The coronavirus (COVID-19) pandemic is considered as one of the worst public health crises that the world is witnessing in present times. Similarly, the novel virus has sparked many questions in the minds of individuals who are willing to lease cars. Hence, Leasing.com-a U.K.-based car leasing services provider announced that the web shop is conducting its car leasing activities with the help of core staff keeping the business running and are working remotely.
Web shops in the car leasing market should introduce interactive coronavirus Q&A sessions or blogs to provide clarity about their business proceedings in the COVID-19 era. Companies in the car leasing market are creating emphasis on online finance and electronic paperwork to help break the chain of coronavirus.
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Business of Car Leasing Acquires Prominence in SMEs Due to Cost Saving
The business of car leasing is turning out to be an effective revenue model for various corporations worldwide. Apart from countries in North America and Europe, countries in Asia Pacific, such as India, is undergoing a change, owing to increased demand from CAs, doctors as well as SMEs (Small & Medium Enterprises). Expansion opportunities are contributing toward the overall growth of the car leasing market, which is expected to reach a revenue of ~US$ 1 Trn by the end of 2030.
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The emergence of private and business car leasing is eliminating the social stigma associated with a customer’s pride of owning a vehicle. Cost-efficiency advantages of car leasing is increasingly grabbing the attention of customers as well as SMEs. Apart from MNCs (Multinational Corporates), lessors in the car leasing market are shifting their focus toward SMEs, since leasing offers cost savings for SMEs who already function on limited capital.
Car Leasing versus Car Subscription: Which is better
The ever-evolving consumer buying decision processes are witnessing a shift from owning a vehicle to leasing and subscribing in recent years. The trend of car subscription is gaining popularity among the urban young middle class, as customers are shifting their focus from buying to experiencing new vehicle models as they enter the market. For instance, according to a recent report, automotive giants such as General Motors, BMW, and Porsche, among others, are entering the business of car subscription. However, car leasing offers advantages of paying a fixed monthly rental, without having to worry about the down payment.
Though car leasing eliminates the issues associated with resale, the typical lease tenure falls between three to four years, resulting in heavy penalties if the lessee prematurely terminates the contract. Hence, companies in the car leasing market should strategically target leasing and subscription services to customers, since changing consumer behavior is one of the strongest drivers influencing market growth.
Winning Imperatives: EVs and Digitization Trend Boost Market Growth
Various market drivers are triggering growth of the car leasing market. As such, OEMs are migrating toward electric vehicle (EV) leasing, since the rate of depreciation for EVs is much higher than that of traditional internal combustion engine counterparts. Moreover, car leasing saves customers from the hassles of resale value after owning vehicles. As such, car leasing in the EV sector opens a plethora of options for customers, since periodically new EV models are introduced in the market.
The trend of digitization is creating a huge impact in the car leasing market as well as the automotive industry. Companies in the car leasing market are leveraging their profit margins and enhancing consumer experience by investing in digitization technologies, such as blockchain. Likewise, lessors are adopting data analytics since an average connected car generates large GBs of data on an hourly basis. With the help of data, car operators can evaluate and develop strategies to enhance the experience of lessees.
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