TD Auto Finance’s support of its dealer partners has earned the lender high praise in a recent dealer satisfaction survey.
TD Auto received the highest ranking in overall dealer satisfaction among non-captive lenders in the national prime credit segment on J.D. Power’s 2020 U.S. Dealer Financing Satisfaction Study, based on responses from 3,960 auto dealer finance professionals.
The study measured car dealers’ satisfaction with financing providers between August and September 2020 in multiple lender segments spanning captive and non-captive, as well as prime and subprime, according to a TD Auto company release.
A subsidiary of TD Bank, TD Auto Finance’s overall score of 931 on the study came in at 57 points ahead of the segment average. The lender also scored highest in e-contracting and funding process satisfaction. Scores are based on a 1,000-point scale that factors functions important to dealers, such as relationship, funding, e-contracting and provider offerings, Patrick Roosenberg, director of automotive finance at J.D. Power, told Auto Finance News.
“These top-performing lenders provide a high level of service to dealers consistently, year over year,” Roosenberg noted. “Dealers know what to expect from them.”
TD Auto was followed in rank by Ally Financial and Chase Auto in the national banking segment, according to J.D. Power. Ally Financial also ranked highest in overall dealer satisfaction in the subprime segment with a score of 913, followed by Chase Auto and Capital One Auto Finance.
“In a year with unanticipated disruption and abrupt changes to business operations as a result of the pandemic, customer satisfaction remained our priority,” said TD Auto Chief Executive Marc Womack. “As we continue to adapt to a constantly evolving environment, we value the feedback from our dealers.”
Womack, who was named TD Auto’s chief executive in November 2020, has set his sights on improving customer experience for both dealers and consumers, and strengthening the relationship between TD Auto and TD Bank amid pandemic-spurred changes.
TD Auto, which provides financing for more than 6,500 dealerships nationwide, was the 17th-largest auto finance company in the U.S. at the end of 2019, with $24.1 billion of auto outstandings, according to Big Wheels Auto Finance Data.