Hyundai and Dodge embrace crowd-funding strategy

Article by Anita Panait, on June 7, 2013

The Hyundai and Dodge brands are trying to cash in on the increasing interest for crowd-funding, a strategy that attempts to raise funds from “crowds” through the Internet. For the two brands, they are the first to embrace this concept of raising funds, although they posted varying results in terms of sales.

Hyundai is currently in partnership with Motozuma.com, an online crowd-funding platform developed to help consumers raise funds through contributions from friends or family for a new car.

Hyundai then matches the contributed amount dollar for dollar, up to $500. Hyundai disclosed that it sold around 1,600 cars through the crowd-funding program in 2013 – equivalent to just a quarter of one percent of the 703,007 new vehicles the brand sold in the United States the same period.

Dodge, on the other hand, has launched the Dart Registry, a web site similar to a wedding gift registry. Through the Dart Registry, one can customize a Dart online and invite friends and family to "sponsor" different parts of the vehicle. So far, Dart Registry has sold only two vehicles.

Dodge, however, remains positive with the program, saying that it is doing what it is supposed to. Melissa Garlick, head of Dodge brand advertising, noted that the primary goal of the Dart Registry was not actually to rack sales, which is of a less priority. She said that the since the Dart is an all-new entry to the highly competitive compact-car segment, Dodge wanted to create awareness and get the Dart talked about. [source: automotive news - sub. required]

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Topics: hyundai, dodge

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