PENSKE, Ohio — Nissan is ending its leasing program with Penske truck buyers after more than 10 years.
Pensky announced Wednesday that it is closing its leasing business after more in-depth analysis revealed the company had made too many mistakes.
“After more than 20 years of working with our customers, we have decided to shut down Penske leasing and the program as we understand it,” Penske spokeswoman Lauren DeSimone said in a statement.
The company said it will offer new truck leases through its Truck leasing service at no additional cost.
NHTSA said the automaker had made “many, many mistakes” in its leasing and selling process.
It said that Penske had made significant missteps in its sales process.
It said the company did not disclose the names of the customers it leased or sold vehicles to.
As part of the changes, Nissan is discontinuing all sales through the company’s Truck leasing program and will no longer offer new leases.
After its announcement, a Penske spokesperson called the decision to close the leasing program “disappointing and disappointing.”
“We are proud of the work we did over the past 10 years to provide our customers with the highest level of customer service in the industry,” the company said in the statement.
“Unfortunately, these mistakes have made it harder for us to continue our work.”
The program was set up by the company to offer leasing for its trucks.
The program has been successful for the company, but Penske said it had made several mistakes that resulted in some trucks losing money.
In an effort to improve its business, Nissan announced last month it would sell more trucks to independent truck manufacturers.
A few weeks later, Nissan also announced it was pulling out of its leasing system, saying it would instead focus on its fleet management program.
On Wednesday, Nissan said it would shut down the leasing business in 2020.
Nissan said it is ending the lease program as it understands it.
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