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Hyundai’s Car Allowance Rebate rollout spikes sales
The automaker was the first to honor the government-sanctioned program, resulting in 7 percent of its sales.
By Susan BelknappPublished: July 13, 2009 09:55 AM
Fountain Valley-based Hyundai USA became the first company to implement the government’s Car Allowance Rebate System (CARS) incentives on July 2. The program – also known as "cash for clunkers" – accounted for 7 percent of Hyundai’s sales in the first week of its launch.
The National Highway Traffic Safety Administration (NHTSA), signed into law by President Obama, is a federal program that offers additional incentives to buyers opting to trade in a less fuel-efficient vehicle in order to purchase a new, more fuel-efficient vehicle.
Hyundai's rollout enables buyers to receive the full rebate allocated under CARS when an eligible trade-in is exchanged for a qualifying model at a participating Hyundai dealership.
The fuel-efficient Hyundai Elantra was the most popular model purchased under the CARS program, making up 41 percent of sales. Elantra recently earned top honors in the 2009 J.D. Power and Associates Initial Quality Study for the highest initial quality in the compact car segment, and is a "Top Pick" from Consumer Reports.
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Fountain Valley-based Hyundai USA became the first company to implement the government’s Car Allowance Rebate System (CARS) incentives on July 2. The program – also known as "cash for clunkers" – accounted for 7 percent of Hyundai’s sales in the first week of its launch. The National Highway Traffic Safety Administration (NHTSA), signed into law by President Obama, is a federal program that offers additional incentives to buyers opting to trade in a less fuel-efficient vehicle in order to purchase a new, more fuel-efficient vehicle. Hyundai's rollout enables buyers to receive the full rebate allocated under CARS when an eligible trade-in is exchanged for a qualifying model at a participating Hyundai dealership. The fuel-efficient Hyundai Elantra was the most popular model purchased under the CARS program, making up 41 percent of sales. Elantra recently earned top honors in the 2009 J.D. Power and Associates Initial Quality Study for the highest initial quality in the compact car segment, and is a "Top Pick" from Consumer Reports. NEXT PAGE >> Related headlines Irvine's Quantum inks $10 million deal with Fisker Automotive 'OC METRO Minute,' July 6: Clean tech venture investments up 12 percent from first quarter Brea-based Suzuki fills your gas tank this summer Fountain Valley's Hyundai trades 'Cash for Clunkers' Orange County auto sales continue to slide |
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