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Friendly staff, quick credit allocation
The best automotive lenders are recognised by BankMonitor
The BankMonitor feature of the German AUTOHAUS magazine was conducted for the third time this year. On 16 July, it was finally time to reveal the results: The winners of the comprehensive study were named in Munich. First place in the "German Mass Production" category went to Volkswagen Bank. The "German Premium Production" category was won by BMW Bank this year. Toyota Credit Bank received the best dealer rating in the "Large Import Producer" category, while MKG Bank was the triumphant provider to the 'Small Import Producer' category. The Santander Consumer Bank was elected best independent vehicle bank. And Suzuki was victorious in the "Brands Without Manufacturer Bank" category with the Santander Consumer Bank.
Around 1,000 decision-makers from name-brand car dealerships throughout Germany had evaluated the financing companies of their respective automobile manufacturer, as well as their independent vehicle financers. For this a total of 30 criteria, covering matters of purchase and sales financing, leasing and in-house and external sales representatives, were considered. Other categories included the acquisition policy and commission system.
Staff friendliness at both the manufacturer"s financing companies and the independent vehicle financers scored top marks once again this year. In second place for both groups was the speed of financing credit decisions. In this area, the banks improved significantly on the previous year"s performance, which can be put down to various measures introduced to accelerate the credit allocation process.
Whereas the dealers awarded the third best score to manufacturer"s financing companies for the expertise of their external sales representatives, they praised the speed of application processing at the independent vehicle financers.
But naming the best vehicle financers is just one of the study"s aims. The BankMonitor also aims to reveal weaknesses in the collaboration between dealerships and banks. In future, it will be increasingly important that financing partners live up to dealers" expectations and work on improving the commission system which has been criticised by dealers, for instance. Because the significance of financial services as an additional source of income is increasing. After all, according to BankMonitor, 25% of customers opt to pay in leasing instalments. Only 30% pay for their new vehicle in cash.
Source: puls Marktforschung GmbH, Schwaig near Nuremberg
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