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LEASE ESCAPE GROWTH HIGHER FOR TOYOTA THAN SCION ON SWAPALEASE.COM

Cincinnati, OH (February 10, 2016)

Swapalease.com, the nation’s largest car lease marketplace, has new data that shows that Scion vehicles were performing adequately on Swapalease.com, and in some cases had better performance than certain Toyota models and other peers. The analysis was conducted following Toyota’s decision to wind down production of the Scion brand.

Toyota declared that Scion, a division of Toyota Motor Corporation, will be discontinued as of August 2016. The upstart brand was launched in 2002 in an attempt to connect with the younger generation of car buyers. After 13 years, Toyota has decided to end Scion due to falling sales numbers and that the company believes Millennials now resonate more with the Toyota brand.

Data provided by Swapalease.com reveals that Toyota may have underestimated the demand for Scion. Between the years 2013-2014, the demand to take over a Scion lease agreement increased by 157%. Although this growth slowed from 2014 to 2015, the demand for Scion vehicles sill rose by 28%.

On the other hand, the number of drivers who wanted to relinquish their Toyotas (44%), the parent company of Scion, was larger than the amount of drivers looking to get out of their Scions (40%).

Scion vehicles also showed stronger numbers in comparison to some of its category peers. Cars such as the Honda Civic, Toyota Corolla, and the Nissan Sentra saw considerably less demand than Scion vehicles. In 2013, the number of lease transfers for Toyota Corollas grew by 29%, Honda Civics grew by 27% and Nissan Sentra grew by 36%; all dwarfed by Scion’s 157% growth in lease transfers.

“Scion has performed well on Swapalease.com in recent memory particularly, and it was a growing and popular brand in our marketplace,” said Scot Hall, Executive Vice President of Operations at Swapalease.com. “Toyota may have experienced a different outcome with Scion had they demonstrated a more aggressive lease program driven by offers, particularly since it catered to a younger, more lease-accepting age group.”