Among the many studies it conducts each year, J.D. Power’s U.S. Dealer Financing Satisfaction Study focuses on automotive lenders, both in the mass market and premium segments. This year’s version of that study polled 4,472 auto dealer financial professionals, focusing on five segments of lenders, including the captive mass market space – in which Ford Credit performed quite admirably, it seems.
In the 2022 J.D. Power U.S. Dealer Financing Satisfaction Study, Ford Credit ranked third with a score of 888 out of a possible 1,000 points, and followed up that effort by tumbling down to sixth place in 2023 with a score of 741. This year, Ford Credit bounced right back, however, with a score of 785 that moved it back up to third place – behind only Southeast Toyota Finance at 889, as well as Subaru Motors Finance at 810.
As for the overall market, it seems as if many lenders are struggling to keep up with the implementation of new technology. J.D. Power notes that 55 percent of the dealership finance teams polled for this study admitted they are uncomfortable with artificial intelligence, and their top concerns revolve around the loss of human interaction, the inability to develop creative solutions, and the fear of job loss associated with AI.
“There is a growing sense of concern among dealer finance teams that the increased prevalence of AI in the lending process will limit their ability to find creative solutions, forge key relationships with lenders, and effectively close deals,” said Patrick Roosenberg, senior director of automotive finance intelligence at J.D. Power. “It is important to note, however, that this is not the first time that technology has upset the status quo. Lenders need to leverage past experiences and lessons learned in previous technological transformations, such as the introduction of digital and modern retailing technologies. These all ultimately improved the lending process for dealers who embraced the change and learned how to leverage technology to their advantage.”
We’ll have more on Ford Credit soon, so be sure and subscribe to Ford Authority for 24/7 Ford news coverage.
No Comments yet