Consumers are researching their auto financing options online before they enter a dealership now more than ever. This highlights the importance of getting the powerful online presence of Auto Credit Express and CarsDirect on your store’s side.
Consumers Research Online before Going to a Dealership
The J.D. Power 2019 U.S. Consumer Financing Satisfaction Study, released in November of 2019, found that the number of consumers who research financing options online prior to visiting a dealer is up significantly.
The study found that 52% of consumers do so, an increase of 5% over last year. Furthermore, the study highlighted the fact that overall satisfaction is higher among consumers who research financing options online in advance of visiting a dealership.
These are trends that the automotive industry has been tracking over the last several years as the digital age advances. It’s no surprise to learn that consumers are doing more online, but it’s noteworthy to see that the number of them doing so is continuing to increase in a statistically significant manner.
Rankings from the Study
The study also provided its rankings of captive lenders in both the luxury and mass market segments. The scores are based on J.D. Power's 1,000-point scale.
Luxury Brand Top 5:
- T-1. Lexus Financial Services: 867
- T-1. Lincoln Automotive Financial Services: 867
- T-1. Mercedes-Benz Financial Services: 867
- 4. BMW Financial Services: 859
- 5. Acura Financial Services: 857
Mass Market Top 5:
- 1. Ford Credit: 873
- 2. Southeast Toyota Finance: 867
- 3. Capital One Auto Finance: 860
- 4. GM Financial: 854
- 5. Honda Financial Services: 852
Customer satisfaction was measured using five factors: website experience, mobile app experience, origination process, onboarding process, and billing and payment process. Rankings are based on 14,850 consumer responses among people who took out a loan or lease for a new or used vehicle in the past four years.
Take Advantage of our Network of Automotive Websites
Franchised dealerships of brands that rank highly in the study should be highlighting this to all prospects. If you’re in this position, your store could be doing itself a disservice by not promoting their ranking in a study about customer satisfaction when it comes to auto financing.
Independents and other dealers will have to look to capitalize in other ways, and Auto Credit Express wants to help. Together with our partner company CarsDirect, we have the power of over 130 automotive websites in our network. Consumers doing online research are going to find us, and we can help drive these prospects to your dealership.
- Subprime auto leads – Auto Credit Express has won the Auto Dealer Today Platinum Award for special finance leads Dealers’ Choice Awards three years running, while CarsDirect has earned the Platinum Award four straight times. Together, we’re a leading authority in the subprime space because we consistently deliver quality special finance auto leads.
- Used car leads – CarsDirect has won the Gold or Platinum Award for used vehicle leads each of the last four years in the Dealers’ Choice Awards. Your store can connect with more used car shoppers by placing listings on our large network of automotive websites, complete with your contact information and a map to your dealership.
- New vehicle leads – Our new car leads powered by CarsDirect Connect can also help your store take advantage of the increasing number of consumers researching online. You can reach serious buyers, and the CarsDirect Connect program qualifies for many manufacturer co-op programs.
Hundreds of proactive customers visit our websites every single day looking for dealers who can get them financed if they have bad credit, or for specific makes and models they’re researching.
Considering more consumers are taking this route, and it leads to increased satisfaction when they do, it’s time for your store to partner with Auto Credit Express. We want to compliment your business and do the heavy lifting for your store, so your sales staff can focus on selling.
Learn more about our lead programs and other dealership products and services by calling us at 888-535-2277. Or, you can fill out our contact form online and we’ll get back to you!