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Auto blog

Hyundai-Kia dealer offers $180k in gift cards to local residents

In many smaller communities, auto dealers are often major players in the local business and political world, and they interact with large portions of the population. Now, Grand West Hyundai and Grand West Kia in Grand Junction, CO, are putting their marketing dollars to work in a way to help the local economy, while also potentially generating some sales at the same time. Over the next six months, the dealers are contacting about 8,000 previous customers and offering them a gift card worth at least $50 to over 100 of the city's shops and restaurants (pictured above), according to Automotive News. All people need to do to receive the certificate is stop by the showrooms. Hopefully, the visitors would check out a new Hyundai or Kia at the same time. "We'd love to sell them a new car, but it is really a customer-appreciation gesture," said Ken Reeher, the dealers' marketing manager, to Automotive News. The two stores already bought about 3,600 cards with $181,000 going into the local economy. Paying people to come to the showroom isn't really new but generally works well. The Colorado dealers expect around half of the people they contact to visit for the gift card, which is still significantly more foot traffic than from traditional mailings. The decision to keep the cards local also means more money goes to small businesses, and the move gains goodwill in the community, too. News Source: Automotive News - sub. req.Image Credit: Aaron Hoffman Marketing/Advertising Hyundai Kia Car Buying Car Dealers colorado

Kia reveals new K3 Forte sedan in Korea [w/video]

Kia's new version of the Forte sedan has already been unveiled back in South Korea, where it's known as the K3. But while details have yet to be announced, we can expect most (if not all) of these updates to make their way to US showrooms soon. The facelifted version of the model known here as the Forte, in Korea as the K3, and elsewhere as the Cerato has a more sophisticated exterior appearance, with a larger grille, new head- and tail-lamps, and reshaped bumpers to give it a wider, more planted appearance. The interior features a sporty new flat-bottom steering wheel as well as new vents, multimedia controls, and trim. The Korean automaker has also taken the opportunity to outfit the new K3 with speed-sensitive electric power steering, lane assist, automatic park assist, and hands-free trunk opening. In its home market, the revised K3 offers 130 horsepower and 118 pound-feet of torque. But considering that the current Forte packs more punch than that already, we wouldn't take too much stock in the KDM engine specs. The 2015 Kia Forte LX available in the US packs a 1.8-liter inline-four good for 145 hp and 130 lb-ft of torque, while the more potent Forte EX steps up to a 2.0-liter four delivering 173 hp and 154 lb-ft. The Forte nameplate was launched in the US in 2009. The current, second-generation model launched in 2013. It's currently offered as a sedan, five-door hatchback, and as the two-door Forte Koup. The closely related Kia Cee'd offered in Europe is sold as a three-door hatch, five-door hatch, or five-door wagon.

Average new-vehicle transaction price hits a whopping new peak in December

Elevated prices for products and higher borrowing rates led to record high transaction prices for new vehicles in December, with the average cost in the U.S. rising to a record $49,507, according to data from Kelley Blue Book released today. The report notes that ATPs — average transaction prices — have climbed above suggested retail prices — MSRPs — for more than a year. Sales volumes were up in December on a year-over-year basis by more than 5%, a situation Kelley attributed to improved supply. Overall sales for 2022, however, were off 8% year over year. “The transaction data from December clearly indicates overall prices showed no signs of coming down as we headed into year-end,” said Rebecca Rydzewski, research manager of economic and industry insights for Cox Automotive. “Luxury prices fell slightly in December, but non-luxury transaction prices were up. Truck sales were particularly strong last month, and with many trucks selling for more than $60,000, a new record was all but inevitable.” Industry analysts claim the most obvious headwinds in the new car market are generated by higher interest rates, forced by the Federal Reserve's rate hikes intended to tame inflation, and by generally limited inventory. A recent report from J.D. Power showed that the average monthly payment for a new vehicle loan in December was $718, up $47 from a year ago. But 16% of consumers in December took out loans with monthly payments of over $1,000. Consumers think vehicles, and electric vehicles especially, are way too expensive. Fortunately, manufacturersÂ’ incentives, all but extinct in the past two years, are returning, especially in the electric-vehicle and luxury market, the Kelley data suggest. Plus, "With the new tax credits on the way, electric vehicle ATPs will drop lower for qualifying vehicles,” Rydzewski said. Non-luxury brands, such as Honda and Kia, showed particularly strong performance in December, with the average price paid at $45,578 — a record high and an increase of $994 month over month. Meanwhile, the average luxury buyer paid $66,660 for a new vehicle last month. Mercedes-Benz and Land Rover showed the most price strength in the luxury market, transacting between 2.6% to 6.5% over sticker price. But luxury brands Audi, BMW, Infiniti, Lexus, Lincoln, and Volvo showed the least price strength with some discounting in effect, selling 1% or more below MSRP in December, according to the survey.