According to Roosenberg, desirable expertise in lending programs would include explaining how the lender’s qualities would benefit that specific dealership.
“It can’t be a blanket statement,” he told Automotive News.
For example, Roosenberg said, a sales rep from a lender specializing in used vehicles would seek out dealerships with a heavy used-vehicle business rather than a retailer with 80 percent new volume. A rep from a lender comfortable with longer loan terms would pitch this to a retailer writing many 75-month contracts, he said.
Auto dealerships scored captive finance companies’ sales representatives higher than the reps at the banks J.D. Power studied, Roosenberg said.
However, dealerships had greater satisfaction overall working with banks than captive lenders, Roosenberg said. Bank satisfaction also grew significantly year over year, J.D. Power said.
Dealers scored national banks an average of 900 on a 1,000-point satisfaction scale for loans to prime customers, and they gave regional lenders a score of 884 for transactions involving prime borrowers. Mass-market captives averaged a satisfaction score of 883.
“Banks have made great strides by focusing on improving dealer satisfaction, which leads to greater dealer intent to send more business,” Roosenberg said.
