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Genesis guaranteed buyback still in the works

Genesis Australia is still working on a guaranteed future value plan to lock in resale values and give potential buyers some peace of mind.

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Alborz Fallah
Alborz Fallah

Genesis Australia is still planning the introduction of its guaranteed buyback program, as it gears up to launch what’ll likely be its best-selling car in the third quarter of 2021.

“[Guaranteed buyback is a] very important tool for our sales going forward and therefore we are looking and hoping to bring it to market as soon as possible as it’s a very important tool for us to protect residual values,” said Genesis head of operations, Connal Yan.

Genesis, which has adopted a Tesla-like fixed-price policy at its boutiques, is plotting the guaranteed future value and buyback scheme to entice buyers worried about resale values compared to more established brands.

Speaking of the one-price policy, Mr Yan says Genesis research shows “people don’t really enjoy that negotiation phase”.

“It was questioned when we first started but now other people are following and looking at it, it’s definitely the right approach and from the customers the feedback is very positive,” he said.

Genesis Australia has an ambitious goal to overtake Lexus in luxury car sales and gain a 10 per cent market share.

Hot on the heels of the GV80 SUV, the brand is this year launching its G70 sedan update this month before the arrival of the GV70 SUV and G70 Shooting Brake.

These three will be followed by three electric cars in 2022, including the Electrified G80 sedan and the triplet to the Ioniq 5 and Kia EV6, before a further expansion of the product line-up in future years.

Genesis says despite the challenges posed by the COVID-19 pandemic, the support for Australia from parent company Hyundai has been”very, very strong”.

“We started with one studio and two sedans and obviously that is not what the market was looking for back in 2019,” Mr Yan said.

“2020 was the year were we consolidated, rectified what did not go according to plan, and tried to put ourselves back in the right direction and I think we have done that successfully.”

Genesis Australia is now far more confident going forward, and is expanding its retail network with the new Melbourne CBD studio set to open by the middle of June.

A Gold Coast test drive centre and a Brisbane studio are to follow soon.

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Alborz Fallah
Alborz Fallah

Alborz has been writing about cars since 2006 when he launched CarAdvice. He is an honourary adjunct professor at the Uni of QLD and is in denial about the impending death of the internal combustion engine. Despite having reviewed and driven thousands of different cars, he still can't work out how to replace a windscreen wiper.

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