Hyundai ’s “Hyundai Assurance Program” has proven to be a smash success — allowing for customers to return a car if the suddenly lose their income — prompting the Korean automaker to consider an extension of the program. Following Hyundai’s launch of the Assurance Program, automakers such as General Motors and Ford launched variations of their own.
Hyundai North America CEO John Krafcik revealed to Reuters on Wednesday that the Korean automaker is seriously considering an extension of its Assurance Program. The program is set to run through the remainder of the year, but Krafcik added: “We’re thinking now about how much further we should take it.”
Although fewer than 50 Hyundai buyers have exercised the Assurance Program, the program has significantly bolstered the company’s sales over the past few months. Through the first 9 months of 2009 Hyundai’s sales were up 2 percent, compared to a 30 percent sales decrease for the overall market.
Hyundai is predicting the market to improve to between 11 million and 11.5 million units next year. Although slightly more conservative than most estimates, that rate will likely see Hyundai increasing its current 4 percent U.S. market share – especially if the Assurance Program sticks around.
