August 11, 2006
BMW Financial Services ranks highest in satisfying dealers
Westlake Village, California – Financial providers that keep automotive dealerships happy – beyond just low interest rates and balanced risk – stand to gain the most business in the future, according to the J.D. Power and Associates 2006 Dealer Financing Satisfaction Study released on Thursday.
The study measures dealer satisfaction with finance providers in five product segments: prime retail credit, retail leasing, floor planning, sub-prime retail and account management. The sub-prime retail and account management segments do not carry official rankings because they do not meet the award criteria.
Providers that offer minimal paperwork, quick application processing and terms that allow customers to afford the monthly payments for their new vehicles, as well as reasonable low interest rates and appropriate spread between high- and low-risk customers, are quick to create dealer advocates who will continue to send business their way.
BMW Financial Services ranks highest in the prime retail credit segment, leading the industry in each of the dimensions of dealer satisfaction: finance provider offering; termination policy/service; application/approval process; and credit personnel. BMW Financial Services also ranks highest in retail leasing, performing very well across all four factors of dealer satisfaction.
Mercedes-Benz Financial ranks highest in floor planning, with segment-leading ratings in each of the three floor plan satisfaction factors: finance provider offering; process and service; and floor plan support personnel.
Performing particularly well in sub-prime retail credit are Chrysler Financial, Ford Credit, GMAC and Wells Fargo Auto Finance. Mercedes-Benz Financial Services and Toyota Financial Services perform well in account management.
The 2006 Dealer Finance Satisfaction Study is based on responses from 4,670 dealer principals who were surveyed between March and May 2006.