Category: United States

JD Power Launches Financial Health Support Certification to Identify Banks and Credit Card Issuers That Achieve Outstanding Satisfaction Supporting Customers’ Financial Health

2022-03-02

crescent.seward

JD Power, a global leader in data analytics and consumer intelligence, today announced the launch of a new certification program to recognize retail banks and credit card issuers that deliver a high level of satisfaction with the way they support customers’ financial health via personalized products and services. The first organization to receive the JD Power Financial Health Support Certification^SM is Bank of America.

The exclusive JD Power Financial Health Support Certification program draws on the company’s deep data and real-world analytics to evaluate financial institutions on two criteria: 1) their ability to support customers striving to improve their own financial health, and 2) adherence to industry best practices for building and maintaining sustainable consumer financial health programs. Drawing on data and insights collected as part of the JD Power Financial Health Study,^SM which segments and profiles banking customers based on financial health and assesses how well their primary institution is addressing the needs of each segment, the JD Power Financial Health Support Certification recognizes Bank of America for delivering consistently high levels of financial support to its customers.

“Consumers need personalized communications directing them to the best products and services for their individual needs from their banking institutions now more than ever,” said Bob Neuhaus, executive managing director of banking and payment intelligence at JD Power. “Financial institutions that proactively recognize the growing importance of financial health are well positioned for differentiation and to ultimately improve their customers’ lives, and the JD Power Financial Health Support Certification introduces critical metrics for evaluating and benchmarking performance against these goals each year.”

“We play a critical role in our clients’ lives, and it is imperative that we honor that position by providing the resources to help them achieve financial wellness in their everyday lives,” said Holly O’Neill, president of retail banking at Bank of America. “Receiving this JD Power certification is a testament to our commitment, and we’re pleased to be the first company to achieve this important milestone.”

To qualify for the JD Power Financial Health Support Certification, brands must rank among top banks and credit card issuers in the JD Power Financial Health Study. In addition, qualifying brands must pass a comprehensive evaluation of operational best practices, collateral review and leadership validation interviews conducted by a collaboration between JD Power and Financial Health Network. The evaluation framework is based on the FinHealth Maturity Assessment Program developed by Financial Health Network.

Once certified, a brand is permitted to market its achievement for 12 months with such marketing tools as a JD Power Financial Health Support Certification emblem, online marketing collateral and in-store merchandise displays. Certified brands also will be listed on jdpower.com/business for consumers to search while shopping.

For more information about the JD Power Financial Health Support Certification, please visit
https://www.jdpower.com/business/financial-health-support-certification.

About Financial Health Network
Financial Health Network is the leading authority on financial health. We are a trusted resource for business leaders, policymakers and innovators united in a mission to improve the financial health of their customers, employees and communities. Through research, advisory services, measurement tools, and opportunities for cross-sector collaboration, we advance awareness, understanding and proven best practices in support of improved financial health for all. For more on Financial Health Network, go to www.finhealthnetwork.org and follow us on Twitter at @FinHealthNet.

About JD Power
JD Power is a global leader in consumer insights, advisory services and data and analytics. A pioneer in the use of big data, artificial intelligence (AI) and algorithmic modeling capabilities to understand consumer behavior, JD Power has been delivering incisive industry intelligence on customer interactions with brands and products for more than 50 years. The world’s leading businesses across major industries rely on JD Power to guide their customer-facing strategies.

JD Power has offices in North America, Europe and Asia Pacific. To learn more about the company’s business offerings, visit JDPower.com/business. The JD Power auto shopping tool can be found at JDPower.com.

Media Relations Contacts
Geno Effler, JD Power; West Coast; 714-621-6224; [email protected]
John Roderick; East Coast; 631-584-2200; [email protected]

About JD Power and Advertising/Promotional Rules: www.jdpower.com/business/about-us/press-release-info

 

JD Power Darwin Automotive Releases “Shop With Ease” to Empower Vehicle Shopping Experience

2022-03-07

crescent.seward

JD Power, a global leader in data analytics and consumer intelligence, today announces Shop With Ease, the industry’s first complete Digital Retailing as a Service (DRaaS) platform that allows manufacturers, dealerships, lenders and shoppers the ability to search, purchase and finance vehicles without having to leave the dealer’s or manufacturer’s website. JD Power Shop With Ease, powered by the Darwin Automotive division of JD Power, is a suite of tools that empowers the car shopping experience.

