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SEARCHRecognizing the need to improve dealer profitability, Hyundai rolled out several new Hyundai-branded F&I products in March, and is getting set to launch a new certified pre-owned program.
Recognizing the need to improve dealer profitability, Hyundai rolled out several new Hyundai-branded F&I products in March, and is getting set to launch a new certified pre-owned program.
As of last week, Hyundai officials said the company had executed 150 dealer agreement, with 400 more expected. Hyundai currently has 725 U.S. dealers.
“We stand for a lot more than we did in the past,” Kimberly Walker, Hyundai’s national manager of assurance products, said of the company’s certified pre-owned program. “In the past, Hyundai was known for a 10-year, 100,000-mile warranty. We have outstanding safety in our product. What we’re doing is working on getting those messages out.”
Last October, Hyundai announced at its annual dealer meeting that it was partnering with JM&A to bring to market Hyundai-branded F&I products, pre-paid maintenance plan and a certified pre-owned program. The move was made to improve dealer profitability, which the company put at 1.4 percent of sales vs. 1.6 percent on average for all franchises.
“I understand there are a good percentage of dealers out there trying to find income,” Mike Casey, vice president of sales for JM&A, told F&I magazine at the NADA convention. “So far, [the program] is being well received. [Hyundai dealers] are welcoming this type of support.”
Casey said JM&A has developed similar programs with two other name plates, dating back to July, 2003. Products included extended service contracts, pre-paid maintenance programs and GAP debt waiver.
“There’s a NADA number that says there are about 30 independent repair shops for every OEM dealer, and all of those businesses are vying for your (dealer’s) business,” Walker said, quoting a National Automobile Dealer Association statistic. “Everything these days is about raising customer retention and satisfaction. What better place to do that than in the service drive?”
Walker said Hyundai will also make available a wrap extended service contract for its certified pre-owned program.
“They’re expecting big things,” Casey said of Hyundai’s expectations. “And, training will be a big part of that. Other areas influenced their decision to do business with JM&A was JM&A’s national sales organization with approximately 350 field reps nationwide.”
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