Professional Community for Automotive Marketers, Car Dealers, OEM and Suppliers
Swapalease.com, the nation’s largest car lease marketplace, released its latest report on vehicle incentives from May, and one particular area stood out: Despite all the attention on recalls, few GM brands are currently listed with a cash incentive.
Cash incentives are a normal practice in the world of automotive sales, but what makes this report different is that the Swapalease.com marketplace involves person-to-person transactions. According to incentives data from May listings, only five percent of vehicles with incentives were from GM. Swapalease.com executives believe the GM recalls in the news recently have had little impact on a person’s ability to attract someone else to take over their lease.
Overall, incentives in the Swapalease.com marketplace have fallen slightly from the same time a year ago, with the average personal cash incentive offered listed at $2215.56 at the end of May, compared with an average of $2464.78 last year. Lessees typically offer a cash incentive as a way to sweeten the offer when looking to escape the contract.
“With manufacturers focused on more transparency, a larger number of recalls have been instituted since the recession,” said Scot Hall, Executive Vice President of Swapalease.com. “We believe consumers are becoming immune to the issue of recalls in general.” Supporting this theory, a recent customer survey conducted by Swapalease.com found that 90.4% of drivers believe recalls are a part of everyday life now, and they will not change their purchase decision.
Vehicles currently with the largest incentives include the Ford Expedition ($3900), Mercedes R-Class ($3000), and Nissan Murano ($2500). Vehicles currently with the lowest incentives include the Volkswagen CC ($1143), Ford Edge ($1150) and the Chevy Volt ($1663).
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.