[ad_1]
That dropped the Hyundai brand’s exclusive count to 393 as of Jan. 1, down by 279 from a year earlier. Hyundai had 827 franchises overall.
The Genesis brand, born in 2016, shed 31 franchises in 2021, or 9.2 percent of its network. Genesis started this year with 306 franchises. Its count slid to 298 as of last week, according to Genesis spokesman Jarred Pellat. The brand’s first standalone dealership is expected to open this week in Lafayette, La.
Throughput for Genesis, however, more than tripled last year to an average of 154 new vehicles sold per franchise. Genesis’ sales also tripled in 2021.
When Genesis debuted in the U.S., some 840 Hyundai stores sold and serviced G80 sedans. About 350 of them also could sell and service G90 sedans.
But aiming to offer a luxury experience, Genesis sought standalone outlets. In spring 2018, Hyundai told its dealers they could sell Genesis if they agreed to open exclusive stores; more than half exited with settlement payments.
Genesis had 352 franchises at the beginning of 2018 and 178 a year later. That figure rose to 352 at the start of 2020 and fell to 337 on Jan. 1, 2021.
Six standalone Genesis dealerships are being built, with 20 more in planning phases, Pellat said.
“The future of Genesis retail is bright,” he said.
Source link