Hyundai Motor said on the 6th it will launch a "win-win special promotion for rental cars" that offers various benefits to rental car companies.
The promotion consists of easing the conditions for discounts, expanding eligible models and discount amounts, and operating a rental car–specialized residual value–guarantee financing product. A Hyundai Motor official said it is intended "to support the development of the rental car industry and strengthen the competitiveness of new and small and midsize rental car companies."
First, Hyundai Motor expanded eligibility for discount benefits to help the growth of new and small and midsize rental car companies. Previously, discounts were offered only when 12 or more Hyundai Motor vehicles were purchased in the year immediately before the vehicle purchase, but through this promotion, discounts are provided regardless of the number purchased in the previous year.
It also broadened the range of eligible vehicles for discounts by adding Staria, G80, GV70, and GV80 to the existing eight models—Tucson, Santa Fe, Kona, Ioniq 5, Ioniq 6, Sonata, Grandeur, and Solati—giving rental car companies a wider selection.
Next, it raised the maximum discount to 1 million won. When a rental car company purchases among Tucson, Santa Fe, Kona, Ioniq 5, Ioniq 6, Sonata, Grandeur, and Staria, Hyundai Motor offers a discount of 100,000 won per vehicle for one unit, 300,000 won for two to three units purchased simultaneously, 400,000 won for four to five units purchased simultaneously, and 500,000 won for six or more units purchased simultaneously.
For Solati, the discount is 200,000 won for one unit and 1 million won for two or more units purchased simultaneously. For Genesis (G80, GV70, GV80), the discount is 200,000 won for one unit, 400,000 won for two to three units purchased simultaneously, 600,000 won for four to five units purchased simultaneously, and 1 million won for six or more units purchased simultaneously.
Hyundai Motor will operate the "on-site rental car–specialized residual value–guarantee financing product," co-developed with Hyundai Capital, starting on the 9th. It will cut installment rates by 0.3 to 0.8 percentage points for 24-, 36-, and 48-month terms compared with existing levels, and for remaining installment balances at contract maturity, it will offer multiple options, including returning the vehicle, repaying the deferred amount in a lump sum, and extending the loan.
Linked with the Hyundai certified used car business, this product reduces rental car companies' residual value risk burden and initial operating expense, and it guarantees a used car price of up to 61% of the new car price when the vehicle is returned.
A Hyundai Motor official said, "Amid structural changes in the rental car market, we have strengthened our win-win support program so that small and midsize operators and new companies can grow sustainably," adding, "Hyundai Motor will continue to support competitiveness and improved customer service through close cooperation across the rental car industry."