“Innovation from the combination of Darwin Automotive’s industry-leading software and consumer insights from one of the most recognized consumer brands, JD Power, has created an empowered automotive shopping experience,” said Phillip Battista, president of dealership technologies at JD Power. “Powered by the data and analytics of JD Power, this technology is an industry game-changer. Digital Retailing as a Service is the next evolution that our industry needs—and we are the first to offer this suite of solutions.”

The DraaS-based platform of JD Power Shop With Ease is designed to help OEMs, banks, credit unions and others to design a custom solution using services such as:

• Payment calculations for all 50 states including fees, taxes, incentives, rates and residuals
• F&I products and marketing using prescriptive selling that’s driven by patented predictive analytics
• Reservation system for in stock and inbound vehicles

• Stand-alone trade-in service and vehicle acquisition tool
• A shop-by-payment functionality for the entire vehicle inventory with penny-perfect payments that match the dealer management system for thousands of vehicles
• Instant trade payoffs for 261 lenders and credit unions
• Buy now electronic contracting with full sign-and-drive capabilities
• Technology-enabled data (TED), the industry’s first fully enabled hyper-targeted intelligent marketing

As one of the industry’s most widely adopted digital retailing and F&I platform providers used in more than one-third of all new-vehicle transactions in the United States, Darwin Automotive is firmly positioned to introduce this new software as part of the JD Power family. By putting buyers at the center of a highly customized, multi-channel purchase experience, Shop With Ease enables OEMs, dealers, lenders and shoppers to have more transparent and accurately priced shopping experiences while delivering world-class customer service.

About JD Power
JD Power is a global leader in data and analytics, advisory services and consumer insights. A pioneer in the use of big data, artificial intelligence (AI) and algorithmic modeling capabilities to understand consumer behavior, JD Power has been delivering incisive industry intelligence on customer interactions with brands and products for more than 50 years. The world’s leading businesses across major industries rely on JD Power to guide their customer-facing strategies.

JD Power has offices in North America, Europe and Asia Pacific. To learn more about the company’s business offerings, visit JDPower.com/business.

Media Relations Contacts
Geno Effler, JD Power; West Coast; 714-621-6224; [email protected]
Shane Smith; East Coast; 424-903-3665; [email protected]

About JD Power and Advertising/Promotional Rules: www.jdpower.com/business/about-us/press-release-info

 

Auto Dealer Service Departments Trying to Navigate Parts and Staffing Challenges, JD Power Finds

2022-03-08

crescent.seward

The combination of vehicle owners needing service more often due to accumulating mileage at pre-pandemic levels along with the disruption of the auto parts supply chain and significant staffing shortages is causing auto dealership service departments to navigate unique capacity challenges, according to the JD Power 2022 U.S. Customer Service Index (CSI) Study,^SM released today.

Wait times to schedule service appointments for one- to three-year-old vehicles have increased by nearly one full day among owners of premium and mass market vehicles (to 4.5 and 4.3 days, respectively). Overall customer service satisfaction is 848 (on a 1,000-point scale).

“Dealer service departments are in a pivotal position to improve customer satisfaction and provide greater customer convenience, even though many challenges—including the parts supply chain disruption and the availability of new-vehicle loaners­—are out of their control,” said Chris Sutton, vice president of automotive retail at JD Power. “Proactive communication with customers is one solution for dealerships to mitigate a disruptively tough situation. Simply implementing text or email alerts can greatly improve customer satisfaction. Additionally, letting customers know what is happening at each step along the way, including why it is taking longer to book an appointment or providing any updates in parts delays, can help improve satisfaction.”  

The study, now in its 42^nd year, has been redesigned this year to include emerging features such as valet service, remote vehicle servicing and online/smartphone app payment options to gauge the effect these processes have on the service experience. The study measures satisfaction with service at franchised dealer or aftermarket service facilities for maintenance or repair work among owners and lessees of one- to three-year-old vehicles. It also provides a numerical index ranking of the highest-performing automotive brands sold in the United States, which is based on the combined scores of five measures that comprise the vehicle owner service experience. These measures are (in order of importance): service quality (32%); service advisor (19%); vehicle pick-up (19%); service facility (15%); and service initiation (15%).

