Hyundai announces support package for its dealer partners

According to a media report, Hyundai has announced a support package for its dealer partners. The Hyundai Dealer Care Package is said to improve cash-flows and provide support during these difficult times.

It has been reported that all pending dues from Hyundai to dealers are being credited to the working dealer bank account by April 10, 2020.

Hyundai has also allowed the deletion of Pending Inventory Funding Orders and refund the unused indent amount to respective bankers. This is expected to reduce the interest cost for dealers during the lockdown and prevent future repayment issues.

Besides this, March 2020 Dealer Incentive will be processed with the relaxed Target Achievement Condition of 50% as against the normal 100%. The March incentives will be paid by April 14, 2020. Quarterly incentives will also be calculated with relaxed conditions of March and paid along with the March incentives.

The dates for submission of Rural, H Promise and Institutional Claims have also been relaxed.

The company is working to support dealers with possible advance payments for cashless approval cases from insurance companies. It is also working with banks to offer support to their dealers during the lockdown period as well as beyond that.

The report also states that Hyundai is increasing the production of demand models and variants to clear the customer bookings.

Source