How Sales Influence Dealer Lending Satisfaction
According to Roosenberg, desirable expertise in lending programs would include explaining how the qualities of the lender would benefit that specific dealership.
“It can’t be a general statement,” he said. Automotive News.
For example, Roosenberg said, a sales rep for a used-vehicle lender would look for dealerships with a heavy-duty used-vehicle business rather than a retailer with 80% new volume. A representative from a lender comfortable with longer loan terms would present this to a retailer writing many 75-month contracts, he said.
Auto dealers rated sales representatives from captive finance companies higher than representatives from banks surveyed by JD Power, Roosenberg said.
However, dealers were overall more satisfied with working with banks than captive lenders, Roosenberg said. Bank satisfaction also increased significantly year over year, JD Power said.
Dealers gave national banks an average score of 900 on a 1,000-point satisfaction scale for loans to preferred customers, and they gave regional lenders a score of 884 for transactions involving preferred borrowers. Mass market captives averaged a satisfaction score of 883.
“Banks have made great strides in focusing on improving dealer satisfaction, which leads to greater dealer intent to send more business,” Roosenberg said.