Following are key findings of the 2022 study:

• Customers trust dealer service departments: The redesigned study also measures factors relating to trust between a customer and the dealership. On a rating scale of 1 to 7 points, the most important trust attribute is, “I trust the dealership to perform complex repairs on my vehicle,” with an average rating of 6.16. However, the second-most important attribute, “Takes responsibility when a mistake is made and resolves it effectively,” has the lowest average rating (5.91).   
• Your vehicle is ready: The service department sending simple text messages to remind of upcoming appointment dates or to provide a status for in-process work are preferred by 42% of customers. Additionally, owners today gravitate toward other technology channels to communicate with the service department, including making appointments online (27%) and via mobile app (7%), and paying online (17%). “Dealers who meet customers on their preferred communication channels are gaining an advantage,” Sutton said. “Service departments need to jump on the technology train now or risk being left behind.” 
• Seeing is believing: New to the redesigned study is a metric that measures satisfaction when the service department provides a recommended photo or video of repair work with the customer after a multi-point inspection and before needed work is approved. This additional communication feature is having a positive effect on business and trust, as well as on customer satisfaction. When customers receive a photo or video communication regarding their needed maintenance work, they are three times more likely to have advisor-recommended work done. Additionally, on a 7-point rating scale, dealerships are building a higher level of trust with customers (.39 point higher) than are their counterparts who do not provide a photo or video.
• If you go to them, satisfaction will improve: New to the study in 2022 is a measurement of satisfaction among customers who select to have their vehicle serviced either by valet (when a dealership picks up the vehicle) or mobile (when the dealership sends a technician to the customer’s location). Overall customer satisfaction among owners using valet or mobile service is 866 compared to 847 among those who had an in-person dealership visit.
• Next frontier is battery electric vehicle (BEV) service experience: With BEV sales expected to increase in the coming years, dealers have a significant service quality satisfaction gap to close. Overall service satisfaction among BEV owners (784) is 68 points lower than among owners of gas- or diesel-powered vehicles (852). Additionally, the average number of service visits a BEV owner makes in a year is 1.9 compared with 2.4 among owners of gas- and diesel-powered vehicles. “BEV service is the next frontier for dealerships,” Sutton said. “The automotive industry has to get ready now and get the service experience right with BEV owners or they risk losing them to aftermarket service providers. This includes fully understanding BEV customer pain points like range anxiety, unique maintenance requirements and support for related services such as availability of charging stations.”

Study Rankings

Lexus ranks highest in satisfaction with dealer service among premium brands with a score of 897. Cadillac (880) ranks second, followed by Porsche (879), Acura (871) and BMW (866).

MINI ranks highest in satisfaction with dealer service among mass market brands for a second consecutive year, with a score of 873. Buick (872) ranks second, followed by Mazda (856), Mitsubishi (854) and GMC (853).

The 2022 U.S. Customer Service Index (CSI) Study is based on responses from 67,185 verified registered owners and lessees of 2019 to 2021 model-year vehicles. JD Power goes to great lengths to ensure that survey respondents are true owners of the brand they are representing. The study was fielded from July through December 2021.

For more information about the U.S. Customer Service Index (CSI) Study, visit
https://www.jdpower.com/business/automotive/us-customer-service-index-csi-study.

About JD Power
JD Power is a global leader in consumer insights, advisory services and data and analytics. A pioneer in the use of big data, artificial intelligence (AI) and algorithmic modeling capabilities to understand consumer behavior, JD Power has been delivering incisive industry intelligence on customer interactions with brands and products for more than 50 years. The world’s leading businesses across major industries rely on JD Power to guide their customer-facing strategies.

JD Power has offices in North America, Europe and Asia Pacific. To learn more about the company’s business offerings, visit JDPower.com/business. The JD Power auto shopping tool can be found at JDPower.com.

Media Relations Contacts
Geno Effler, JD Power; West Coast; 714-621-6224; [email protected]
Shane Smith; East Coast; 424-903-3665; [email protected]

About JD Power and Advertising/Promotional Rules: http://www.jdpower.com/business/about-us/press-release-info

 

JD Power Launches Certification Program to Identify Electric Utility Sustainability Leaders That Address Climate Change

2022-03-15

crescent.seward

JD Power, a global leader in data analytics and consumer intelligence, today announced the launch of a new certification program to recognize electric utilities that provide superior customer engagement, awareness and advocacy associated with their climate sustainability goals and plans. The first electric utility to receive the JD Power Certified Sustainability Leader designation is Sacramento Municipal Utility District (SMUD).

The exclusive JD Power sustainability certification program draws on the company’s deep data and real-world experience analytics to evaluate electric utilities on two criteria: 1) ability to build customer awareness for and engagement regarding climate sustainability programs and goals; 2) an operational performance assessment focused on climate change mitigation, resilience and adaptability and leadership efforts. The JD Power Certified Sustainability Leader program recognizes SMUD for exceeding industry benchmarks of delivering high levels of customer engagement and leading sustainability plans to address climate change.

