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 premium prime space – in which Lincoln Automotive Financial Services didn’t perform too terribly well.
In the latest version of this study, the financial arm of Lincoln scored 784 out of a possible 1,000 points, which ranked it beneath the segment average of 799, as well as near the bottom of the pack. In fact, Lincoln managed to beat out only Audi Financial Services and Genesis Finance, and ranked behind Jaguar Land Rover Financial Group, Maserati Capital USA, Mercedes-Benz Financial Services, Porsche Financial Services, Volvo Car Financial Services, and Acura Financial Services. This is a stark contrast to Ford Credit, which ranked well above the captive mass market segment average, and came in third place among all mainstream lenders.
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.”
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Comment
No surprise from a company that today is nothing but a vulgar joke compared to what it once was. With an uncomplete lineup, no appealing design and nothing that makes it distinctive, Lincoln is way bahind its competitors. In the past decade, the publicity of Lincoln read: “What a luxury car brand should be”. Today Lincoln is precisely what a luxury car brand shouldn´t be.