Lincoln Automotive Financial Services and Mercedes-Benz Financial Service tied for first place in J.D. Power’s luxury brand customer satisfaction index ranking, published this week. Consumer satisfaction was gauged in five areas: billing and payment processing; mobile app experience; onboarding; origination; and website experience. On a 1,000-point scale, both companies scored 877.
This year’s study found that consumers are making their impressions over mobile.
“Mobile app is the biggest driver of satisfaction when customers experience all five aspects of the auto loan process,” the study reads.
Among respondents, 23% had completed loan applications digitally. Among these consumers, the level of satisfaction with the process was 55 points higher than with consumers who had completed applications on paper or over the phone. Ranking for mobile applications versus traditional was 884 and 829, respectively.
“As the auto shopper journey becomes increasingly digital, it’s critical for auto lenders to get the mobile app formula just right,” Jim Houston, senior director of automotive finance at J.D. Power, said in a company statement.
Houston noted that although younger consumers use mobile more, older consumers are more likely to be satisfied with interactions over mobile.
“Mobile is no longer a generational or niche offering,” Houston said. “It is now the window into the auto lending experience.”
Mercedes-Benz Financial came in fifth place last year, with a score of 866. By comparison, Lincoln Financial placed first last year, but with a higher score of 890.
Among financiers for “mass market brands,” World Omni Financial Corp. took first place (with a score of 870), followed by Volkswagen Credit (863) and Ford Motor Credit (862).
The 2018 study was conducted from July to August among 14,000 U.S. consumers who financed new or used cars through loans or leases within the past four years.Like This Post