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- Nearly 30 percent of GM's 60-day money-back participants returned cars
Nearly 30 percent of GM's 60-day money-back participants returned carsby Mark Kleis
Since GM launched its marketing program that offered buyers the ability to take a special $500 cash incentive or be given the option to return the vehicle within 60 days, GM has sold 222,000 vehicles. Of the 222,000 vehicles sold, 653 customers opted for the money-back guarantee ability over the cash incentive, and of those 193 have returned their vehicles for their money back.
GM's heavily advertised campaign has generated significant media buzz and blended well with its simultaneous campaign, "May the best car win."
What wasn't heavily advertised however was the fact that the money-back guarantee program was only available for buyers that opted out of an optional $500 discount from the purchase price.
The $500 incentive returned a 99.7% take rate, with only 653 customers choosing the added security of the money-back guarantee over the extra cash. Of the 653 who opted for the ability to return their new GM vehicles for no charge, 193 handed the keys back in and walked away with their money back.
GM's president of global product engineering, Mark Reuss, said, "In several cases, returning customers traded up to another GM vehicle that has more features than the one originally purchased."
Reuss also explained that GM has used this opportunity to have GM executives reach out to each returning customer with a personal phone call, asking for feedback. Reuss said that the calls provided GM with the "best unfiltered consumer feedback" GM has ever obtained.
The original program has been extended though January 4, 2010.