June 1, 2005
J.D. Power rates BMW and Ford highest in dealer financial services
Toronto, Ontario – BMW Financial Services Canada ranks highest in dealer satisfaction in retail credit and retail leasing, while Ford Credit Canada Limited shows a strong improvement over 2004 and ranks highest in floor planning, according to the J.D. Power and Associates 2005 Canadian Dealer Finance Satisfaction Study.
Based on a 1,000-point scale, BMW Financial Services topped the list in retail credit with 892 points, followed by GMAC, Ford Credit Canada, Chrysler Financial Canada, Honda Canada Finance, TD Canada Trust, Caisse Populaire/Desjardins, Bank of Montreal, Scotiabank, VW Credit Canada, HSBC and Royal Bank. BMW Financial Services also topped the list for retail leasing, followed by GMAC, Ford Credit Canada, Chrysler Financial Canada, Honda Canada Finance, Primus Auto Financial Services, VW Credit Canada and FinanciaLinx.
Despite gains made by independent financial providers in 2004, the 2005 study shows that captive providers have strengthened their hold on the market and continue to dominate the satisfaction rankings by wide margins in all areas. In the first time in the study’s seven-year history, Canadian auto dealers have indicated that retail credit is the most important area of dealer finance.
The 2005 Canadian Dealer Financing Study is based on responses from 1,272 dealer principals. The study measures satisfaction levels with finance providers in five areas: retail credit; retail leasing; wholesale leasing; floor planning; and account management.