“Electric utilities are going to need the support of their customers if they want to meet zero-carbon goals, and that process begins and ends with strong customer engagement and awareness for proactive sustainability programs,” said Andrew Heath, managing director of utilities intelligence at JD Power. “While there are dozens of rating systems, frameworks and reporting guidelines, none of them focus in-depth on the customer perspective on sustainability as a means to inform leadership strategy.”

“We’re proud to be leading the way toward a carbon-free economy and honored with this JD Power certification,” said Paul Lau, SMUD CEO and general manager. “Our goals are to achieve ambitious sustainability results, while partnering with our customers to do the same. We appreciate the recognition of the effort put into our comprehensive zero-carbon plan. We look forward to achieving great things on behalf of our entire community.”

To qualify for the JD Power Certified Sustainability Leader program, electric utilities must rank among the top performers in the Sustainability Index and in a proprietary voice of the customer survey sent to a utility’s customers. In addition, qualifying brands must pass a comprehensive evaluation of performance relative to recommended operational best practices conducted by JD Power.

Once certified, a brand is permitted to promote its achievement with marketing tools such as a JD Power Certified Sustainability Leader program emblem and online marketing collateral. Certified brands also are listed on www.jdpower.com/business for consumers to review.

For more information about the JD Power Certified Sustainability Leader program, please visit
https://www.jdpower.com/business/sustainability-leader-certification-disclaimer.

About JD Power
JD Power is a global leader in consumer insights, advisory services and data and analytics. A pioneer in the use of big data, artificial intelligence (AI) and algorithmic modeling capabilities to understand consumer behavior, JD Power has been delivering incisive industry intelligence on customer interactions with brands and products for more than 50 years. The world’s leading businesses across major industries rely on JD Power to guide their customer-facing strategies.

JD Power has offices in North America, Europe and Asia Pacific. To learn more about the company’s business offerings, visit JDPower.com/business. The JD Power auto shopping tool can be found at JDPower.com.

Media Relations Contacts
Geno Effler, JD Power; West Coast; 714-621-6224; [email protected]
John Roderick; East Coast; 631-584-2200; [email protected]

About JD Power and Advertising/Promotional Rules: www.jdpower.com/business/about-us/press-release-info

 

Purchase of Replacement Tires Often Based on Aesthetics and Not Expert Advice, JD Power

2022-03-16

crescent.seward

Overall satisfaction with original equipment tires remains high even though customers tend to ignore recommendations by salespeople that would maximize vehicle performance, according to the JD Power 2022 U.S. Original Equipment Tire Customer Satisfaction Study,^SM released today.

The annual study measures tire owner satisfaction in four areas (in order of importance): tire ride; tire wear; tire traction/handling; and tire appearance. Rankings are included among four vehicle segments: luxury; passenger car; performance sport; and truck/utility.

“High levels of satisfaction typically yield loyalty, but we’re seeing many owners purchase replacement tires based on a narrow focus, such as solely on appearance or price,” said Brent Gruber, senior director of global automotive at JD Power. “Tires are a highly engineered component of the vehicle—designed to very exact specifications—which influence how that vehicle performs. With tire replacement, there’s a risk of negating some of those key characteristics and product benefits if expert recommendations aren’t utilized.”

The study shows that 36% of respondents say brand experience is an important criteria for purchasing replacement tires, while only 17% of owners are using the recommendation of experienced sales and service staff.

“It is concerning to see so few owners seek advice from tire sales and service staff, often relying instead on their own experience,” Gruber said. “Without knowing how original equipment tires are engineered to enhance a vehicle’s performance, owners are putting themselves at a disadvantage by not utilizing expert advice. Tire professionals are in a good position to help owners better understand those attributes when purchasing replacement tires.”

Study Rankings

Michelin ranks highest in the luxury segment with a score of 830 (on a 1,000-point scale). Goodyear (811) ranks second. The segment average is 808.

Pirelli ranks highest in the passenger car segment with a score of 813. Goodyear (808) ranks second and Michelin (807) ranks third. The segment average is 793.

BFGoodrich ranks highest in the truck/utility segment with a score of 812. Michelin ranks second (807) and Firestone ranks third (805). The segment average is 786.

The performance sport segment is not award eligible due to an insufficient number of brands ranked.

The 2022 U.S. Original Equipment Tire Customer Satisfaction Study is based on responses from 29,661 owners of 2020 and 2021 model-year vehicles and was fielded from August through December 2021.

