Ford Takes Third in J.D. Power Canada Dealer Financing Satisfaction Study
Photo: Ford
Ford Credit earned the No. 3 spot overall in J.D. Power’s 2021 Canada Dealer Financing Satisfaction Study for retail customers. Ford’s financial arm finished just points out of first place with a score of 889 out of a possible 1,000.
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The J.D. Power 2021 Canada Dealer Financing Satisfaction Study is broken up into three categories: captive retail, non-captive retail, and lease. In the lattermost category, Ford finished fifth overall with a score of 872 out of 1,000. That puts Ford Credit comfortably above the segment average of 851.
Released for the 23rd year, the Canada Dealer Financing Satisfaction Study measures customer satisfaction with their overall financing experience. The most recent study considered 7,190 evaluations of finance providers with results fielded this past February.
Study results show need for digital financing solutions
J.D. Power Director of Automotive Finance Patrick Roosenberg says that the study shows a correlation between satisfaction and developing digital solutions for financial management.
“With an increasing number of auto sales moving to a full digital transaction model, lenders need to develop and launch digital platforms that enable the process from origination to funding — and be supported by the sales reps and credit analysts,” Roosenberg said.
According to J.D. Power, 49 percent of Canadian dealerships saw an increase in online sales over the last year, an increase largely attributed to the COVID-19 pandemic. Forty-one percent say they expect that as much as 20 percent of all sales will be digital within the next year.
Ford Credit Canada offers all-in-one financing tools including an Account Manager that allows for easy management of documents and payments.
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Kyle S. Johnson lives in Cincinnati, a city known by many as “the Cincinnati of Southwest Ohio.” He enjoys professional wrestling, Halloween, and also other things. He has been writing for a while, and he plans to continue to write well into the future. See more articles by Kyle.