Adaptability and resilience during the pandemic drove dealership satisfaction with consumer lenders this year, according to J.D. Power. As constraints prompted by the coronavirus pushed more buyer financing activity online and limited lender visits to dealerships, reliable communication between lenders and dealership employees never was so important.
That is the takeaway from 3,960 dealership finance personnel who took part in J.D. Power's 2020 U.S. Dealer Financing Satisfaction Study and cited issues reaching lender representatives late in the summer. Lenders were short staffed, according to dealers, who reported exceptionally long wait times, said Patrick Roosenberg, director of automotive finance intelligence at J.D. Power.
"Dealers are looking to their lenders to be open, honest, and communicate on a regular basis," Roosenberg said. "They need to be able to reach you — especially the credit staff and the funders."