For more information about the U.S. Original Equipment Tire Customer Satisfaction Study visit https://www.jdpower.com/business/resource/us-original-equipment-tire-customer-satisfaction-study.

About JD Power
JD Power is a global leader in consumer insights, advisory services and data and analytics. A pioneer in the use of big data, artificial intelligence (AI) and algorithmic modeling capabilities to understand consumer behavior, JD Power has been delivering incisive industry intelligence on customer interactions with brands and products for more than 50 years. The world’s leading businesses across major industries rely on JD Power to guide their customer-facing strategies.

JD Power has offices in North America, Europe and Asia Pacific. To learn more about the company’s business offerings, visit JDPower.com/business. The JD Power auto shopping tool can be found at JDPower.com.

Media Relations Contacts
Geno Effler, JD Power; West Coast; 714-621-6224; [email protected]
Shane Smith; East Coast; 424-903-3665; [email protected]

About JD Power and Advertising/Promotional Rules: www.jdpower.com/business/about-us/press-release-info

 

Business Customer Satisfaction with Electric Utilities Rallies in Second Half of 2021, JD Power Finds

2021-11-16

jillian.breska

Despite a decline in overall business customer satisfaction with electric utilities from 2020, results have climbed considerably in the second half of 2021. According to the JD Power 2021 Electric Utility Business Customer Satisfaction Study,^SM released today, a combination of steadily improving business optimism and visible utility efforts to increase customer contact have helped spur a rise in customer satisfaction.

“Many businesses started out the year dealing with challenges brought on by the pandemic, especially around costs,” said Adrian Chung, director of utilities intelligence at JD Power. “We saw this reflected through customers’ lower satisfaction with their electric utilities but didn’t anticipate a swing in the second half as scores increased 24 points. Two things happened to drive that trend. First, there was an increase of seven percentage points in the number of businesses that said they are better off financially now than a year ago. Perhaps more importantly, though, there was an increase in customer outreach on the part of utilities, leading to positive effects on their relationships with businesses.”

Following are some key findings of the 2021 study:

• Business customer satisfaction power surge: Overall business customer satisfaction with electric utilities this year is 786 (on a 1,000-point scale), which is down from 793 a year ago. What that headline number obscures, however, is the massive 24-point increase in the second half of study fielding. By itself, the overall satisfaction score for the second wave of the study (798) is the highest single-wave score ever recorded in this study.
• High-voltage customer contact: Nearly three-fourths (74%) of business customers indicated having some form of direct contact with their utility. This included increased interaction in the second wave of the study through proactive outreach via e-mail, phone or face-to-face visit (27%); via web (34%); and mobile app (19%).
• More customers now have an assigned account rep: The number of business customers saying that they have an assigned account representative increased from 33% in the first wave of the study to 39% in the second wave. A dedicated account representative is associated with a 73-point lift in overall customer satisfaction.
• Rates may be on the rise: After several months of late payment forgiveness and relatively stable rates, during the second wave of the study, 39% of business customers say they are aware of a planned rate increase.

Study Rankings

Within each of the four U.S. geographic regions included in the study, utility providers are classified into one of two segments: large (serving 85,000 or more business customers) and midsize (serving 40,000-84,999 business customers). The East Midsize and West Midsize regions are not award eligible because they did not have sufficient sample size from enough providers. The following utilities rank highest in business customer satisfaction in their respective region:

• East Large: PPL Electric Utilities
• Midwest Large: Ohio Edison (for a second consecutive year)
• Midwest Midsize: Kentucky Utilities (for a third consecutive year)
• South Large: Florida Power & Light 
• South Midsize: Public Service Co. of Oklahoma
• West Large: SRP

The 2021 Electric Utility Business Customer Satisfaction Study, now in its 23^rd year, measures satisfaction among business customers of 87 targeted U.S. electric utilities, each of which serves more than 40,000 business customers. In aggregate, these utilities provide electricity to more than 12 million customers.

Overall satisfaction is examined across six factors (listed in order of importance): power quality and reliability; price; billing and payment; corporate citizenship; customer contact; and communications.

The study is based on responses from 16,834 online interviews of business customers in decision-making roles related to their utility company. The study was fielded from February through October 2021.

For more information about the JD Power Electric Utility Business Customer Satisfaction Study, visit https://www.jdpower.com/business/utilities/electric-utility-business-customer-satisfaction-study.

