A previous post described Hyundai’s Assurance Plan, which gives customers who have bought a new car the option of returning the vehicle if they lose their source of income.
So, is it working? Hyundai Motor America’s CEO John Krafcik said, “We think it’s responsible for a 10 to 15 percent incremental increase in interest.” Dealers reported more showroom traffic right after the program began in early January, and positive buzz from the Hyundai Genesis winning the North American Car of the Year award kept the momentum alive.
It’s working where it counts: Sales were up 14 percent in January, in a market down 37 percent. It seems that if you ease fears of future events, people react positively in the present.
And the brand has had enough confidence in the program to expand it, offering for a limited time to cover car payments for three months if the customer loses their income, among other guarantees.