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  • Mobility
  • United States

Lexus Launches a Leasing Program

FACTS

  • The Japanese luxury division Lexus recently launched a car leasing program called Lexus Complete Lease in the US.
  • With these rental contracts, customers are charged a flat monthly fee including the cost of the vehicle, insurance, maintenance, wheel protection and telematics services.
  • The program is built around a two-year 20,000-mile lease for customers with Lexus UX200 or UX250h models.
  • 80 Lexus dealers are participating in the Complete Lease program in California, Florida, Illinois, Indiana, Massachusetts, Hampshire and Rhode Island.

CHALLENGES

  • Simplifying leasing processes for customers. With this turn-key offer, the Japanese car manufacturer provides customers with a simple payment structure and short-term contracts.
  • This full-fledged leasing offer should also be viewed as a means for Lexus to attract young customers.
  • The car maker bets on a subscription model, highlighting an all-inclusive monthly fee, but does not go as far as rival companies where customers can change car at any time during the rental period.

MARKET PERSPECTIVE

  • Several car manufacturers now bet on flexible leasing offers, relatively similar to subscription offers (Book by Cadillac, Access by BMW, Porsche Passport, Care by Volvo, etc.).
  • This pilot project is but a start for Lexus as other subscription, car-sharing or ridesharing options are considered and could see the day if Lexus Complete Lease proves successful.
  • For now, only UX customers can subscribe this offer, but it could be applied to other models in the months or years to come, and even address other markets.
  • Lexus’s parent company Toyota recently introduced a similar offer in Japan for 6 Lexus car models, via their subsidiary Kinto.