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Growth Fuels Hybrid Leasing
Friday, May 09, 2008
CINCINNATI, May 9 /PRNewswire/ -- Resulting from both rising fuel prices
and environmental consciousness, hybrid vehicle registrations were up in 2007.
According to R.L. Polk & Co. figures recently released, there was an increase
of 38 percent in the hybrid segment when compared to 2006, meaning 350,289 new
hybrids hit the road last year. Swapalease.com is noticing a similar trend
when it comes to hybrid leasing.
As hybrid vehicles become more mainstream, the segment will see similar
traditional financing and lease penetration rates to those of the market
overall. Considering hybrid vehicle sales made up only 2.2 percent of the
total automotive market in 2007, it is premature to extrapolate an industry
recognized lease penetration rate of 24 percent. As overall lease penetration
and interest increases, Swapalease anticipates that leasing of hybrid vehicles
will grow as well. Additionally, Swapalease.com is seeing a greater number of
hybrid vehicle listings and ultimately more hybrid lease transfers since the
beginning of 2008.
"When Hybrids first came on the market, Automotive Lease Guide (ALG) had
not set residual values due to the lack of available data on the future
values. Now they have established that hybrids are holding their values at a
higher percentage than non-hybrids and national lease funders are comfortable
writing competitive leases. Increased consumer demand coupled with the lower
payments has caused a surge in the market that we see continuing," said Jerry
Thompson, Principal of autoleaseDIRECT.com.
This combination of consumer interest, industry acceptance, and the
economic climate will result in even more hybrid leasing in the future.
Swapalease.com not only welcomes this trend, but also is working to stay in
front as evidenced by their recently added "Green" search category which lists
all hybrid vehicles available for lease transfer on their web site.
Swapalease.com is the world's largest automotive lease marketplace and the
pioneer of facilitating lease transfers online as evidenced by the company's
patented processes. Conceptualized in 1997 it has evolved into a leading
automotive consumer online destination servicing all aspects of the automotive
leasing lifecycle including education, research, pricing, acquisition and
lease transfer.
Swapalease.com has been featured in stories by CNN, MSNBC, Time, The Wall
Street Journal, and Google.com as an online marketing case study.
The company is headquartered in Cincinnati, Ohio, and is privately held.
For more information please call 866-SWAPNOW (866-792-7669).
SOURCE Swapalease.com
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