In 2011, 20 percent of the 10.6 million new vehicles counted as sold in the United States at retail, excluding sales to fleets, were leased, one percentage point higher than in 2010, says the Manheim 2012 Used Car Market Report.
The annual state of the used-car industry report was to be released Saturday, Feb. 4, at the National Automobile Dealers Association convention in Las Vegas.
More important than the percentage gain, the report concludes, is that the industry got leasing right last year, at least "for the most part."
The report applauded the industry for targeting leasing to consumers with good credit who like to trade their vehicles on a regular cycle, and for projecting end-of-lease residual values that were not inflated.
Despite what it calls a "conservative approach" to leasing, leases rose 17 percent to 2.1 million units in 2011, the report says. The 2011 lease volume was 85 percent higher than the 1.14 million leases written in 2009, it adds.