BMW FINANCIAL SERVICES RANKS HIGHEST IN ALL FOUR DEALER FINANCING SATISFACTION AWARDS
Posted 7th October, 2008 in BMW | Leave a comment
Woodcliff Lake, NJ - October 7, 2008… BMW Financial Services of North America, LLC (BMW FS) has swept all awards categories, ranking highest in dealer satisfaction in the J.D. Power and Associates 2008 Dealer Financing Satisfaction StudySM released September 30. BMW Financial Services has earned the top ranking in the following four categories: Prime Retail Leasing; Prime Retail Credit; Floor Planning and Sub Prime Retail Credit.
“We’re proud of our consistently high rankings on this important study. We have more top awards for dealer satisfaction than any other individual financial services company since this study was introduced fourteen years ago. But to capture four top rankings in one year is phenomenal and a demonstration to our dedication to serving our dealer customers,” said Edward A. Robinson, President and Chief Executive Officer of BMW Financial Services, Americas Region. “This is the fifth consecutive year that we are at the top of the Retail Lease category.
“In a difficult business environment, when many lenders have abandoned all or segments of the automotive finance business, we remain committed to providing a full complement of financial services to our dealer customers,” said Robinson. “Our dealers acknowledge the importance we place on their business and our role in supporting them. We appreciate their support with the feedback provided in all the measurements that comprise this comprehensive study.”
Among the key findings in the J.D. Power and Associates study:
* BMW Financial Services maintained its top ranking in the Retail Lease category for the fifth consecutive year. Earning high rankings in all areas, BMW FS’ credit personnel, termination/policy service and application/approval process showed strong performances.
* Ranking highest in Prime Retail Credit satisfaction, BMW Financial Services performed particularly well in four factors driving dealer satisfaction: credit personnel; application/approval process; termination policy/service and sales representative relationship. Alphera Financial Services, rank-eligible for the first time this year, follows BMW FS by by six index points. Alphera Financial Services, a division of BMW Group Financial Services, was established in 2006 to provide financial services to franchised dealers outside of the BMW and MINI dealer network.
* BMW Financial Services was ranked the highest financial provider in the Floor Planning category. In evaluating this result, J.D. Power and Associates stated BMW’s “strength in this area is its personnel and the process/service provided to its dealers.”
* BMW Financial Services also ranked highest in the Sub Prime Retail Credit category. Although this represents a proportionally smaller segment of the company’s portfolio, the company garners high ratings in all factors. According to Robinson, the top placement in this category “demonstrates BMW’s commitment to providing excellent service to customers across a full spectrum of business.”
The Dealer Financing Satisfaction Study, first published in 1994, is conducted annually. Its core objectives are to enable finance providers to evaluate the attitudes of franchised dealers about their performance as an automotive finance provider.
About J. D. Power and Associates
Headquartered in Westlake Village, California, J.D. Power and Associates is a global marketing information services firm operating in key business sectors including market research, forecasting, performance improvement, training and customer satisfaction. The firm’s quality and satisfaction measurements are based on responses from millions of consumers annually. For more information on car reviews and ratings, car insurance, health insurance, cell phone ratings, and more, please visit JDPower.com. J.D. Power and Associates is a business unit of The McGraw-Hill Companies.
About BMW Group Financial Services
BMW Group Financial Services was established in the U.S. in 1992 to support the sales and marketing efforts of BMW of North America. Since then, the group has expanded to provide service to markets in multiple countries and continues to evolve beyond its role as a captive finance unit.
BMW Group Financial Services offers a wide range of leasing, retail and commercial financing and banking products tailored to meet the needs of the BMW customer. The group also provides financing to BMW dealers for expanding dealership capabilities and enhancing overall operations. With more than $28 billion in serviced assets and 700,000 automotive lending customers, BMW Group Financial Services finances about half of the BMWs sold or leased in the United States. BMW Group Financial Services employs nearly 1,000 people, including consultants and temporary workers, most of whom are located in the Hilliard, Ohio Customer Service Center.
In 2001, the MINI Financial Services division was established to provide support for the brand’s dealer and customer networks by offering various financing and leasing options. Alphera Financial Services was established in 2006 to provide financial services to dealers who are not part of the BMW and MINI networks.
BMW Group Financial Services also offers credit card products through its subsidiary, the BMW Bank of North America. up2drive.com is a division of BMW Bank of North America, a wholly-owned subsidiary of BMW Financial Services NA, LLC. BMW Insurance Agency, Inc., a property and casualty producer, is also part of BMW Group Financial Services.
[Source: BMW]
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