Despite the challenges created by the coronavirus pandemic, LeaseCosts Canada still is tracking toward reaching its goal of vehicles listed on its online auto leasing marketplace.

Officials highlighted in a recent news release that the LeaseCosts Lease Takeover Network now has more than 5,000 vehicles listed. A year ago, LeaseCosts projected the company would get to 6,000 units by the fourth quarter, but estimations slightly diverged due to impact from COVID-19.

Along with the vehicle listing, the site also offers “cost-oriented” analysis tools for both new-car leasing and lease transfer.

“Although we are still on track to get close to the 6,000 units by the end of the year, the near future is still uncertain, and we need to be as cautious with our projections as we are with the health measures. While many of our customers face financial distress with their lease contracts due to job losses, businesses shutting down and a collapse of their plans, we have centered our effort on delivering value and increasing the exposure of their deals,” LeaseCosts Canada chief executive officer and founder Jorge Diaz said.

“We thought volumes were going to be low, but the opposite happened. You don’t take into account there may be an economic slowdown when you sign a four- or five-year car lease, but if it happens and you lose your job, then you need a Plan B,” Diaz continued.

According to Statistics Canada, the unemployment rate declined for the fourth consecutive month in September, falling 1.2 percentage points to 9.0%

However, Statistics Canada reported there were still 1.8 million unemployed Canadians in September. It’s that kind of backdrop that Diaz reiterated why LeaseCosts Canada can be helpful.

“Lease takeover services serve as a good backup plan for both car buyers and vehicle manufacturers when it comes to leasing. Most of our clients value the fact of having the option on the table, if ever needed, of transferring their lease contracts if something suddenly changes in their financial situations,” Diaz said.

“It is as if you had a community of potential buyers ready to take over your contract as soon as you need to. What is an issue for you may be an opportunity for someone in your area,” he added.

Diaz closed his latest update by looking ahead to what’s in store for LeaseCosts Canada

“For the upcoming quarters, we will be focusing on improving the customer experience and increasing the local visibility of the listings,” Diaz said.

“Our next strategic steps include new services related to system onboarding, better explaining the process and improving our live Q&A. Our customers come first, and our team members take care of them one at a time,” he went on to say.

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