Amazon Autos has introduced a leasing option for new cars, specifically Hyundai EVs, allowing customers to complete the process from home. Previously offering only financing and cash payment options, the platform aims to streamline the car-buying experience while addressing dealer profitability concerns. Eligible buyers leasing Hyundai EVs can take advantage of a $7,500 federal tax credit. The primary lender remains Hyundai Capital, with plans to expand lending options and improve the profitability of associated services in the future.
"Dealers have given us very clear, distinct feedback that we need to improve profitability on a per-year basis," said Fan Jin, director of Amazon Autos, during the J.D. Power Auto Forum.
The even better news is that eligible customers can benefit from the $7,500 federal tax credit for EVs when leasing through Amazon Autos-in fact, leasing is currently the only way to get the tax credit.
Shoppers lease a new car from the comfort of their homes. All this being said, the only carmaker actively involved in Amazon's car-selling business is Hyundai.
We have a whole list of experiments queued up to see how we can improve attach rates for service and protection products because that's such a valuable area of profitability for dealers.
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