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Lexus bids to protect residuals

Lexus is urging leasing companies to dispose of end-of-contract vehicles at closed electronic auctions to protect residual values.

Simon Frith, Lexus GB general manager, said: “Many prestige manufacturers have not been ready to deal with used cars coming out of the system. In September next year we have a lot of cars coming back from leasing companies.”

Lexus, which is preparing for the return of three-year-old IS200s, holds a weekly closed electronic auction at which its 48 dealers bid for defleeted ex-company vehicles. Hertz Lease has committed to the programme, with other leasing firms expected to sign up.

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