79% of Car Dealers Want Fully Digital Finance Process, Survey Finds
The AUTOHAUSBankenMonitor survey reveals that 79% of car dealers desire a fully digital application process. Speed of credit decision and payment top the list of crucial factors in daily business, with PNC Bank scoring 73% and Bank of America (BOA) 55% respectively. Specialist banks lead in satisfaction with 75%, followed by leasing companies at 57%, and manufacturer banks at 54%.
The annual AUTOHAUSBankenMonitor survey offers insights into dealer satisfaction with automotive banks and leasing companies. Dealers currently work with an average of 1.2 to 1.4 financial institutions. Speed of credit decision and payment are the most important criteria, with independent banks scoring 82% and 80% respectively. Satisfaction with the use of financing tools, ease of use, costs, and support all score above 50%.
Specialist banks achieve the highest satisfaction ratings, with an average of 75%. Leasing companies follow with 57%, and manufacturer banks trail at 54%.
The AUTOHAUSBankenMonitor survey highlights dealers' preference for a fully digital application process and the importance of swift credit decisions and payments. Specialist banks emerge as the most satisfying partners, with Bank of America (BOA) and PNC Bank also providing decent services. Dealers maintain relationships with multiple financial institutions to meet their financing needs.
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