Swapalease.com, a Web-based automotive lease marketplace, has launched an online lease auction service. Swapalease connects automotive lease sellers with buyers who are willing to take over their remaining lease payments. The new auction format allows lease sellers to put their car leases up for bid. Buyers can then place their bids over a seven-day period. At the end of the auction, the highest bidder that meets the reserve price of the auction wins. In the event that the bid amount is lower than the actual payment, the seller will provide a cash incentive to the buyer to make up for the difference.In a lease transfer, the buyer assumes the remainder of a seller's auto lease. The buyer starts making the payments, and the seller exits the lease early without any penalties or fines. Swapalease.com serves all 50 states in the U.S. and all ten provinces in Canada. Customers can search listings in both countries, and use the Swapalease team to help facilitate their lease transfers when they find the vehicle they are interested in, the company says.