SANTA MONICA, Calif. — January 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, the premier destination for car shopping.
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 PromiseSM. 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 PromiseSM 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 PromiseSM launched in 2013, Edmunds.com has found that both dealers and shoppers benefit from the program. When Price PromiseSM 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 PromiseSM have seen about a ten percent increase in their online review scores.
Edmunds.com is the only third-party car shopping site to feature upfront, inventory-specific lease offers that are set by dealers. Only dealers enrolled in the Edmunds.com Promise ProgramSM are eligible to promote Price PromiseSM with lease offers. Dealerships interested in becoming a Promise PartnerSM can contact 1-855-EDMUNDS or email@example.com.
About Edmunds.com, Inc.
Edmunds.com is a car-shopping Web site driven to make car buying easy. Almost 18 million visitors use our shopping tools every month to connect with over 9,500 dealer franchises across the U.S. Shoppers can browse our inventory listings for available cars and trucks, and with Edmunds.com's Price PromiseSM, they can get an instant, upfront price on those same vehicles. Recently named by Maritz Research as one of the most trusted online consumer review sites - and the only automotive site listed in the top ten - Edmunds.com is also home to comprehensive car reviews, shopping tips, photos, videos and feature stories. Even when you're at the dealership, we're always by your side. Just call our free Live Advice Line at 1-855-782-4711 or use our acclaimed Edmunds.com iPhone and iPad apps or Edmunds.com Android App. We're based in Santa Monica, Calif., but you can connect with us from anywhere by following @Edmunds on Twitter or by becoming a fan of Edmunds.com on Facebook. You can also find us on Instagram, Google+, Pinterest, LinkedIn and Flipboard.