LOAN TERMS HIT AUTO MARKET BUT SALES TEAMS ARE POSITIVE
Nepal Automobile Dealers Association (NADA) is the largest auto show in Nepal. In the 13th edition of this flagship event, B360 spoke with some NADA participants who lead the marketing and sales of their respective automobile brands about the impact of limitation on auto lending and their coping strategy.
Senior Marketing Manager, Hyundai
How was 2016 in terms of sales? Are you hopeful sales will pick up in 2017?
Overall 2016 was a good year. Few months after the start of 2017, Nepal Rastra Bank imposed 50% limit on auto loan which induced a drastic decline in sales. The central bank has raised the loan limit to 65% so we are quite positive that sales will improve.
What do you credit the success of the sales to?
Various things matter. There were few brilliant products that we had launched in 2015 and 2016 which were highly accepted by our customers. 2015 was a bad year for all due to blockade and earthquake. The potential buyers of 2015 were added in 2016 – apart from that, legacy or Grand i10, Cross Over – i20 Active and the most loved Hyundai Creta were hugely accepted by our customers. We succeeded in meeting the target sales of last year.
Do you work according to the market plan of the parent company or prepare your own, customize it?
We need to customise it. We work on our marketing plan as per our need in the country. We are allowed to customise it as per our requirement, but we need to follow our guidelines very strictly.
What are the factors you consider while picking a product for the Nepali market?
There are products that are made available for our market and we bring it in here and roll out that product in the market. Our products are manufactured in Korea and India. India and Nepal share almost the same geographical qualities so; in particular, there is no need to consider any such factors. Apart from that we launch the products considering need, taste and preferences of our customers.
What is the signature element of the brand in your products?
Hyundai is all about innovative product. Since the year 1967 – the year when Hyundai Motor Company was founded, we are growing every year in terms of Sales and Brand Value.
- Hyundai Motor has risen to 35th in Interbrand’s latest annual global brand legacy or Grand i10, value rankings. We were at 40th position last year.
- Brand value has now reached $12.55bn, which is up by 11.1% since 2015
- Hyundai Motor has now reached 6th in global automotive rankings.