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Dealers prioritize communication by lenders as interest rates climb

August 24, 2018
As interest rates rise, dealer satisfaction with their lender partners is increasingly reliant on quick and meaningful communication with credit staff, according to the 2018 J.D. Power Dealer Financing Satisfaction Survey released this month.
"Satisfaction declines by 163 points, on a 1,000-point scale, when dealers are not able to reach the credit staff," Jim Houston, senior director of the automotive finance practice at J.D. Power, said in a news release. "Additionally, if lenders can communicate the best contact for dealers to reach out to for non-traditional questions, the resolution time decreases, which will, in turn, increase dealer satisfaction."
Mercedes-Benz Financial Services, Volkswagen Credit, Citizens One Auto Finance, and TD Auto Finance were the highest ranked lenders in their respective categories.
For the fourth year in a row, Mercedes-Benz Financial remained atop the captive luxury segment amid some volatility among the lenders ranked below it.
"Our commitment is always to listen to feedback from our dealer partners and use it to identify where we can continue to improve in our quest to deliver exceptional experiences to them and our mutual customers every day," Geoff Robinson, vice president of Mercedes-Benz Financial Services, said in a company press release. "While we are proud of these results, the scores demonstrate what we already know: Our industry never stands still, and so we must seek opportunities for continuous improvement, strive to deliver the highest levels of service, and convey excellence in everything we do."