CINCINNATI, OHIO (August 31, 2020) – Swapalease.com, the nation’s largest car lease marketplace, unveiled today its latest report on vehicle lease trends and brand retention for leasing: “2020 Vehicle Lease Trends - What’s Motivating Drivers and Dealers to Modernize the Vehicle Lease Experience”. Click here to view the report.
Vehicle leasing has been beneficial to consumers who want more car in a compressed time commitment with a lower monthly payment compared with traditional auto financing. Especially as COVID-19 has changed vehicle ownership and purchase trends in a short amount of time, the report spotlights a series of trends in leasing that impact both consumers and dealers alike:
• How COVID-19 changed the reasons why people are escaping lease contracts
• How people are switching from vehicle financing to vehicle leasing
• The outdated and unnecessary roadblocks some brands still have making it difficult for people to escape or takeover an existing lease
• The dramatic impact these roadblocks have on certain brands, and how this decision reduces brand loyalty from consumers
• How more dealers see value in playing a larger role in the process of lease transfer
The report shines a spotlight on new analysis that proves where lease transfer is a win-win-win scenario for the consumer, dealer and vehicle manufacturer/lender. Particularly from a brand loyalty standpoint, there is great value in lease transfer.
“Customer loyalty is perhaps the most important metric for manufacturers because it incorporates many factors that lead customers to become brand ambassadors,” said Tyson Jominy, Vice President of Data & Analytics at J.D. Power1. “When a brand can connect emotionally with owners through the vehicle’s content, capabilities or prestige level, owners are much more likely to come back and purchase that same brand again.”
The Swapalease.com report illustrates how dealers and brands that allow for a fast, easy and fluid transfer of lease contracts (BMW, Toyota, Lexus) see an annualized new unit increase (new cars sold or leased each year) of 15.6%. This is based on the findings that those same brands see a 91% brand loyalty/retention rate versus just 39% of all other brands (Honda, Hyundai, Nissan).
“When you have a customer that wants or needs out of their lease for any number of reasons, they appreciate a brand’s willingness to help and that plays a significant role in the decision they make when deciding on their next vehicle,” said Scot Hall, Executive Vice President of Swapalease.com. “Over the years we have seen time and again thousands of people who feel the frustration of a brand that places roadblocks on this process, and that frustration single-handedly makes their decision to move to a different brand in their next vehicle.”
The 2020 Vehicle Lease Trends Report is now available. Click here to view the report.
Headquartered in Cincinnati, Ohio, Swapalease.com is the world’s largest automotive lease marketplace and the pioneer in facilitating lease transfers online. More specifically Swapalease.com matches individuals who want to get out of their lease with people who are looking for short-term lease agreements. Prospective buyers can search the listings for the exact vehicle they want, and then register for a nominal fee, allowing them to use Swapalease.com’s safe online system to contact the prospective seller and close the deal. For more information about Swapalease.com or how to exit your lease early, call 866-SWAPNOW or visit www.swapalease.com.