Dealers Poised to Attract More Car Shoppers
SANTA MONICA, CA--Jan. 22, 2014: Car dealers now have an easy and powerful new way to connect with the growing segment of shoppers looking to lease a new car, thanks to a convenient new feature from Edmunds.com.
Starting today, dealers will make it easier for car shoppers to review the leasing terms of any new car or truck through Edmunds.com's Price Promise(sm). Participating dealers can easily set a promised down payment, deposit, term and annual mileage for a lease on any of their new cars posted to Edmunds.com's inventory listings. The resulting monthly lease payment is displayed next to the vehicle's upfront purchase price on Edmunds.com Price Promise(sm) certificates. Shoppers can download and print the certificates to lock in the guaranteed price that they can use to either lease or purchase the vehicle at the dealership.
"Price Promise made it easier to buy a new car, and now it's making it just as easy to lease a new car," says Edmunds.com President Seth Berkowitz. "Car shoppers are opting to lease vehicles now more than ever and there's every reason to expect this trend to continue to grow. Dealers can attract more of these shoppers right now by showcasing guaranteed upfront lease offers through Price Promise."
According to Edmunds.com's transaction data, a record 26 percent of new car shoppers chose to lease instead of purchase their vehicle in 2013. The rate has increased sharply from a decade ago, when only 16 percent of all new car shoppers leased a new car or truck. Lease penetration is especially high among luxury brands. For several popular luxury models, more than half of all new transactions are leases.
"Since adding lease offers to our Price Promise program, we are seeing an increase in qualified shoppers," says Toni-Marie DiMassimo, business development manager at Curry Honda in New York, which successfully participated in an early pilot program. "The Edmunds.com shoppers coming in our doors are real buyers, and not just tire kickers."
Since Price Promise(sm) launched in 2013, Edmunds.com has found that both dealers and shoppers benefit from the program. When Price Promise(sm) certificates are used, dealers close sales at higher rates, and buyers are far more satisfied with their shopping experience. Dealers who have signed up for Price Promise(sm) have seen about a ten percent increase in their online review scores.