All regions see significant growth
Automotive leasing in the United States in 2010 represented nearly 19 percent of overall vehicle transactions, according to Polk. This represents a 5.8 percentage point increase over 2009 leasing penetration rates of just 13.1 percent during the economic crisis as several OEMs were pulling away from leasing.
“OEMs began to increase their leasing activities in 2010, and consumers have increased confidence in the market and in turn are beginning to lease vehicles again,” said Stephan Gallon, PolkInsight Advisor.
Although leasing increased in all parts of the country in 2010, the growth was not uniformly distributed among regions. Leasing penetration in the Great Lakes region, which was the country’s highest prior to 2007, was only slightly above the industry average in 2010 with 21.2 percent. Nevertheless, as domestic OEMs with a significant presence in the region came back to leasing, the Great Lakes region recorded the highest growth year-over-year among all regions at +9.2 points.