Dealer finance providers are ranked for dealership satisfaction in a newly released report that also finds dealers dislike the growing role of artificial intelligence in auto lending.
The J.D. Power U.S. Dealer Financing Satisfaction Study found more dealership finance offices are uneasy about AI in the space, up from 50% to 55% year-over-year. They most cite erosion of person-to-person communication, lack of creative freedom, and fear of job loss.
“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 Senior Director of Automotive Finance Intelligence Patrick Roosenburg in a press release on the findings.
“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.”
Poll respondents ranked the following providers as the best:
Captive Premium – Prime
Jaguar Land Rover Financial Group
Captive – Mass Market – Prime
Southeast Toyota Finance
Noncaptive National – Prime
TD Auto Finance
Noncaptive Regional – Prime
Huntington National Bank
Noncaptive – Subprime
Ally Financial
