Pricing Strategies of Hyundai

1 March 2006 Immediate Release Hyundai Launches Family Pricing Strategy and Standardises Parts Prices The cost of owning and servicing a Hyundai has never been cheaper for Kiwi motorists from this week. Hyundai Automotive New Zealand has announced a revolutionary new parts policy that will see genuine part prices across Hyundai’s model range standardised, and in many cases becoming considerably cheaper. Known as the Family Pricing Strategy, the policy sees the price of regular maintenance genuine Hyundai parts standardised across models, and is the first step toward standardised service costs. Surveys by Hyundai revealed the company already had competitively priced genuine parts, having similar prices to the aftermarket competitors and in many cases beating them. Hyundai New Zealand Aftermarket Manager Peter Tolley said getting the company’s spare parts aligned across the model range was the first part of the company’s strategy to keep ownership costs as low as possible for all Hyundai vehicles. It would also ensure customers have the reassurance of genuine Hyundai parts which come with a 12 month, 20,000km warranty. The â€Å"grey†parts market is a worldwide problem for the motor industry because many parts are substandard and unsafe. To combat this Hyundai Motor Company has been keen to get involved in this local initiative. â€Å"Working closely with Hyundai Motor Company and its suppliers has meant that we are able to offer some substantial reductions in pricing to benefit the New Zealand consumer,† stated Mr Tolley. â€Å"We expected customers to benefit from some substantial parts savings, particularly on the larger vehicles such as Terracan, Santa Fe and the new Grandeur† said Mr Tolley. You will see genuine components like front brake pads drop from anything up to $253 each down to $85 under the Family Pricing Strategy. Simple components like oil filters on our petrol engines will drop from up to $38 down to $15. 75. These savings are genuine, long term and will lead into very competitive servicing costs for our customers. † Mr Tolley said Hyundai was going to g reater lengths than any other vehicle manufacturer with this new pricing strategy. Low ownership costs with Hyundai were already almost a given, due to the extremely high level of quality and reliability in new Hyundai vehicles, said Peter Tolley. Surveys such as the prestigious JD Power Vehicle Quality survey rated the Hyundai Sonata as one of the world’s top three reliable cars in 2005. The US based Total Quality Index survey confirmed the Hyundai Tucson as the world’s highest quality small SUV for 2005. The results come from polling a massive 40,000 buyers of models throughout the USA. With results like this backed up by competitive parts pricing, New Zealanders can be sure they will see Hyundai as an extremely good value, high quality, low cost vehicle for many years to come. † â€Å"Putting it simply, we are confident that over a complete ownership cycle, no car will show a better â€Å"complete cost of ownership† than a Hyundai. † This has already been shown to be the case with Hyundai’s Getz, which in 2005, won the Be st Small Car Award in the annual Australia’s Best Cars awards scoring the top ‘well above average’ ranking for among other things, Pricing, Running & Repair Costs and Warranty.