Economists warn that unemployment rates will most likely remain high, which means consumers will remain wary. Under those conditions, some types of return guarantees work wonders, and one company proved it.
It’s a classic case of buyer reluctance, one that Dave Zuchowski, Hyundai’s Head of U.S. Sales, recently overcame by introducing the “Assurance Plan.”
Under the new plan, Hyundai quells customers’ fear of making a bad investment by offering to:
- Buy back the car if the customer loses his/her job or becomes disabled, or
- Defer payments for 90 days if customers find themselves in between jobs.
Result: In less than two months’ time the Assurance Plan has already helped Hyundai increase its U.S. market share by more than 50% (from 3% to 4.7%).
For more on Hyundai’s Assurance Plan, including the full Q&A with Dave Zuchowski, visit: www.bnet.com/2403-13241_23-309290.html