Cliff Banks - The Banks Report

Hyundai Launches New Shopper Assurance Program

October 13, 2017 — Hyundai Motor America last week unveiled its Shopper Assurance program – what the company calls an industry-first nationwide program that streamlines and modernizes the car-buying experience. The key elements of Shopper Assurance are intended to align with auto consumers’ major pain points: transparent pricing; flexible test drives; streamlined purchases; and a three-day money back guarantee. It launches in Miami, Orlando, Dallas and Houston and will roll out to all Hyundai dealers in early 2018. 

Hyundai Motor America chief marketing officer Dean Evans says Shopper Assurance is “car buying made simple. We expect this to be a differentiator, as our research showed that 84 percent of people would visit a dealership that offered all four features over one that did not.”

The four pillars of the program are:

  1. Transparent Pricing: Participating dealers post the fair market pricing (MSRP minus incentives and any dealer offered discounts) on the dealer websites to ease price negotiation and create consistency in advertised incentives
  2. Flexible Test Drive: Customers can schedule a test drive via mobile or phone for any new vehicle on their own terms through Hyundai Drive
  3. Streamlined Purchase: Car buyers can complete most of the paperwork online in advance of a store visit, including applying for financing, obtaining credit approvals, calculating payment estimates and valuing trade-ins
  4. Three-Day Money Back Guarantee: Any customer who is not satisfied with their purchase is given a three-day buy back period to return the car for a full refund, contingent upon a dealer inspection and the vehicle having fewer than 300 miles since the purchase/lease date.

“We’ve listened to our customers, and they want convenience and simplicity when it comes to buying a car,” says Andrew DiFeo, chairman, Hyundai National Dealer Council and dealer principal, Hyundai of St. Augustine. “With a strong lineup of new cars and CUVs, we expect that Shopper Assurance will give us a competitive advantage and help turn prospects into buyers. We are creating a modern purchasing process where transparency and convenience are paramount.”

The program is being refreshed from its original introduction in 2009 when Hyundai launched Hyundai Assurance, where the brand would cover payments for a new car if you lost your job in the next six months. Under the current program, customers can return their vehicles for any reason for a full refund barring any damage and the vehicle has less than 300 miles. Hyundai aims to get about 700 of its 820 dealers to go with the voluntary Shopper Assurance program, and extend a similar program to its Genesis brand in 2018.

Dealers have to use either a CDK Global or a Dealer.com website to be able to participate in the program.

The company hopes its efforts to boost customer experience will bump sales, which have been down approximately 15 %through September compared to the year prior.  Hyundai, maker of sedans, faces headwind from U.S. consumers leaning toward SUVs and crossovers.  — Alison Miley

 

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