I've posted several times about ways in which marketers are adapting strategies to grow market share during the recession. I continue to applaud what I see from Hyundai.
Hyundai is addressing the fundamental issue -- FEAR. The vast majority of consumers are not facing layoffs or home foreclosures, yet are understandably anxious about the future. Therefore, they curtail spending.
Hyundai launched its Assurance program in January, allowing consumers to return their new Hyundai within a year of purchase if they lose their job. Smart. Sales jumped 14% in January in a month when the industry was down 37%.
Yesterday Hyundai sweetened the program by offering to pay the vehicle loan or lease for 90 days while the owner looks for work. The owner will not have to repay Hyundai for these payments if they decide to keep the car.