Swapalease.com Launches Automotive Lease Auctions
Auction Service Expedites Auto Lease Transfer Process
Columbus, OH, 01/26/2005 -- Swapalease.com (www.swapalease.com), the world’s largest automotive lease marketplace has launched an online lease auction service. Swapalease connects automotive lease sellers with buyers who are willing to take over their remaining lease payments.
The new auction format allows lease sellers to put their car leases up for bid. Buyers can then place their bids over a seven day period. At the end of the auction, the highest bidder that meets the reserve price of the auction wins. In the event that the bid amount is lower than the actual payment, the Seller will provide a cash incentive to the Buyer to make up for the difference.
“It’s a win-win situation for both parties in a lease transfer,” says Pawan Murthy, Director of Marketing of Swapalease.com. “Auctions provide the ability for a lease seller and a lease buyer to find each other and agree on a price quickly and fairly.” In a lease transfer, the buyer assumes the remainder of a seller’s auto lease. The buyer starts making the payments, and the seller exits the lease early without any penalties or fines. “Swapalease auctions are very easy to set up and give lessees the ability to exit their lease in days -- saving thousands. We launched this service at the start of the year and already we are seeing many happy customers.”
Swapalease.com now serves all 50 states in the U.S.A. and all ten provinces in Canada. Customers can search listings in both countries and use the Swapalease team to help facilitate their lease transfers when they find the vehicle they are interested in. Since 1999 the company has transferred over $400 million worth of automotive leases from every state in America.
Founded in 1999, Swapalease is the world’s largest lease marketplace with over $1 billion worth of vehicle leases posted to the site. Swapalease services all aspects of the automotive leasing lifecycle including education, research, pricing, acquisition and lease transfer. The company has offices in Cincinnati and Columbus, Ohio, and is privately held.
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