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From January through February 2017, approximately 3,750 finance provider evaluations took place across two segments from new-vehicle dealerships in Canada.
The study has been designed to evaluate auto lenders in two categories. The first category being captive, where lender that is owned by a or is directly affiliated with a manufacturer. The second category is non-captive where an independent lending institution is evaluated.
Of the criteria being measured, captive finance providers are evaluated on dealer satisfaction on four factors: application/approval process; relationship; provider offerings; and lease return. The same can be said for non-captive lenders, however they are not measured on the lease return factor.
The study found that dealer satisfaction in the retail captive segment is 868 (on a 1,000-point scale), and in the retail non-captive segment, satisfaction is 866.
“In the current marketplace, the difference between closing a deal and losing a customer to the dealership down the street will frequently be determined by the finance department’s ability to secure the right loan at the right price,” said Jim Houston, senior director of automotive finance at J.D. Power.
The results of the study resulted in BMW Financial Services ranking the highest of captive lenders scoring 972 out of 1000. Mercedes-Benz Financial Services came second with 940, Ford Credit Canada in third with 899 and Honda Financial Services in fourth with 877.
For non-captive lenders, Bank of Montreal ranked first at 897 followed by Scotia Dealer Advantage (896), TD Auto Finance (875) and Scotiabank at 868.
Full results of the study can be found here: http://canada.jdpower.com/press-releases/jd-power-2017-canadian-dealer-financing-satisfaction-study
