GM Gets Back Into Leasing
After stepping away from the once-lucrative leasing biz nearly a year ago, General Motors has announced a calculated return to the game via a new pilot program that it hopes will build market momentum by offering potential customers in five states attractive deals on eight 2009-2010 Buick, Cadillac, Chevrolet and GMC models. Set to run through the end of August and done in conjunction with auto-leasing giant, U.S. Bank, GM says it will offer "competitive" leases requiring a first-month payment, but no security deposit, to consumers in Connecticut, Michigan, New Jersey, New York and Ohio.
At launch, vehicles covered include the 2009 Cadillac CTS, Chevy Malibu and Chevy Traverse, as well as the 2010 Buick LaCrosse and Enclave, Chevy Equinox and GMC Acadia. Additionally, GM will make this leasing option available on the new 2010 Cadillac SRX to residents of all 50 states. In the past, leasing accounted for roughly 20 percent of the automaker's annual sales totals.
Mark LaNeve, GM vice president of U.S. sales, sees this latest program as a well-measured way to add leverage to the lineup where it can yield results most effectively. "We have a number of products that offer a great opportunity for a lease option. Also, leases are an important part of the luxury market, so we decided that launching the all-new 2010 Cadillac SRX crossover with a national lease will add a lot of excitement."