Hyundai Motor launches shutdown compensation and trade-in programs for truck customers

Hyundai Motor Company announced Tuesday it will launch a shutdown-loss compensation service and a vehicle trade-in program to support the business operations of its truck customers. The move aims to ease the financial burden of vehicle downtime and stimulate demand for truck replacements in South Korea's commercial vehicle market, where owner-operators make up a large share of buyers.

The compensation service, called the Large Truck Business Care program, covers large truck customers whose vehicles are taken out of service for accident repairs or warranty work. It pays out for each day the vehicle is off the road.

Eligible models include all large truck variants under the Xcient and New Power Truck lineups. Customers who purchase their vehicles through Hyundai Commercial's standard installment plan receive 150,000 won ($109) per day of downtime, up to a maximum of 5 million won per year.

Hyundai Motor is also running a trade-in program to reduce the cost of upgrading to a new truck. Developed in partnership with Hyundai Commercial, the program allows customers to sell their existing vehicles and purchase a new one through a single, streamlined process. Through a tie-up with Hyundai Commercial's used commercial vehicle platform GoTruck, the program offers free on-site appraisals and guaranteed quotes, primarily targeting affiliated logistics companies. Customers who go on to buy a new vehicle are also eligible for low-interest financing.

Hyundai Motor plans to gradually expand partnerships with additional used-vehicle platforms to make it easier for medium- and large-truck customers to upgrade their vehicles.

The company said it designed the program to reduce the financial strain customers face when a vehicle is out of service due to an accident or warranty repair, and to make the process of selling an existing truck and buying a new one more convenient.

"For commercial vehicle customers, a truck is a critical business asset, so we designed this program to minimize the burden of downtime and support stable business operations," a Hyundai Motor official said. "We will continue to roll out a range of customer support programs aimed at lowering total cost of ownership and strengthening our customers' business competitiveness."