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BankenMonitor 2010
Retailers once again more satisfied
This year in Munich, Autohaus magazine and market research firm puls once again selected the best automotive finance banks. This year"s overall winner in all 29 categories was Toyota Kreditbank. Autohaus"s BankenMonitor (banks monitor) was supported by afb Application Services AG.
"In 2010, automotive finance banks compensated for last year"s drop in retailer satisfaction by nearly achieving the same high levels they had attained in 2008", says Dr Konrad Wessner from puls, summarising the results. Despite the growing popularity of so-called mobility packages or flat rates, which many automotive finance banks have even been offering in the used cars segment recently, the number of buyers paying cash has increased. Wessner believes that, in addition to a growing fear of inflation, this increase is due to campaigns by borrower"s banks. A further reason, in Wessner"s view, is the enormous customer demand at car dealerships in the wake of last year"s environmental incentive for scrapping older vehicles. "The incentive tied up capacities, leaving no time to sell financial services", Wessner explains.
Toyota takes all
Toyota Kreditbank (TKG) is continuing its run of successes in this year"s BankenMonitor. For the second time in a row since 2009, Toyota garnered the best overall rating out of 12 manufacturer-owned and seven independent automotive finance banks, earning the company the title "Best Automotive Finance Bank 2010". Volkswagen Bank was the winner in the "German High-Volume Brands" category. The Wolfsburg-based company defended its title from the previous year in this category with a score of 2.28 ("good"; 2009 score: 2.43). This strong performance was due mainly to the company"s product range in sales financing for new and used cars. Compared to the previous year, the retailers surveyed saw the greatest improvements in the product range and leasing conditions.
In the "German Luxury Brands" category, Mercedes Benz Bank also defended its title from last year with a score of 1.96 ("very good"; 2009 score: 2.13). Its particular strengths in comparison to other manufacturer-owned banks were its conditions for wholesale financing of new and used cars and its product range in used car wholesale financing.
Toyota Kreditbank also held on to the top spot it won last year in the "Large Import Brands" category with a score of 1.92 ("very good"; 2009 score: 2.06). The retailers particularly praised the speed of credit decisions in leasing and the commission system in the new and used car financing segment. The winner in the "Small Importers" category was MKG Bank (Mitsubishi) - also a familiar face in this competition. In particular, retailers awarded the best overall score of 2.01 ("good"; 2009 score: 2.13) based on the leasing commission system, the company"s availability by telephone, and the purchasing policy for used cars.
The winner among brand-name banks not owned by a manufacturer was Santander Consumer Bank, for its Kia brand, with a score of 2.28 ("good"; 2009 score: 2.57). According to retailers, the company"s particular strengths this year lay in its financial plans for the wholesale financing of new and used cars. And among independent automotive finance banks, Santander Consumer Bank also took first place with a score of 2.24 ("good"; 2009 score: 2.53). Retailers particularly praised its commission system for new and used car financing. The bank received the best internal score for its availability by telephone and the friendliness of its employees.
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