In lieu of the traditional test drive, a number of shoppers are most interested getting the best deal possible, says eAutoLease chief executive officer and founder Zoriy Birenboym.
“You can do pretty much everything without leaving the comfort of your home or office or school, or where ever you maybe. Once you choose and you decide with one of our associates or reps you fill out an application online right on our website which is secure,” Birenboym said when explaining his site to Auto Remarketing.
On the site, consumers can research look hundreds of different offers, speak with a live representative and request a quote, according to Birenboym.
As protection, the site is fitted with trust guard and widgets for security, he said.
When a customer is approved for the vehicle of their choice, they are given a VIN number and asked to provide proof of insurance. Following that, they can arrange their vehicle’s delivery to their home or office.
“We make your entire experience hassle-free, headache-free, without having to wait for hours seated and waiting for the manager and the finance manager — we cut all of that out,” he said.
Birenboym continued, “A customer might call and ask ‘what do you guys recommend?’ or ‘this is my budget’ or ‘I like a smooth ride.’ We tell them this fits your budget, this fits your comfort, this fits your driving pattern. It depends on what the consumer wants. We do what we can to fit the customer every way possible.”
The company also helps shoppers figure out if they are eligible for rebates and incentives.
Birenboym said some customers are unaware that they’re eligible for discounts from their employers or that there are special offering out there for shoppers who are vets and college grads.
Another company working in the leasing arena is Getalease.com, whose chief executive spoke recently with Auto Remarketing about used-car leasing, in particular.
“I’ve always been into used leasing and thinking that used leasing will help mitigate the oversaturation. So, what I ended up doing was, I created a lease calculator that enables used-car leasing,” Getalease.com chief executive officer Zak Sabbagh told Auto Remarketing during a phone interview.
Getalease.com’s used-car calculator allows shoppers to choose different payment selections. As each option is clicked, the calculator adjusts to accommodate the residual and the money factor.
“It’s pretty easy and hands on. I try to make it as easy as possible,” Sabbagh said.
An added value is that the used-car calculator is not just a consumer-facing tool to educate the customer, it also educates the dealer, according to Sabbagh.
He said online leasing hasn’t succeeded in the past because it takes too long for a dealer to sit there and run calculations.
“They’re never going to do that, they’re never going to waste hours in a day to run hundreds of calculations,” he added.
“In used-car leasing, not every vehicle is a home run, not every car is going to be $13. There are plenty of instances in used-car leasing where the used-car can lease out for the same price or even more money than the new car.”
Sabbagh said the main idea behind developing the calculator was to create a tool for VIN-specific-based calculations.
“I’ve always been under the impression that used leasing, in general, can ultimately help save or at least help mitigate some of the risk that OEMs are taking with their saturation,” Sabbagh said.
He said used-car leasing is much more complicated than new because it requires dealers to perform a number of more calculations.
“It's more tedious, there is more to it. There are different residuals that you have to apply upwards and downwards to get the unique payments for each vehicle,” he explained.
“We took that entire process and automated it and then not only did we automate it but we created a way for the dealer to look at the rate and the residual specifically for that VIN number, ultimately calculating their entire inventory automatically.”
CORRECTION: An earlier version of this story said eAutoLease offers used-car leasing. It is only involved in new-car leasing and the story has been updated as such. Additionally, certain quotes from Getalease.com chief executive officer Zak Sabbagh have been corrected.