- Amazon Autos now has a leasing option for new cars.
- Customers can browse the inventory and lease a new Hyundai from home.
- In the case of EVs, eligible buyers can also benefit from the $7,500 federal tax credit.
Amazon Autos, the American e-commerce giant’s online dealer marketplace, has added the ability to lease a new car online. Previously, the car-shopping site offered financing options and cash payments secured with an online deposit.
Now, shoppers lease a new car from the comfort of their homes. All this being said, the only carmaker actively involved in Amazon’s car-selling business is Hyundai.
That’s good news for those who are looking to lease a new Hyundai EV like the Kona, Ioniq 5 or Ioniq 6 but don’t want to go through the traditional dealership experience, which can be a bit daunting or even irritating. The even better news is that eligible customers can benefit from the $7,500 federal tax credit for EVs when leasing through Amazon Autos–in fact, leasing is currently the only way to get the tax credit when purchasing a new Hyundai EV in the United States.
“Dealers have given us very clear, distinct feedback that we need to improve profitability on a per-year basis,” said Fan Jin, director of Amazon Autos, during the J.D. Power Auto Forum, quoted by Automotive News. She noted that there is a “core focus for the foreseeable future.”
The primary lender is Hyundai Capital, the same entity that handles financing, but Jin said that down the road, more lenders and credit unions will be added, as well as having the ability to run joint credit applications. “We have a whole list of experiments queued up to see how we can improve attach rates for service and protection products because that’s such a valuable area of profitability for dealers,” she said.
A Hyundai Ioniq 6 for sale on Amazon Autos. Customers can pay cash or go down the financing or leasing route.
Photo by: Amazon
Amazon Autos debuted as a closed pilot program last year. At the end of 2024, it went into a “public beta” in 48 markets. Last month, the site expanded to cover a total of 68 markets in the United States. Currently, only Hyundai vehicles can be purchased on Amazon Autos. Despite the limited availability of brands and models, the biggest benefit of the site is that customers see what they’re paying upfront–there are no hidden fees
BMW also has a presence on Amazon Autos, but all the links send customers to the automaker’s U.S. website. More dealers and more car makers will eventually make their way to the platform, though. Used cars will also make an appearance. Jin said she sees Amazon Autos as more of a “dealer marketplace” because its revenue model is all about dealership advertising. Moreover, Amazon doesn’t take a percentage of the sale when a car is sold on the platform.
