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Hyundai Motor America said Tuesday it will launch an incentive program that guarantees the price of gasoline at $1.49 a gallon for a year for U.S. consumers who buy or lease its vehicles by Aug. 31, as the automaker looks to win over customers uncertain about the direction of fuel prices.
The incentive, dubbed the "Assurance Gas Lock" program, kicks off Wednesday and is the latest incentive from the Korean automaker that takes aim at issues of consumer confidence and uncertainty that have plagued the auto industry over the last year. Earlier this year, it launched its "Assurance" program, which offers to take back vehicles under certain conditions from Hyundai customers who lose their jobs.
"We provided protection against loss of income with assurance, and now we're providing protection against wildly fluctuating fuel prices," Hyundai Vice President Dave Zuchowski said in an interview on CNBC. Watch the video below for the full interview.
The gas guarantee would save consumers $1.14 a gallon, or 57 percent, off Tuesday's average price of $2.63 per gallon of unleaded, according to the auto club AAA, Wright Express and Oil Price Information Service. However, the savings could rise or fall depending on the future direction of pump prices.
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