With leasing volume now accounting for just 19% of total new vehicle sales, lenders and dealers need to be more targeted and purposeful than ever in their communication strategies to retain lessees and securing conquest opportunities. According to the J.D. Power 2022 U.S. End of Lease Satisfaction Study, released today, highly personalized communications based on detailed lease journey analytics are essential to recapturing existing customers and winning new ones.
“The days of the one size fits all lease loyalty strategy are long gone,” said Patrick Roosenberg, director of automotive finance intelligence at J.D. Power. “In this market, lenders, dealers and OEMs really need to understand the unique individual journeys of their customers and develop tailored, highly targeted outreach strategies creating the greatest opportunity to retain them. Ultimately, successful customer retention and conquest strategies are coming down to detailed analytics. Lease providers need to understand the different customer journeys, whether it’s first time lessees or returning lessees, and offer available incentives to the right customers, at the right moments, via the right communication channels to keep lease volumes flowing.”
Study Rankings
Audi Financial Services ranks highest in end of lease satisfaction in the premium segment, with a score of 868 (on a 1,000-point scale). Lexus Financial Services (866) ranks second and BMW Financial Services (862) ranks third.
Ford Credit ranks highest in end of lease satisfaction in the mass market segment, with a score of 864. Honda Financial Services (853) ranks second and GM Financial (852) ranks third.
The 2022 U.S. End of Lease Satisfaction Study identifies lease-end practices and timely marketing opportunities that optimize lease retention for the same brand and at the same dealer. The study is based on responses from 3,075 mass market and premium vehicle lease customers who are within six months of lease end. It was fielded in November-December 2021.
For more information about the U.S. End of Lease Satisfaction Study, visit
jdpower.com/business/financial-services/us-end-lease-satisfaction-study
