Dealers are more satisfied with the lending services offered by BMW Financial Services than with those provided by Mercedes-Benz Financial Services, according to J.D. Power and Associates’ 2012 U.S. Dealer Financing Satisfaction Study. BMW Financial gained the top ranking in both the prime retail credit and retail leasing segments of the study while Mercedes-Benz Financial lorded over the floor-planning category of the study.
According to J.D. Power, dealer satisfaction with automotive lenders improved across all areas. Overall dealer satisfaction with prime retail credit lenders soared 23 index points from the 2011 survey to average 885 (out of 1,000 possible points) this year.
Dealer satisfaction with retail leasing, meanwhile jumped 14 points, to 891. Alphera Financial Services, a sister unit of BMW Financial that arranges loans for non-BMW cars, grabbed the second place in prime retail credit segment, followed by Mercedes-Benz Financial. In the retail leasing segment, Mercedes-Benz financial was No. 2, with Ford Credit sneaking at third place. In the 2011 version of the U.S. Dealer Financing Satisfaction Study, Mercedes and BMW tied for first in the prime retail credit segment. Mercedes, however, routed BMW in the retail leasing and floor-planning segments.
BMW managed to hog the top spot in the prime retail credit and retail leasing segments of the study by expanding the scope and capabilities of its regional services center. According to Ed Robinson, chief executive of BMW Financial Services in the Americas region, the company was able to increase the levels of their services, programs and products to dealers by challenging its organization to proactively drive for the top ranking in all aspects of its business.
Other captive lenders that placed above the industry average in both prime retail credit and retail leasing were Ford Credit, Honda Financial Services and Toyota Financial Services. The rankings in the prime retail credit segment are measured by a finance provider's offerings, satisfaction with the application process and the relationship of its sales representatives with dealers.