Amazon Now Offers Leasing for New Hyundai Vehicles
Amazon shoppers have been able to buy a Hyundai vehicle on the platform for a while now, but the service was limited to financing only. Dealers have been somewhat unhappy with the arrangement, saying Amazon needs to do more to improve their profitability, and as part of that request, the e-commerce giant is expanding its offering to lease customers.
Previously, buyers only had financing options available on the platform, and if they could not qualify through those programs, Amazon would direct them to visit a dealer to explore other options. Adding lease options gives buyers more choices and potentially opens the door for more EV sales because of the lease-related tax credit workarounds.
Hyundai Capital is the primary lender for the operation, but Amazon said it wants to expand the program to other lenders, including banks and credit unions. It also plans to improve the application process to allow joint credit applications. The Amazon Autos program was in a closed testing phase until late last year, when it opened to a public beta testing phase.
Amazon currently covers 68 markets and has said it wants to expand beyond new vehicles into the used car market. The company does not take a cut when a vehicle is sold, though that will likely change as it grows. Ultimately, Amazon sees the program as a sort of dealer marketplace where stores can advertise to a willing group of buyers.
[Images: Hyundai]
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Chris grew up in, under, and around cars, but took the long way around to becoming an automotive writer. After a career in technology consulting and a trip through business school, Chris began writing about the automotive industry as a way to reconnect with his passion and get behind the wheel of a new car every week. He focuses on taking complex industry stories and making them digestible by any reader. Just don’t expect him to stay away from high-mileage Porsches.
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Based on what I've read this process is no more then a lead generation thing. Amazon is not selling anything, they just send you to your local dealer with a per-negotiated offer. Based on this post it appears they didn't include lease deals in that offer and thus removed a large group of potential leasers from using the program.
Let me know when I can actually BUY the vehicle from Amazon and simply pickup at the my local dealer. Until then this is kind of pointless and more of a marketing stunt between Amazon and Hyundai.
Nice.