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Cadillac Plans Quiet Close to Its Book By Cadillac Subscription Service

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Book by caddy logo.png

John Goreham
Contributing Writer, GM-Trucks.com
11-6-2018

 

Cadillac plans to end its Book By Cadillac subscription service in Q1 of 2019. The service allows customers to subscribe to Cadillac and drive any vehicle they wish while participating. Unlike a lease, the subscription does not lock a customer into one vehicle and maintenance and insurance are both included. The program is now about two years old and it was most active in the initial markets Cadillac targeted, New York and Los Angeles. 

Cadillac book screen shot.png

Auto Finance News reports that the main difficulty for Cadillac, and other brands with similar services like Porsche and BMW, is the cost of a used car that a driver turns in after, say three months. Unlike a three-year-old vehicle, a 3-month-old vehicle is a burden to sell. It has steep depreciation in those initial months and Cadillac may take a big loss on a vehicle with less than a few years in service to cover its depreciation. “We are hitting the pause button for a brief time to make some tweaks to Book [by Cadillac] based on our learnings,” said a Cadillac spokesperson.

 

“It comes down to getting money for the used vehicle,” Samuel Ellis, principal consultant for Auto Experience, told AFN. “These programs are just going to struggle until they can make the economics work. The discussion needs to center around, ‘What needs to be innovated?’ Describing [a lease] different doesn’t necessarily make it better.”

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