Despite the recent plunder of big name auto companies, Hyundai is forking over $3 million during the Super Bowl just to teach Americans how to say their name correctly. Every other auto maker has felt the slump in the economy, with sales falling 37% last month. But Hyundai developed a new marketing strategy... no more rebates or low APRs. They cleverly came up with a plan called "Hyundai Assurance." This program allows buyers to return their vehicles, at no cost in most cases and with no penalty, if they lose their job or income within a year. With this program they are able to soothe most buyers fears of fear and uncertainty. With the economy the way it is, one day you have a job and the next day you might not. Hyundai gives the buyer assurance, which gives them confidence to buy. This also broadens Hyundai's target market. People who never thought of owning a Hyundai are now lining up to purchase a new car.
The program covers buyers who leases or finances a vehicle. If they involuntarily lose their job, become physically disabled, lose their license for medical reasons, transferred to another country , self-employed and file for bankruptcy or die in an accident Hyundai covers the difference between the value of the car and the amount the buyer owes, or negative equity, up to a max of $7,500.
Hyundai now has 7% of the market in the US. In 2008, it became the world's 5th largest automaker, sliding ahead of Honda, Nissan and Chrysler.
Original Article from nytimes.com:
http://www.nytimes.com/2009/02/05/business/media/05auto.html?_r=1&ref=business&pagewanted=print
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