Hyundai reports record setting sales, auto industry trending up
MONTGOMERY, Ala. (WSFA) - During the pandemic, the automotive industry faced many challenges. However, with improving supply issues and inflation beginning to steady, the tide may be turning for automakers, dealers, and consumers.
Last month was record-breaking for Hyundai Motor America. March sales were up 27% in comparison to this same time last year.
“It’s just been an amazing trend for five months in a row for the Hyundai brand to be able to be so successful in the market,” said Robert Burns with HMMA.
The vehicles assembled here in Montgomery at Hyundai Motor Manufacturing of Alabama represent about 50% of the US market.
Robert Burns with HMMA says the pandemic created many challenges, including supply chain issues.
“In the pandemic period, because of lack of availability as semiconductor components, we weren’t able to build that volume of vehicles that really needed to be in the marketplace. That has seemed to have subsided right now, so that’s translated into better availability at our dealerships,” Burns.
“The manufacturers, the dealers, you know, learned a different way to accommodate the customer,” said Reinhart Lexus General Sales Manager Dan Knotts.
Over at Reinhardt Lexus in Montgomery, General Sales Manager Dan Knotts says they are also coming off of a best-ever March. Over the last three years, they attribute their success to how they adapted to the challenges. Knotts says new tools like Lexus Monogram allow customers to complete the entire car purchase online.
“When you can order a car just like you want versus, you know, browsing the lot and kind of picking what’s available and maybe making the wrong decision. You have a better option, a better choice,” said Knotts.
According to recent data from the Bureau of Labor Statistics vehicle, transaction prices have been climbing higher and faster since 2020 than at any other point in more than 35 years. Knotts to says with higher interest rates, an alternative to purchasing is leasing.
Another challenge HMMA faced as a result of the pandemic was workforce shortages. If you are interested in working with HMMA, CLICK HERE.
Find a typo or grammatical error? Let us know by CLICKING HERE. (Please include the article’s headline.)
Copyright 2023 WSFA. All rights reserved.