EV leasing stayed strong in September even as deal counts and front-end gross fell — a potential sign of what’s ahead.
After a summer surge in EV leasing, September proved that momentum hadn’t completely faded — even as overall deal activity cooled.
Average deal count per dealer fell 9% month over month. Yet EV lease volume climbed 86% year over year, nearly doubling August’s pace and still accounting for roughly 60% of all EV sales. Dealers leaned into leasing as an affordability lever, keeping units moving while navigating the final stretch before the federal EV tax credit expiration.
But that push came at a cost. Front-end gross profit dropped 9% month over month, continuing a three-month slide. Lease front gross fell even further to –$133 per vehicle, while EV lease front gross dropped to –$936, a 23% year-over-year decline.
This snapshot comes directly from StoneEagleDATA’s latest F&I benchmark report, powered by transaction-level data from more than 8,900 dealer rooftops nationwide. StoneEagleDATA is the One True Source for real-time insights that power smart decisions and drive automotive success.
F&I Offices Steady Profitability
Even as front-end margins continued to compress, back-end performance held firm, with F&I offices delivering their strongest profit per vehicle since spring. Across all deal types, F&I profit per vehicle retailed (PVR) rose to $1,949, up 0.5% month over month and 7% year over year. On EV lease deals, F&I managers averaged $1,363 per copy, nearly matching the $1,353 average across all lease deals.
Stronger per-deal results, however, couldn’t fully offset lower volume. Average deal count per dealer fell from 120 in August to 109 in September, bringing total F&I income per dealer to $211,539. Still, that figure remained 13% higher year over year, showing that consistent performance at the deal level continues to help dealers protect profitability even when activity slows.
Deal Performance Unpacked
Deal Counts Down: Average monthly deal count per dealer dropped 9% month over month.
F&I Profit Strong: F&I PVR rose to $1,949, marking a 7.1% YoY gain.
Front Gross Under Pressure: Average front gross fell to $526, down 29.3% YoY.
Total Gross Per Deal: Slight dip to $2,475 (–3.4% YoY) despite strong back-end results.
Products Per Deal: Steady at 1.56 (↑ 2% YoY).
F&I Income Per Dealer: $211,539, down 9% MoM but up 13% YoY.
F&I Product Penetration Highlights
Service Contracts: At 44%, September’s penetration rate was unchanged from August and flat YOY compared to 44% in September 2024.
Guaranteed Asset Protection (GAP): At 38%, September matched August’s performance and was slightly higher than 37% a year ago.
Paint and Fabric Protection: Holding steady at 20%, the rate was flat month over month and up one point from 19% in September 2024.
Prepaid Maintenance: At 16%, penetration remained unchanged both month over month and year over year.
Tire and Wheel Protection: September held at 10%, flat compared to August and the same as September 2024.
StoneEagleDATA: Powering the Industry
Drawing data from over 8,900 dealer rooftops, StoneEagleDATA delivers a complete view of today’s automotive retail landscape:
Comprehensive Benchmarking: Capturing every transaction and every product from more than half the retail market.
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