CHARLOTTE, N.C. Stung by losses from lower-than-expected resale prices for used cars, Bank of America Corp. has reorganized its auto leasing operations and closed the dealerships it had used to unload vehicles coming off leases.
Bank of America said it will close one of its four lease operations centers, on New Yorks Long Island, as it tries to control losses in an auto leasing business that has suffered in recent quarters. Some of that centers work will be outsourced; the rest will be divided among the other three. The company shut its Price Auto Outlet centers in Linden, N.J., Orlando, and Anaheim, Calif., last week and the one in Bethpage, N.Y., last month. It also closed its Greensboro, N.C., auto auction operation and an online sales site, www.priceautoutlet.com. These closings ended Bank of Americas unusual strategy of selling off-lease vehicles directly to consumers through its own dealerships.