Our Lease Takeover Marketplace has grown like crazy in the last three months. And I mean it in many ways: every single day, thousands of people jump into our listings, contact vehicle owners, negotiate, vehicles get transferred, new listings come up... we just didn't expect at all it was going to be such a success in less than 100 days! We had to add customer support channels, start hiring people to help and work hard to start improving the tools our clients use every day.
New Tools & Features Added Regularly
While our marketplace grows and evolves, we have been steadily releasing new features that help understand the lease takeover deals posted by our clients. We have added new list visibility boosting options, improved the search experience of the Marketplace and added multiple sections across the website to make the listings more visible.
But there is one main tool that has resulted in the most effective and self-explanatory way of presenting the deals: the Lease Takeover Analysis.
The Lease Takeover Analysis: 2 POV
On the sales psychology, the first thing any person ask is if something is worth for a specific price: "Does the real value of this deal is reflected on the price? Is it overpriced? How does it compare to other? Is this a good deal for me?"
Well, the answer to that question relies ultimately upon the math that you could do or the one that a salesperson could "do for you." It may rely on real numbers, on real facts or can even change every month. The fact is, we figured it out a way to do it and we made it completely semi-automatic. And I mean "semi" because there is a human factor involved, which I will explain later.
Our customers love it. We love it too :)
The Lease Takeover Analysis is displayed right under the vehicle details.
The most important thing to know, regarding the Lease Takeover Analysis is that it is an impartial review made by a Lease Takeover Specialist that is displayed to the public and will update automatically every month. If a new month is discounted from the payment, if the cash incentive is updated or if any other detail of your listing gets updated, all the analysis numbers will recalculate.
Now, previously I mentioned that there is a semi-automatic process here. Yes, there is. All vehicles are leased differently and come with multiple variables such as trims, packages, customizations, km allowance per year, a specific term... here is where we go in and do our job: we build your deal, either online or over the phone with a dealership. This is how we get the current market price of the same deal you are offering, but for a brand new one.
For Leasing Purposes
Many people are just looking for a vehicle to rent (or lease, in this case. It means that they won't probably want to keep it after the lease term is done, but may be really interested in having it for the remaining period. This is why we especially show them the costs difference between leasing a brand new vehicle in their Province and getting your deal.
Just to mention an example: while a 200CAD monthly saving seems "OK," it is not the same for an eight-month leasing period (1,600CAD) than compared to 45 months (9,000CAD). Also, some additional factors such as getting the vehicle with Winter Tires or the Wear and Tear coverage, offer "quantifiable savings" that people can benefit from by taking the contract. We have these into account too.
This is "the math" that is hard to digest just by seeing the listing numbers. This is the core of our Lease Takeover Analysis and the core of LeaseCosts: helping people to understand what the numbers mean and how can you benefit (or not) from these.
For Buyout Purposes
On the other hand, for some people, businesses, and dealerships (yes, dealerships), it is more common to acquire or buyout the vehicle for the remaining term. Just see the sample of the previously mentioned Audi A7: the 31% of the vehicle was already paid, while not even the 25% of the warranty kilometer allowance has been used. The car is definitely worth more than what is left to pay, and this is an opportunity for multiple people ;)
View a video description of how the Lease Takeover Analysis works.
Definitely Worth It
You need to know what you are bringing to the market before pricing it up. And people need to know it too as, transparency is the key for the smooth, fast and successful transfer of your contract. It is not just showing it to tons of people. It is letting them know, that your deal is definitely worth it.