Coop Pank’s car leasing campaign has increased the sales of vehicles outside cities
08.01.2020
Last October, Coop Pank started collaboration with Amserv to offer car leasing in the stores of Coop Eesti, which has increased the sales of new vehicles outside big cities. The cars to have been leased through the stores most often were Toyota RAV4 SUVs.
Martin Ilves, head of the leasing division of Coop Pank, said that the sale of new cars had primarily increased in rural areas during the campaign because the majority of Coop stores are located outside big cities: “While most new cars are usually sold in such cities as Tallinn, Tartu, Pärnu and Narva, and only a fifth of new vehicles is purchased elsewhere, during the campaign held in Coop stores 40% of sales have been made in smaller locations.”
Clients could study the most popular models of Toyota as well as leasing terms and conditions in Coop stores and also file a pre-filled leasing application. “The process of buying a car has become more convenient for clients than ever before because they go to the stores regularly, and there has emerged an opportunity to study the cars and learn about leasing terms and conditions in the areas where there is no dealership, too,” Ilves explained. While clients would standardly go to a dealership and then file the leasing application and start waiting for the bank’s answer, Coop stores started allowing the clients to file a pre-filled leasing application concerning the chosen Toyota model online first and go to the dealership only after the initial decision about the leasing has been received.
The largest number of new vehicles was lease-purchased through the Coop stores situated in Harju County, followed by those in Tartu County and Pärnu County. The most popular model was Toyota RAV4, followed by Corolla and C-HR.
The largest number of vehicles was lease-purchased through Coop stores in the following counties:
1) Harju County
2) Tartu County
3) Pärnu County
4) Viljandi County
5) Järva County
The most popular Toyota models bought through Coop stores:
1) RAV4
2) Corolla
3) C-HR
The average price of the purchased cars was 21,600 euros, and the average lease payment amounted to approximately 250 euros per month. The cheapest model was the small Toyota Yaris at 15,600 euros on average while the average price of Toyota Corolla was 23,000 euros, and a RAV4 would on average cost 25,800 euros. The lease interest with a 0% down payment and no contract processing fee starts at 2.9 per cent, and the residual value of vehicles after a 5-year period of lease.
Martin Ilves says Coop Pank is planning to continue similar campaigns in the future, aiming to introduce the vehicles in locations closer to potential buyers.