This week, Hyundai is ending the job-loss protection guarantee under its Hyundai Assurance program launched in January 2009. Hyundai told buyers that if they lose their jobs, they can get their money back for the cars they bought. Since that time, Hyundai had made this guarantee a key part of its marketing and advertising.
This report was confirmed by EFG Co. Inc., the company based in Irving, Texas, that managed the program for Hyundai.
Dave Zuchowski, Hyundai's U.S. sales boss, said that this offering had resonated in 2009 but that the Assurance program has been expanded to cover not just job loss.
Assurance will still be used by Hyundai for its warranty offerings, including a 10-year, 100,000-mile limited powertrain warranty as well as 5-year roadside assistance coverage. Those who have recently bought a Hyundai vehicle under the program through March 31 will still be covered for one year though.
Zuchowski said that since the program was launched, about 350 Hyundai customers in the U.S. cited the program in returning their vehicles. However, this number pales in comparison to over 1 million new vehicles in the U.S. since the program’s launching.
In 2008, Hyundai’s sales in the U.S. totaled 401,702 vehicles. In 2009, sales grew to 435,064 and in 2010, it had climbed to 538,228. Over that length of time, Hyundai’s share of the U.S. market improved from 3.0 percent to 4.6 percent.