a score of 931, followed by Ally Financial (922) and Chase Automotive Finance (872).

Regional Banking Citizens One Auto Finance ranks highest in overall dealer satisfaction with a score of 954, followed by Huntington National Bank (910) and Fifth Third Bank (879).

Sub-Prime Ally Financial ranks highest in overall dealer satisfaction with a score of 913, followed by Chase Automotive Finance (878) and Capital One Auto Finance (820).

Lease Audi Financial Services ranks highest in overall dealer satisfaction with a score of 970, followed by Subaru Motors Finance (946) and Volkswagen Credit (941).

The 2020 U.S. Dealer Financing Satisfaction Study is based on responses from 3,960 auto dealer financial professionals. The study, which was fielded in August-September 2020, measures auto dealer satisfaction

business

in six segments of lenders: captive luxury?prime;1 captive mass market?prime; lease; non-captive national?prime; non-captive regional?prime; and non-captive sub-prime. For more information about the J.D. Power U.S. Dealer Financing Satisfaction Study, visit . To view the online press release, please visit . 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 is headquartered in Troy, Mich., and has offices in North America, Europe and Asia Pacific. To learn more about the company's business offerings, visit business. The J.D. Power auto shopping tool can be found at . Media Relations Contacts Geno Effler, J.D. Power; West Coast; 714-621-6224; media.relations@ John Roderick; East Coast; 631-584-2200; john@ About J.D. Power and Advertising/Promotional Rules: business/about-us/pressrelease-info.

# # # Note: Five charts follow.

1 The captive luxury segment did not meet requirements to be award eligible.

Year / Project / Study Name

J.D. Power 2020 U.S. Dealer Financing Satisfaction StudySM

Overall Customer Satisfaction Index Ranking

(Based on a 1,000-point scale)

Captive ? Mass Market

Volkswagen Credit

939

Subaru Motors Finance

934

Honda Financial Services

902

Ford Credit

882

Toyota Financial Services

863

Kia Motors Finance

860

Segment Average

860

Hyundai Motor Finance

858

General Motors Financial

815

NMAC

790

Chrysler Capital

762

Source: J.D. Power 2020 U.S. Dealer Financing Satisfaction StudySM

Charts and graphs extracted from this press release for use by the media must be accompanied by a statement identifying J.D. Power as the publisher and the study from which it originated as the source. Rankings are based on numerical scores, and not necessarily on statistical significance. No advertising or other promotional use can be made of the information in th is release or J.D. Power survey results without the express prior written consent of J.D. Power.

Year / Project / Study Name

J.D. Power 2020 U.S. Dealer Financing Satisfaction StudySM

Overall Customer Satisfaction Index Ranking

(Based on a 1,000-point scale)

National Banking

TD Auto Finance

931

Ally Financial

922

Segment Average

874

Chase Automotive Finance

872

US Bank

859

Capital One Auto Finance

857

Bank of America

852

Wells Fargo Auto

806

Source: J.D. Power 2020 U.S. Dealer Financing Satisfaction StudySM

Charts and graphs extracted from this press release for use by the media must be accompanied by a statement identifying J.D. Power as the publisher and the study from which it originated as the source. Rankings are based on numerical scores, and not necessarily on statistical significance. No advertising or other promotional use can be made of the information in th is release or J.D. Power survey results without the express prior written consent of J.D. Power.

Year / Project / Study Name

J.D. Power 2020 U.S. Dealer Financing Satisfaction StudySM

Overall Customer Satisfaction Index Ranking

(Based on a 1,000-point scale)

Regional Banking

Citizens One Auto Finance

954

Huntington National Bank

910

Fifth Third Bank

879

KeyBank

869

Segment Average

868

SunTrust Bank

856

BMO Harris Bank

855

BB&T

846

PNC Bank

836

Santander Auto Finance

757

Source: J.D. Power 2020 U.S. Dealer Financing Satisfaction StudySM

Charts and graphs extracted from this press release for use by the media must be accompanied by a statement identifying J.D. Power as the publisher and the study from which it originated as the source. Rankings are based on numerical scores, and not necessarily on statistical significance. No advertising or other promotional use can be made of the information in th is release or J.D. Power survey results without the express prior written consent of J.D. Power.

Year / Project / Study Name

J.D. Power 2020 U.S. Dealer Financing Satisfaction StudySM

Overall Customer Satisfaction Index Ranking

(Based on a 1,000-point scale)

Sub-Prime

Ally Financial

913

Chase Automotive Finance

878

Capital One Auto Finance

820

Segment Average

809

Credit Acceptance Corporation

801

Americredit

795

Wells Fargo Auto

786

Regional Acceptance Corp.

750

Flagship Credit Acceptance

747

Santander Auto Finance

727

Exeter Finance Corp.

716

Global Lending Services

701

Consumer Portfolio Services

699

Source: J.D. Power 2020 U.S. Dealer Financing Satisfaction StudySM

Charts and graphs extracted from this press release for use by the media must be accompanied by a statement identifying J.D. Power as the publisher and the study from which it originated as the source. Rankings are based on numerical scores, and not necessarily on statistical significance. No advertising or other promotional use can be made of the information in th is release or J.D. Power survey results without the express prior written consent of J.D. Power.

Year / Project / Study Name

J.D. Power 2020 U.S. Dealer Financing Satisfaction StudySM

Overall Customer Satisfaction Index Ranking

(Based on a 1,000-point scale)

Lease

Audi Financial Services

970

Subaru Motors Finance

946

Volkswagen Credit

941

Jaguar Land Rover Financial Group

935

Lincoln Automotive Financial Services

926

Honda Financial Services

925

Ally Financial

913

Ford Credit

900

Segment Average

881

Kia Motors Finance

873

Toyota Financial Services

871

Hyundai Motor Finance

869

Infiniti Financial Services

865

US Bank

835

General Motors Financial

819

NMAC

808

Chrysler Capital

778

Source: J.D. Power 2020 U.S. Dealer Financing Satisfaction StudySM

Charts and graphs extracted from this press release for use by the media must be accompanied by a statement identifying J.D. Power as the publisher and the study from which it originated as the source. Rankings are based on numerical scores, and not necessarily on statistical significance. No advertising or other promotional use can be made of the information in th is release or J.D. Power survey results without the express prior written consent of J.D. Power.

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