Cadillac offers high-end leasing alternative

Luxury car manufacturer Cadillac has launched a new service in New York City called BOOK which is designed to offer members access to popular Cadillac vehicles for a flat monthly fee, without the commitment of leasing, financing or buying.

“BOOK by Cadillac is an innovative new option targeted at a growing class of luxury drivers searching for access to various cars over time, dependent on their individual needs, coupled with a hassle-free white-glove exchange,” said Uwe Ellinghaus, Cadillac chief marketing officer.

BOOK by Cadillac members will have app-enabled on-demand access to the latest premium trim Cadillac models to keep in their possession. The vehicles will be delivered via white-glove concierge to members’ requested locations and exchanged at their leisure or as their needs change.

Cadillac says members can just as easily take to the winding roads in a performance V Series and enjoy a back-mountain winter ski trip in an Escalade in the same week. Alternatively, they can keep an SUV during the winter months and switch to a performance sedan during the summer, with each vehicle picked up and delivered to their doorstep.

With maintenance, insurance and detailing of the vehicle handled by Cadillac, the company says its members are freed from the baggage that comes with traditional vehicle ownership and given the freedom and flexibility to fit their lifestyle.

BOOK by Cadillac will launch first in the New York metro area, with plans to debut in other markets.

Membership costs $1,500 monthly and is month-to-month with no long-term commitment required. Subscribers will have access to the current year Platinum Level Trim Cadillacs, including the XT5, CT6, Escalade and V Series. Registration, taxes, insurance and maintenance costs are included in the monthly rate and there is no limit on mileage.

Dealer advantage

Cadillac spokesman Eneuri Acosta told Reuters that BOOK will help Cadillac dealers rather than take sales from them.

Acosta said Cadillac hopes subscribers can be turned into traditional vehicle owners through leasing and purchasing after becoming familiar with the brand and its models.

“This is not ride-sharing,” said Acosta. “Customers get to keep a car at all times.”

During a three-month pilot of the service last year in New York, Cadillac learned that subscribers did not need parking covered, Acosta said. However, if customers in New York or other markets want parking services covered, Cadillac will consider it.