That dropped the Hyundai model’s unique rely to 393 as of Jan. 1, down by 279 from a 12 months earlier. Hyundai had 827 franchises total.
The Genesis model, born in 2016, shed 31 franchises in 2021, or 9.2 p.c of its community. Genesis began this 12 months with 306 franchises. Its rely slid to 298 as of final week, in line with Genesis spokesman Jarred Pellat. The model’s first standalone dealership is predicted to open this week in Lafayette, La.
Throughput for Genesis, nonetheless, greater than tripled final 12 months to a median of 154 new autos offered per franchise. Genesis’ gross sales additionally tripled in 2021.
When Genesis debuted within the U.S., some 840 Hyundai shops offered and serviced G80 sedans. About 350 of them additionally may promote and repair G90 sedans.
However aiming to supply a luxurious expertise, Genesis sought standalone shops. In spring 2018, Hyundai instructed its sellers they could sell Genesis if they agreed to open exclusive stores; greater than half exited with settlement funds.
Genesis had 352 franchises originally of 2018 and 178 a year later. That determine rose to 352 firstly of 2020 and fell to 337 on Jan. 1, 2021.
Six standalone Genesis dealerships are being constructed, with 20 extra in planning phases, Pellat stated.
“The way forward for Genesis retail is vibrant,” he stated.
