Hyundai records best-ever May sales
Hyundai Motor America has just released their May sales figures and they could not be more impressive. The South Korean-based automaker recorded its best May ever, selling 67,019 units, up over 13 percent compared to last May. The remarkable month is actually Hyundai’s second best sales month in company history.
"The industry experienced choppier waters than anticipated in May," said Dave Zuchowski, executive vice president of sales for Hyundai Motor America. "While industry demand and traffic remained strong, consumer confidence was clearly conflicted with a recovering market being hedged against the inherent uncertainties of a looming presidential election and some disappointing housing and unemployment news. Amidst this economic backdrop and our own very low inventories, we felt great about setting yet another monthly volume record and are really well positioned for what we fully expect to be a robust summer sales period."
Further illustrating the company’s sales momentum is the fact that it is operating with just a 32-day supply of inventory, which is the leanest amongst all competitive brands. Hyundai’s fuel-efficient lineup, including the Accent, Elantra and Veloster are running low in terms of availability. Zuchowski added, "Having demand exceed supply is an enviable position to be in but it forces us to be exceptionally efficient in our production planning, inventory management, and sales velocity."
President and CEO, John Krafcik went on to say, "Demand for Hyundai vehicles in May remained at record levels, and so once again our total sales this month were a reflection of low inventories at Hyundai dealerships rather than market demand. We've continued to keep our incentive spending and fleet mix low reflecting this situation, while at the same time watching carefully the mixed economic signals we're seeing, especially continued stagnation in the housing market, today's disappointing news on unemployment, and significant incentive spending increases from our key competitors."