Hyundai Motor Finance, a division of Hyundai Capital Canada (HCCA), announced that it ranked highest in Dealer Satisfaction among Retail Captive Lenders according to the J.D. Power 2021 Canada Dealer Financing Satisfaction Study.
The captive finance partner of Hyundai Canada earned an overall Dealer Satisfaction score of 901 points on a 1,000-point scale, making it the No. 1 ranked Retail Captive Lender in the country and exceeding the captive average satisfaction score by 32 points.
This is the first time that Hyundai Motor Finance earned top spot in this segment of the prestigious study since it commenced operations in 2014.
“It is a great honor that Hyundai Motor Finance is recognized by our dealer partners for providing strong service levels and competitive product features, particularly when dealing with the challenges of a global pandemic,” said Mark Di Donato, chief sales officer of HCCA.
In the Lease component of the study, Kia Motors Finance ranked second with an Overall Dealer Satisfaction Score of 906 points, while Hyundai Motor Finance ranked fourth with a score of 882 points. Each entity exceeded the captive average dealer satisfaction score by 55 points and 31 points respectively.
Initiatives which contributed positively to the Lease study results for both brands included: the delivery of “Virtual Instructor-Led Training” Lease training sessions for dealership staff across the country, a variety of COVID-19 customer support programs (payment deferrals, lease-extensions and distance contracting procedures), and a series of customer retention incentives designed to increase customer renewals during the pandemic.
This year’s study also highlighted the growing importance of online interaction and transactions within the Canadian automotive retail industry.
“With an increasing number of auto sales moving to a full digital transaction model, lenders need to develop and launch digital platforms that enable the process from origination to funding – and be supported by the sales reps and credit analysts,” said Patrick Roosenberg, director of automotive finance at J.D. Power.
The 2021 Canada Dealer Financing Satisfaction Study, now in its 23rd year, captures 7,190 finance provider evaluations across the three segments (Retail Captive, Non-Captive, Lease) from new-vehicle dealerships in Canada. The study was fielded in February 2021.