Swapalease.com Celebrates Two Years of Business with Eight Consecutive Quarters of Uninterrupted Growth
CINCINNATI--Oct. 29, 2002--As Swapalease marks two years in business this month, an increasing number of consumers across the U.S. are discovering it is possible to get out of their auto leases early without incurring large financial penalties or hassle. Thanks to Swapalease (www.swapalease.com), the first and only full-service online marketplace dedicated to transferring auto leases, consumers now have an affordable, convenient option available to them as they shop for cars.
"Swapalease has exceeded our expectations in just two years," said Ron Joseph, Jr., CEO and co-founder of Swapalease. "Despite a volatile economy, we have successfully transferred over $10,000,000 of vehicles on Swapalease's online marketplace."
The most recent market data shows that of the 17 million consumers currently driving a leased vehicle, upwards of 15% of those lessees want or need to get out of their auto lease early. Thus creating a huge demand in what is developing into a needed consumer marketplace for automotive lease transfers. Swapalease has seen consistent growth over the past 24 months in both the number of consumers visiting the site and the number of auto lease listings posted at the online marketplace.
"We have over 5,000 vehicles currently listed on the site and vehicle listings from every state -- and we still feel like we are just getting warmed up," said Richard Joseph, president of Swapalease. "There are currently 17 million people driving leased vehicles, and if they want out of their lease early, we can help."
"The Swapalease concept is one that has been desperately needed by auto leasing consumers for a long time, but just didn't exist before," said Al Hearn, president of LeaseGuide, Inc. "Beyond the obvious benefits, it also provides peace of mind to people who are reluctant to lease by creating a hassle-free way to exit their lease if they ever need it."
A PARADIGM SHIFT
Despite much of the "buzz" surrounding the zero percent financing in the automobile industry, market data shows that many of the consumers enter a dealership with a zero percent advertisement for purchase, yet leave in a leased vehicle. Why? Zero percent, in most cases, is only for 36 months, which yields a very high payment on most car prices. Consumers consistently opt for leases to achieve a lower monthly payment.
"Leasing will always be an important part of the retail automobile industry, and Swapalease will remain a powerful tool to those who lease," said Norm Barron, General Counsel of the Greater Cincinnati Automobile and Dealers Association (GCADA).
"Consumers' car needs are evolving constantly, and we think they will enjoy the value and flexibility Swapalease can bring to their auto leasing experience," said Ron Joseph. "Our growing customer base is evidence of the fact that we are providing a powerful new service to consumers when it comes to their automotive needs."
SWAPALEASE HIGHLIGHTS
| -- | Two years in business |
| -- | Vehicle listing from every state |
| -- | 5,000 vehicles currently live |
| -- | Successfully transferred over $10,000,000 of vehicles |
| -- | Featured on CNBC, New York Times, The Wall Street Journal, Business Week and Wired |
About Swapalease.com:
Based in Cincinnati, Ohio, Swapalease.com is the first and only full-service online marketplace for transferring automobile leases. Swapalease.com matches and enables transactions between lessees wanting to get out of their leases prior to the maturity date with consumers interested in taking over such leases, through a quick and easy process. Committed to providing automotive lessees the most efficient channel to transfer leases, Swapalease.com is forging relationships with financial institutions and auto dealerships in an effort to give consumers more options in acquiring their next vehicle of choice. Established in October 2000, the company's management team brings more than 50 years experience from the automotive industry. To learn more about Swapalease.com, visit www.swapalease.com, or call 1-866 Swap-Now (1-866-792-7669).