After the U.S. economy and the automotive industry took a beating throughout 2008, Hyundai grabbed attention by announcing a job-loss guarantee program that aimed to give consumers confidence to buy a new Hyundai, despite the risk that they might lose their jobs after the fact.
The program was heralded as a success, and was a key part of the overall Hyundai Assurance program that was created in January 2009. But as the U.S. economy begins to stabilize, the Korean automaker has decided to remove the job-loss guarantee aspect of the Hyundai Assurance program after the close of this month, according to Automotive News.
Hyundai says that the program was never intended to be a permanent fixture of the Hyundai Assurance equation, only a temporary tool aimed at addressing the growing doubts in the economy during a downturn. Still continued will be the 10-year, 100,000-mile limited powertrain warranty, as well as the five-year roadside assistance program.
To date, Hyundai says only about 350 vehicles were ever returned to the automaker through the program, which was more than offset by bolstered sales due to improved consumer confidence – with over one million vehicles sold since the program’s inception.
The company that administered the job-loss guarantee program for Hyundai, EFG, says that it already has similar deals in place with individual dealers, and hopes to offer similar programs with other automakers now that the one-year exclusivity aspect of the original contract has expired.
References
1.’Hyundai to cut…’ view
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