The interactions between dealers and frontline personnel working in the lender's credit department are crucial to the relationship between the two, according to the J.D. Power 2017 U.S. Dealer Financing Satisfaction Study.
For non-captive, captive luxury and captive mass market lenders, the credit desk represents more than half of the survey weight for overall satisfaction, compared with the impact of sales representatives. Overall, the dealer/lender relationship outweighs application and approval process, lender offerings and lease return as the single most important variable associated with high levels of dealer satisfaction.
Dealers overwhelmingly indicate that the credit desk is their first point of contact when looking to resolve problems, far outpacing sales representatives, sales support staff and regional managers. As such, dealer satisfaction with sales reps is highest when reps focus on portfolio performance review, dealership performance consulting and customer retention vs. problem resolution and training.
The optimal dealer communications mix for lenders involves a predictable cadence of monthly visits paired with weekly calls and emails. When touch points outside of these preferred parameters are used, overall satisfaction with sales reps falls by as much as 30 index points (on a 1,000-point scale).
HomeNet Automotive has been approved by General Motors for its in-market retail turnkey vendor program.
The certification allows participating GM dealers to receive co-op reimbursement for their purchase of HomeNet’s Inventory Online Overdrive using their IMR funds.
HomeNet’s IOL platform is a suite of automotive inventory merchandising tools for dealers and industry partners that easily aggregates and transforms vehicle details and features into engaging, digital vehicle display ads that can be automatically distributed to dealer and OEM websites, online classifieds and third-party sites. With this approval, HomeNet’s IOL Overdrive solution will be included in GM’s Dealer Vehicle Inventory Management Program, which connects IMR Turnkey Vendors with GM dealers.