The last year has been a tough one for a lot of industries and people alike and the car industry is no exception. The United States has posted a 23.9 percent decline in sales industry-wide for this year. However, this year one car company should be satisfied with their performance—Hyundai.
Yes, Hyundai should be very proud of how far they have come over the last couple decades. They’re no longer plagued with the reputation of being the cheap and low quality car company; it is quite the opposite by today’s standards. Hyundai has been praised by reviews for being well built, having higher quality materials than its competition and of course “America’s Best Warranty.” Now, the company has been rewarded by being the only major automaker to post a market share gain in the U.S. from 2008 to 2009. Hyundai doesn’t have a huge share of the U.S. market, but posting a 4.3 percent market share, a 38 percent gain from last year, in a time of economic depression must mean they are doing something right.
Some of Hyundai’s success this year is speculated to stem from the Assurance Program, a program launched in 2008 that guarantees to buyback the car in the event that a buyer loses their source of income. Even better it doesn’t count against the consumer’s credit. I am not sure if I believe that, considering that Hyundai has only had to buy back 100 cars so far. I believe the main cause of the gain in market share is the quality and value that Hyundai provides their customers. The shift in the economy may have lead to people considering cheaper alternatives and in this case it may have allowed people to experience what turns out to be a superior value for the money.
2010 Hyundai Elantra Touring
Be sure to check out the our other recent articles on the 2010 MINI recall and the MINI Beachcomber Concept.