A Mercedes lease deal worth $4.5 million will make it the most lucrative for a Mercedes dealership.
Mercedes’ dealership chain, Lease, announced the deal Monday.
It’s a significant signing for Mercedes-Benz and is a sign that the dealership chain is on the upswing.
Mercedes leased 1,000 cars in 2017.
It will now lease 1,200 cars this year.
The deal is the first for Mercedes dealership Lease since 2010.
“We’re delighted that Mercedes is extending its partnership with us, which has been very rewarding over the years,” said Michael Tiedemann, chairman of Lease.
“We’ve worked hard to build a partnership that is both strong and profitable.”
“As Mercedes grows, so does our ability to serve our customers in a way that is sustainable and meets the changing needs of today’s customers,” Tiedermann added.
For years, Mercedes dealers have been working to become more efficient.
In 2018, the company agreed to pay $15 million to end its $100 million in deferred compensation program and make $2.8 million in salary cuts.
Since the program was completed in 2020, Mercedes has had a record of selling 4.7 million cars and nearly 2.5 billion miles.
On Monday, Mercedes’ leasing arm also announced that it is adding 1,100 new Mercedes-branded stores.
According to Mercedes’ sales and marketing department, Leasing has about 400 locations in the United States.
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