Sunday, July 12, 2009

Hyundai advancing cash to get early jump on "Cash for Clunkers" program

Hyundai America is trying to make sure its dealers have plenty of the green stuff on hand as potential new buyers walk in to their showrooms to take advantage of the recently passed "Cash for Clunkers" program (also known as CARS) which gives a $3500 to $4500 voucher to new-car buyers who are trading in for a vehicle that gets better gas mileage than their existing car

An innovative marketing decision means Hyundai has started making sales based on the vouchers, even though the program doesn't officially begin until July 26:
Hyundai decided to offer its own CARS program during the interim period after a May study revealed 11 percent of buyers were holding back on a new vehicle purchase until a scrappage plan was put into place. “We appreciate what Washington has done getting the program completed, but it’s clear that the wait has left many potential car-buyers on the sidelines,” said John Krafcik, president and CEO, Hyundai Motor America. “We thought it was imperative to get funding to our dealers so that they could implement the program right away and satisfy the demand they’ve been hearing from consumers.”
Reports are that clunker exchanges are accounting for seven percent of their new car sales

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