About JD Power
JD Power is a global leader in consumer insights, advisory services and data and analytics. A pioneer in the use of big data, artificial intelligence (AI) and algorithmic modeling capabilities to understand consumer behavior, JD Power has been delivering incisive industry intelligence on customer interactions with brands and products for more than 50 years. The world’s leading businesses across major industries rely on JD Power to guide their customer-facing strategies.

JD Power has offices in North America, Europe and Asia Pacific. To learn more about the company’s business offerings, visit JDPower.com/business. The JD Power auto shopping tool can be found at JDPower.com.

Media Relations Contacts
Geno Effler, JD Power; West Coast; 714-621-6224; [email protected]
John Roderick; East Coast; 631-584-2200; [email protected]

About JD Power and Advertising/Promotional Rules: www.jdpower.com/business/about-us/press-release-info

 

ChromeData to Include Toyota Build Data in VIN Description Services Product

2021-11-16

jillian.breska

ChromeData, the leading provider of vehicle data, merchandising solutions and incentives, today announced an agreement with Toyota Motor North America to utilize Toyota, Lexus and Scion build data for ChromeData’s VIN Description Services. ChromeData is part of the Autodata Solutions division of JD Power.

Toyota will provide its build data to ChromeData to be utilized along with Chrome Vehicle Catalog data for the purposes of accurately describing Toyota vehicle content. Build data information provided by Toyota will enable Chrome VIN Description Services to be more accurate for Toyota, Lexus and Scion vehicles.

“The benefit to dealers, dealer service providers and lenders is significant,” said Craig Jennings, president of the Autodata Solutions division at JD Power. “Toyota’s initiative to utilize its build data to help dealers and lenders will bring greater clarity in understanding exactly what options are on each specific vehicle. Accurate information is key to precise valuations, inventory listings and the merchandising of notable features that a basic VIN decode doesn’t provide.”

Build data offers information concerning as-built manufacturer’s suggested retail price, interior and exterior colors, options, packages, technology, and equipment that is not always possible to derive from a standard decoding of a Vehicle Identification Number (VIN). Accurate VIN descriptions are critical to dealers, marketers, remarketing companies, finance & insurance companies, valuation services and, of course, the retail shopper.

ChromeData, which decodes more than four billion VINs a year, is best known for collecting, standardizing, enhancing and syndicating automotive data. It provides access to more than 30 years of high-quality VIN vehicle data, new car, light truck and motorcycle information.

About JD Power
JD Power is a global leader in consumer insights, advisory services and data and analytics. A pioneer in the use of big data, artificial intelligence (AI) and algorithmic modeling capabilities to understand consumer behavior, JD Power has been delivering incisive industry intelligence on customer interactions with brands and products for more than 50 years. The world’s leading businesses across major industries rely on JD Power to guide their customer-facing strategies.

JD Power has offices in North America, Europe and Asia Pacific. To learn more about the company’s business offerings, visit JDPower.com/business. The JD Power auto shopping tool can be found at JDPower.com.

Media Relations Contacts
Geno Effler, JD Power; West Coast; 714-621-6224; [email protected]
Shane Smith; East Coast; 424-903-3665; [email protected]

About JD Power and Advertising/Promotional Rules: www.jdpower.com/business/about-us/press-release-info

 

RV Dealers Can Now Take Advantage of JD Power Darwin Automotive F&I Menu

2021-11-17

jillian.breska

JD Power, a global leader in data analytics and consumer intelligence, today announced that recreational vehicle (RV) dealers are now able to access the JD Power Darwin Automotive finance and insurance (F&I) menu, previously available only to U.S. auto retailers.

“This is a game changer for RV dealers because, as RV sales continue to grow, dealers need the best tools available to efficiently describe and sell the F&I products that buyers want,” said Philip Battista, president of dealership technologies at JD Power. “The F&I process can be daunting for many buyers. Our F&I menu can help RV dealers make that experience much more transparent and satisfying.”

The JD Power Darwin Automotive F&I menu, used by more than 8,000 auto retailers across the country, is a patented F&I selling solution that can maximize sales both in and out of the dealership. It uses instant remote connection technology and allows F&I professionals to control the presentation with virtually unlimited flexibility to present on paper, tablet, phone, secondary monitor or to remote customers.

Additionally, the product helps dealers speed up the process—a priority for buyers—while simultaneously providing an accurate and understandable buying experience that can also yield more F&I revenue for the dealer.

“Customizing their F&I sales system for RV dealers is a positive step for JD Power,” said JD Baker, vice president of sales at Protective Asset Protection. “Having worked with the Darwin Automotive team for many years before its acquisition by JD Power, I know firsthand what they’re capable of doing. Their prospect for growth in RV/marine/motorsports is even greater now.”

