The New Social Contract

Published January 17, 2009   permalink

Rich Harwood, blogger and founder of The Harwood Institute for Public Innovation tipped me to Hyundai's "Assurance" program.

The Hyundai Assurance program works like this: You buy a new Huyndai. Then, if during the next year you lose your income, Huyndai will take it back without a penalty. This kind of offer--unlike a price concession that helps move cars but does little to assure a buyer worried about meeting his or her future payment obligations--gets right to intersection of economic uncertainty and the need to sell goods and services.

The Hyundai Assurance program also takes a big step in linking Hyundai and its customers in a way that bonds them over the long term, much the way a family takes care of its own. Not surprisingly, the ripple is already growing on the Social Web.



Reader's Comments

Dave, when I saw the TV spot for this offer a couple of weeks ago, I immediately tweeted about it, and several people tweeted back kind of in “awe” - like “that’s it?” I thought this was a genius move on the part of Hyundai to sell cars in a time when frankly, buying a new car is the last thing on people’s minds. I wonder if the process of returning the car is as simple as dropping it off at the dealership, or something more complicated.

By pearanalytics.myopenid.com

That’s actually a great idea. It prays on people’s uncertainty but crushes any competition who follow the same route. I would be very surprised if they didn’t see profit from this.

By Manhattan