Last year, Ford Credit scored reasonably well in both J.D. Power’s 2021 Canada Dealer Financing Satisfaction Study and U.S. Dealer Financing Satisfaction Study, ranking third and fifth among its peers, respectively. Now, as Ford dealers are in the midst of a number of major changes stemming from the automaker’s reorganization plan, it’s worth noting that Ford Credit fared even better in J.D. Power’s just-released 2022 Canada Dealer Financing Satisfaction Study than last year, as it beat out all of its rivals to take first place.
Ford Credit ranked the highest in the retail-captive segment with a score of 919 (out of 1,000 possible points), followed by Hyundai Motor Finance (912), and Kia Motors Finance (909), while the segment average came in at 895. Ford Credit also ranked the highest in the lease segment with a score of 918, followed by Hyundai Motor Finance (908), and Honda Financial Services (904), while the segment average came in at 873.
The 2022 Canada Dealer Financing Satisfaction Study – now in its 24th year – captures 6,919 finance provider evaluations across the four segments from new-vehicle dealerships in Canada. This year’s study was fielded in February and March of 2022, and found that that just four percent of dealers now say on-site visits are their preferred method of contact – a big change from the past, when such visits were considered to be essential to nurturing dealer and lender relationships.
“Dealers are looking for a seamless, speedy interaction with a lender, and lenders need to be laser-focused on satisfying that need – especially when the volume of transactions is reduced,” said Patrick Roosenberg, director of automotive finance intelligence at J.D. Power. “Even with increased automation in the approval and funding processes, lenders must find a way to differentiate themselves from other lenders, whether it’s system-related or actions taken by funding, retail credit or sales reps.”