When it comes to performance among lender representatives, Security Service Federal Credit Union takes top honors.
That according to a new report released today, entitled Maximizing the Lender-Dealer Relationship: Auto Finance Performance’s Ranking of Lender Representatives, an exclusive ranking of dealer preferences about field reps and credit underwriters at finance providers. The first-of-its-kind report includes an interactive tool that enables users to analyze and benchmark their companies’ — and their competitors’ — rep performance.
Security Service FCU scored highest overall ― 9.25 on a 10-point scale — based on data for 2016 performance. Three other lenders – captive Ford Motor Credit Co. and banks Citizens One Auto Finance and SunTrust Bank – also scored in the 9-point range. Overall, the average score for lender reps was 8.51.
The report comes at a time when vehicle sales are poised to decline, bolstering the need for lenders to ensure that reps and buyers are sufficiently prepared and trained to keep volume flowing.
The Maximizing the Lender-Dealer Relationship report and its accompanying Lender Reps Scorecard tool provide side-by-side looks at how lender reps are performing overall, and within the four primary components of rep performance: accessibility, knowledge, willingness to get deals done, and ability to act in a consultative manner. Lenders are also graded for their reps performance among various dealer demographics — franchise versus independent dealers, and standalone stores versus dealership groups of varying sizes.
Other notable findings from the report are:
- Bank reps are better than captives’ reps at servicing franchise dealers.
- Reps’ scores steadily declined as lenders – both prime and subprime – were selected less frequently by their dealers. In other words, there is a correlation between lenders with strong reps and the frequency with which those lenders are chosen to finance dealers’ loans.
- Dealers isolated seven characteristics that have the biggest impact on spurring them to send a lender more volume. Lenders must continuously hone their reps’ skills and offer appropriate training to help them improve.
