A Sign of the Times
January 05, 2009
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RELATED TICKERS: GM
Here's an interesting promotion that I came across this morning. Hyundai introduced a new offer which is calls the "'Hyundai Assurance Program." Basically, this program allows consumers who experience an "involuntary" loss of their job within twelve months of purchasing a new Hyundai to return their vehicle for free. If this isn't a sign of the times, I don't know what is.
"Hyundai Assurance Program" Press Release
Speaking of the auto industry and the recession, automakers publish their December sales figures today. I have seen several forecasts that sales in the U.S. as a whole fell 40% year-over-year last month. While I expect the December numbers to be absolutely horrible, I personally believe that sales will drop in the mid-30% range.
We may very well have gotten to the even scarier -40% number if the government hadn't made that that significant end of the year cash infusion to GMAC which enabled General Motors to reintroduce special financing rates and lower its credit standards.
It's funny how one is optimistic when they expect sales of what essentially is the second most expensive item that consumers can purchase (behind a new home) to fall by a third.
Deej
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