CINCINNATI -

With dealer inventories tight, it’s getting more challenging for consumers to find the vehicle they want. Swapalease.com shared its second quarter Auto Lease Trends Report on Tuesday, illustrating how the situation is unfolding in that industry segment.

Among the key trends Swapalease.com identified in its second-quarter lease data, analysts highlighted:

• Tesla searches are up 64% from the first quarter, among the largest brands with this percentage growth. The report showed that Tesla as a brand now represents 7% of total search traffic on the Swapalease.com marketplace, second highest behind BMW (18%).

• People are now seeking leases with longer-term contracts. Analysts discovered 43% of drivers had 24-month lease contracts in the Q2, down from 51% a year ago. However, 41% of drivers had 36-month lease contracts a year ago compared with 47% today, representing an increase for longer-term leases. 

• Nearly half of lease drivers — 47% to be exact — say they would either switch over to a different brand in their next vehicle, or say they aren’t sure if they want to stay with the same brand when it comes time to shop next.

• Swapalease continues to see a higher success rate of transfer for brands with favorable lease policies, such as Toyota, BMW and General Motors. Site officials continue to see a lower rate of transfer, as well as lower rate of brand loyalty, on vehicles with unfavorable lease policies, such as Honda, Acura, Nissan and Infiniti.

“We continue to be in a period where identification of the right vehicle is paramount due to inventory challenges,”Swapalease.com executive vice president Scot Hall said in a news release.

“A large percentage of these shoppers continue to seek dealer-alternate channels for their next vehicle, and companies with consumer-friendly lease policies are more successful in helping these shoppers complete their transaction on time.”

Swapalease indicated that lease holders using the site had an average monthly payment of $510.71 during Q2; that down slightly from the first quarter when analysts pegged it at $501.66.

The report also offered a breakdown of six reasons why individuals are seeking services from Swapalease.com. They included:

Change in family size: 9.5%
Income change: 38.1%
Location change: 15.3%
Brand change: 27.1%
Vehicle type change: 31.2%
No longer driving the vehicle: 22.6%

To download the entire report, go to this website.