About JD Power
JD Power is a global leader in data and analytics, advisory services and consumer insights. A pioneer in the use of big data, artificial intelligence (AI) and algorithmic modeling capabilities to understand consumer behavior, JD Power has been delivering incisive industry intelligence on customer interactions with brands and products for more than 50 years. The world’s leading businesses across major industries rely on JD Power to guide their customer-facing strategies.

JD Power has offices in North America, Europe and Asia Pacific. To learn more about the company’s business offerings, visit JDPower.com/business.

Media Relations Contacts
Geno Effler, JD Power; West Coast; 714-621-6224; [email protected]
Shane Smith; East Coast; 424-903-3665; [email protected]

About JD Power and Advertising/Promotional Rules: www.jdpower.com/business/about-us/press-release-info

 

JD Power Announces 2022 U.S. ALG Residual Value Awards

2021-11-18

jillian.breska

ALG, the division of JD Power known as the industry benchmark of automotive residual value projections, today announced recipients of the JD Power 2022 U.S. ALG Residual Value Awards, highlighted by Honda and Lexus being named brand award winners in the mass market and premium segments, respectively.

“Accurately forecasting residual values in the auto industry is a key factor in assessing an estimated $225 billion lease portfolio of vehicles in the United States,” said Eric Lyman, vice president of ALG. “The brands and vehicle models that rise to the top demonstrate that they score well across the award program’s criteria, including manufacturers’ superior design and quality.”

The JD Power U.S. ALG Residual Value Awards are the automotive industry standard in recognizing vehicle models projected to hold the highest percentage of their manufacturer’s suggested retail price following a three-year period of ownership. This value retention is a key variable in the lease cost of a vehicle, underscoring an automaker’s success in the areas of long-term quality and design, as well as the overall desirability of automotive brands and their models. It is also a vital component to vehicle shoppers as it helps forecast a vehicle’s resale value once they sell or trade-in the vehicle for a new one, consistently cited as an important purchase consideration by shoppers.¹

For model-year 2022, 19 different brands have won awards in 29 segments. The award process consists of evaluating 284 models through analysis of used-vehicle performance, brand outlook and product competitiveness. Eligibility for a brand award requires a manufacturer to have model entries in at least four different segments. To account for differences across trim levels, model averages are weighted based on percentage share relative to the entire model line.

In addition to the mass market brand level award, Honda also takes home three model-level awards. Lexus ranks highest among premium brands while only having one segment-winning model. “The achievement of Lexus speaks to an impressive, industry-leading continuity of residual value across its entire lineup,” Lyman said. “It’s like a decathlete who wins only one of the 10 individual events but scores enough points in each of them to stand atop the podium.”

Model-Level Residual Value Awards

Honda and Hyundai share the most model-level awards, with three each. They are followed by a diverse list of manufacturers winning in two categories: Audi, Kia, Land Rover, Mercedes-Benz, Subaru and Toyota.

• Honda: Civic, Passport and Odyssey
• Hyundai:  Accent, Kona and Kona EV
• Audi: A6 Allroad and Q3
• Kia: K5 and Telluride
• Land Rover: Range Rover Velar and Discovery
• Mercedes-Benz: AMG GT 4-Door and Metris
• Subaru:  WRX and Forrester
• Toyota: Tacoma and Tundra

Noteworthy for 2022, the Mercedes-Benz AMG GT 4-Door tops long-time segment leader Lexus LS in the Premium Executive segment, while the new Ford Bronco beats out perennial winners Jeep Wrangler and Toyota 4Runner for top honors in the Off-Road Utility segment. Also of note are the increasingly popular electric vehicle winners, which are highlighted by the Kona EV in the Mass Market Electric segment and the Tesla Model Y in the Premium Electric segment.

Numerous variables affect the actual residual value of a vehicle over a multi-year lease term. Examples include mileage, quality/reliability, options and feature sets, weather and macroeconomic environment. Since these factors need to be taken into account in order to accurately forecast residual values, the more granularity and greater the understanding of the effect of each variable, the better equipped manufacturers and lenders are able to maximize profitability. The combination of JD Power insights and data with the deep experience of ALG in residual values allows for even more accurate end-of-lease forecasting capabilities.

About JD Power
JD Power is a global leader in consumer insights, advisory services and data and analytics. A pioneer in the use of big data, artificial intelligence (AI) and algorithmic modeling capabilities to understand consumer behavior, JD Power has been delivering incisive industry intelligence on customer interactions with brands and products for more than 50 years. The world’s leading businesses across major industries rely on JD Power to guide their customer-facing strategies.

