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Krafcik says US Gov. shutdown is slowing Oct. auto sales

The government shutdown is eroding consumer confidence in the auto market, says John Krafcik, CEO of Hyundai's US sales unit, and could lower October sales by as much as 10 percent, Automotive News reports. "It's that anxiety that keeps customers, potential buyers, on the sidelines when making a big purchase like an automobile," Krafcik says, adding that industry sales could be off by five to 10 percent in October compared to September.
The fourth quarter, which started October 1, usually consists of increased auto sales as dealerships clear their lots to make room for the next year's models. Leading up to the fourth quarter this year, the auto industry was doing well in the fragile, recovering US economy, although September deliveries decreased by 4.2 percent, due in part to this year's Labor Day sales being recorded for August.
To help its customers, Hyundai announced it is deferring new-car loan and lease payments for furloughed federal workers until they're called back to work and also offering them a three-month payment deferral if they buy a new Hyundai in October. "We have already had requests from over a thousand people to have their payments deferred," Krafcik says.

Meet Hyundai's new flagship, the Genesis G90

Hyundai just revealed the first vehicle for its new Genesis luxury brand. It'll be called the EQ900 back home in Korea, but to the rest of us, it will be known as the Genesis G90, effectively replacing the Hyundai Equus. The G90 is as big as a Mercedes S-Class, but like the outgoing Equus, will be priced closer to the E-Class. Exterior dimensions are incrementally larger than the outgoing Equus, and compare roughly to the Mercedes S-Class (in the long-wheelbase form we get in America). But if Hyundai keeps pricing in line with the Equus we currently know, the G90 will be priced closer to the smaller E-Class. Design was carried out under the watchful eye of Peter Schreyer at the company's new Prestige Design Division, headlining a new Athletic Elegance design language that will expand to the five new Genesis-branded models coming after the G90. The front end is characterized by a Crest-shaped grille with the Genesis brand's new winged emblem (also projected onto the pavement from the side mirrors), and flanked by LED headlamps. A chrome beltline bridges to the rear with its dual exhaust tips. While the interior of the Equus may not have been up to par with the competition, the G90's cabin looks poised to rival the best of them. Italian leather offsets real wood trim. The ergonomic seats are certified by German back specialists, with 22-way power adjustment for the driver and 14 ways for the other occupants. In Korea the EQ900 even features a Smart Posture Caring system that positions the seat, steering wheel, head-up display, and outside mirrors to the driver's optimal position. There's a 12.3-inch high-definition screen in the dashboard, a megapixel parking camera, 360-degree around-view monitor, Lexicon surround sound system, and wireless inductive phone charging – all of which adds up to what looks like a sumptuous environment in which to pass the miles. While the Equus is powered exclusively by a V8, the G90 offers three engine options. While the Equus is powered exclusively by a V8, the G90 offers three engine options: Least potent is the new 3.8-liter V6 launched in the Kia K900, rated at 311 horsepower. There's a 3.3-liter turbocharged V6 good for 365 hp. And the 5.0-liter V8 carries over at 419 hp (though the current version is quoted at 429 hp), propelling the sedan to 62 miles per hour in 5.7 seconds. Power in any case is transmitted through an eight-speed automatic transmission to either the rear wheels or all four.

Hyundai Fined $17.35 Million For Delayed Recall

Hyundai has agreed to pay a $17.35 million fine for delayed reporting of a brake defect affecting Genesis luxury cars, the National Highway Traffic Safety Administration said Thursday. The defect involves corrosion in critical brake system components that can reduce braking effectiveness and increase the risk of a crash, NHTSA said. Hyundai was aware in 2012 that brake fluids used in the model year 2009-2012 Genesis cars did not sufficiently inhibit corrosion in key components of the vehicle's brake system, the agency said. But rather than issue a recall, Hyundai instructed dealers to change the brake fluid in affected vehicles without explaining the consequences that failure to take that action might have, NHTSA said. Hyundai also did not inform Genesis owners of the potential safety consequences, the agency said. Hyundai recalled 27,500 of the cars in October 2012 just hours before the government opened an investigation. "Hyundai failed to act to protect their customers and others that were harmed in an accident, and must change the way they deal with all safety related defects," David Friedman, head of the safety administration, said in a statement. About 70 percent of the affected Genesis cars have been repaired so far, the safety administration said. Hyundai is committed to ensuring immediate action in response to potential safety concerns, including the prompt reporting of safety defects, said Jim Trainor, a senior group manager for Hyundai Motor America. "In order to mitigate a situation like this in the future, Hyundai is instituting new organizational and process improvements, and enhancing the ability of its U.S. leadership team to readily respond to regulatory reporting requirements," he said in an email. In May, the safety administration slapped General Motors with a record $35 million fine Friday for taking more than a decade to disclose an ignition-switch defect in millions of cars that has been linked to at least 13 deaths. Earlier this year, after a four-year criminal investigation, the Justice Department made Toyota pay $1.2 billion for concealing unintended acceleration problems from NHTSA. No individuals were charged with a crime. Related Gallery Safest Crossovers For The Budget-Conscious Family View 10 Photos Recalls Genesis Hyundai NHTSA brakes