Flat is the new up:

Ford and General Motors have watched their sales go down at the same time they’ve increased their incentives. It’s not working, it’s not the economy, it’s consumer confidence. People are afraid they are going to lose their jobs and not have the money to pay for the car. Ford and General Motors have joined Hyundai in the assurance program in hopes that their customers will feel more comfortable to purchase a vehicle.

John Krafcik, President and CEO, Hyundai, sat down with Warren Brown, Washington
Post, and myself to talk about the economy and Hyundai.

Krafcik told us that sales for March were not going to be good – somewhere between 600,000 and 650,000 retail sales. That’s below 9 million annual vehicles sales. In 2007 vehicles sales were over 16 million.

Hyundai’s assurance program:

Krafcik told us that the Hyundai assurance program was worth about ten percent of sales. The program was designed and instituted in 36 days.

How does the program work and how was it instituted?