JD Power has offices in North America, Europe and Asia Pacific. To learn more about the company’s business offerings, visit JDPower.com/business. The JD Power auto shopping tool can be found at JDPower.com.

Media Relations Contacts
Shane Smith; East Coast; 424-903-3665; [email protected]
Geno Effler, JD Power; West Coast; 714-621-6224; [email protected]

About JD Power and Advertising/Promotional Rules: www.jdpower.com/business/about-us/press-release-info

¹JD Power U.S. Sales Satisfaction Index (SSI) Study^SM

 

Airline Miles Rewards Help Drive Surge in Small Business Credit Card Customer Satisfaction, JD Power Finds

2021-11-22

jillian.breska

In one of the clearest signs yet that businesses in America are ready to get back to normal, airline rewards once again have become one of the top drivers of small business credit card customer satisfaction. According to the JD Power 2021 U.S. Small Business Credit Card Satisfaction Study,^SM released today, small business customer satisfaction is surging, driven by a combination of improved overall economic outlook, competitive interest rates and satisfaction with rewards programs—with a particular focus on airline rewards.

“The strongest drivers of small business customer satisfaction with credit cards is a strong alignment between specific business needs and individual card benefit,” said John Cabell, director of wealth and lending intelligence at JD Power. “We saw the dark side of that phenomenon during the height of the pandemic when many customers were more frustrated with fees and credit limits and not able to take advantage of card benefits. Now, as the outlook is starting to improve for many small businesses, airline cards—as well as retail cards and bank brand cards—are starting to play a major role in the customer rewards satisfaction equation.”

Following are some key findings of the 2021 study:

• Overall customer satisfaction roars back from pandemic lows: Overall satisfaction among small business credit card customers is 852 (on a 1,000-point scale), which is 12 points higher than the level observed in 2020. Small business customers—32% of whom say they are financially better off than they were a year ago—view their credit card issuers more positively based on their response to COVID-19.
• Airline card rewards in the spotlight: Small business credit card customer satisfaction scores rise across nearly every attribute in the 2021 study, with the largest gains coming from credit card terms, including fees and interest rates, benefits and services and rewards programs. Among the various rewards programs profiled, the largest single driver of customer satisfaction is airline rewards, which sees a 16-point increase in customer satisfaction this year.
• Issuer involvement with PPP a double-edged sword: Overall satisfaction among small businesses that applied for relief under the Paycheck Protection Program (PPP) with their card issuer—and received it—averages 871, which is 19 points higher than the industry average. However, among small businesses that applied for the PPP and were denied, overall satisfaction scores fall more than 100 points to 774 and cardholders amass more revolving debt.
• Proactive cardholder support drives smarter card usage: When card issuers proactively provide the technology and resources that small businesses need, such as customized reporting, account management support and guidance on rewards and benefits, customers perceive more value from their cards by paying their balance every month, redeeming rewards and using benefits available to them.

Study Ranking

American Express, Capital One and Discover rank highest in customer satisfaction in a three-way tie, each with a score of 864.

The 2021 U.S. Small Business Credit Card Satisfaction Study, now in its third year, measures customer satisfaction with the largest small business credit card issuers in the U.S. by examining six factors (in alphabetical order): benefits and services; channel activities; credit card management; credit card terms; key moments; and rewards. The study includes responses from 3,101 small business credit card customers whose businesses have an approximate annual revenue between $10,000 and $10 million. The study was fielded in July-September 2021.

For more information about the U.S. Small Business Credit Card Satisfaction Study, visit https://www.jdpower.com/business/resource/us-small-business-credit-card-study.

About JD Power
JD Power is a global leader in consumer insights, advisory services and data and analytics. A pioneer in the use of big data, artificial intelligence (AI) and algorithmic modeling capabilities to understand consumer behavior, JD Power has been delivering incisive industry intelligence on customer interactions with brands and products for more than 50 years. The world’s leading businesses across major industries rely on JD Power to guide their customer-facing strategies.

JD Power has offices in North America, Europe and Asia Pacific. To learn more about the company’s business offerings, visit JDPower.com/business. The JD Power auto shopping tool can be found at JDPower.com.

Media Relations Contacts
Geno Effler, JD Power; West Coast; 714-621-6224; [email protected]
John Roderick; East Coast; 631-584-2200; [email protected]

About JD Power and Advertising/Promotional Rules: www.jdpower.com/business/about-us/press-release-info