Toronto, Ontario – BMW Financial Services leads among prime retail credit providers in satisfying dealers in Canada, according to a new study by J.D. Power and Associates. Mercedes-Benz Financial and Ford Credit Canada placed second and third.
The study measures dealer satisfaction with prime retail credit finance providers, and helps identify specific business practices that are likely to lead to deeper and more profitable relationships.
BMW Financial Services scored 875 on a 1,000-point scale, performing particularly well in all factors: application/approval process, finance provider offering, sales representative relationship, and credit personnel. Mercedes-Benz Financial rated 837, while Ford Credit Canada scored 797 points.
The study found that nearly 70 per cent of domestic dealers have experienced a decrease in credit approvals compared with 2008, and more than one-half of Asian brand dealers have experienced a similar drop. European brands, which generally attract higher-income customers, experienced the smallest decrease at 30 per cent. Additionally, nearly 30 per cent of dealers using captive providers expect a decrease in the amount of business they conduct with those providers in the next 12 months, compared with only 14 per cent of dealers using banks that say the same.