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Jared Hamilton
From: Jared Hamilton
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Erica Olson

Erica Olson PR Executive

Exclusive Blog Posts

How Discomfort Leads To Growth

How Discomfort Leads To Growth

Our Sales Manager, George Benneyworth (with Tucker) has committed to running 4kms every 4 hours for 48 hours during -40 temps. Why?  Because he mad…

8 Benefits of Collaboration

8 Benefits of Collaboration

“Competition makes us faster. Collaboration makes us better.”    I always assumed that collaboration and teamwork were the same t…

Take a 2 Minute Survey. Get a $10 Amazon gift card!

Take a 2 Minute Survey. Get a $10 Amazon gift card!

We are looking to hear directly from dealers with this very short and easy-to-answer survey. Answer a few questions, which only takes about 90 seconds, and…

How to Get Customers Back for Their First Service Appointment

How to Get Customers Back for Their First Service Appointment

Looking for ideas to get new customers to return to your dealership for their first service appointment? Here are a few that’ll help ensure you’re gett…

[Podcast] Effort vs Performance Metrics: Get a Better Understanding of Your Team's Success

[Podcast] Effort vs Performance Metrics: Get a Better Understanding of Your Team's Success

In this episode, Jason and Bart discuss the importance of choosing the right metrics to track for your team and how those generally fall into two categorie…

Lease Credit Approval Rates Rise to 72.7% in December

Swapalease.com, the nation’s largest car lease marketplace, reports car lease credit applicants registered a 72.7% approval rate in December.  The approval rate is significant considering approval ratings hit a low of 63.8% in April, the lowest rate reported since January of 2018.

With the holiday season being an optimal time to buy or lease a vehicle, it is no surprise that approval ratings saw an increase in December. According to Experian’s State of the Automotive Finance Market Report, in the second quarter of 2020, nearly 26% of new vehicles were leased. While this number is down from pre-pandemic levels, Swapalease.com believes many of its site visitors have solid credentials available to take over a person’s vehicle lease. The inclination to have more flexibility through leasing amidst economic uncertainly may contribute to a rise in shoppers who are looking to lease vehicles.

December has historically turned out a higher lease credit approval rating, likely due to end of year sales and lease deals. In December of 2019, 72% of applicants were approved to take over another person’s lease, and in December of 2018, 71.4% of applicants were approved.

“The automotive industry took a hard hit in early 2020, especially as stay-at-home mandates were implemented and businesses were temporarily shut down,” said Scot Hall, Executive Vice President of Operations at Swapalease.com.  “We’ve continued to see slight increases month-over-month since May, and we’re optimistic at the outlook for the 2021 calendar year.”

Swapalease.com matches a person wanting out of their existing vehicle lease contract with a car shopper looking to take over a short-term vehicle lease. The marketplace has thousands of cars and trucks available for transfer to anywhere in the continental U.S.

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